Financial Services Lead Generation
Our goal is not to improve results by 3%, but by 30%. Not in two years, but in two months. When we and our client have the same goals and the same drive, the upside is impressive.
Upon engagement, our financial services client used a mix of about 75% broadcast, with the balance split between digital and direct mail. They had a stable cost per lead and transaction, but our feeling was that these numbers could be significantly improved. We based this on an industry benchmarking study we performed using public databases and a sophisticated financial model.
The key obstacle, for our client (and many other companies) was the disconnection between silos in which various parts of the marketing business operated. One organization bought media, another group built web pages, another managed phone calls and the CRM system. Too many inefficiencies were being introduced into the marketing ecosystem, and they were damaging business results.
We made many, many changes in a very short period of time:
- Started a new web microsite program designed just to handle online advertising traffic with maximum effectiveness, integrated to client CRM
- Redeployed and restructured all advertising analytics to provide much better data
- Added phone call conversion measurement
- Dropped their digital media agency, and used our in-house staff to buy media more efficiently (since we had direct access to conversion data
- Restructured their search and display ad buying based on conversion efficiency rather than cost per click
We made dozens of other changes as well. None were more important than helping every single person who touches any part of their marketing business understand that they are an owner of conversion metrics, and that we all had one goal.
As the result of these changes, digital cost per lead dropped by over 50% in under 90 days, and became more effective than most broadcast. The client upscaled their internal systems and staff to handle the more manageable demand flow of digital leads, and digital spend is now a much greater percentage of their total spend.