Founded 50 years ago, World Finance provides individuals with fixed rate and payment loan solutions. With locations nationwide, they have the resources of a large financial institution with the personalized service of a local branch, and are dedicated to understanding each person’s unique situation and finding the right loan options to help them achieve their financial goals.
45%
reduction in cost-per-loan
40%
decrease in cost-per-lead
66%
improvement in lead-to-loan ratio
Choosing the most effective channel
DEPT® had been managing paid media campaigns for World Finance across numerous channels, including Google, Facebook, and Verizon. By using a cross-channel strategy and analysis, Our core objective was to generate incremental leads below World Finance’s target cost per acquisition (CPA) while maintaining the highest possible lead quality.
Rigorous experimentation performed by our Growth Labs determined the efficacy of Discovery campaigns compared to other campaign types, decreasing CPA by 50% with a significantly higher traffic volume. By setting up Discovery campaigns at a state-segmented level and using offline conversion upload, DEPT® would be able to drive leads more efficiently for World Finance.
Success is driven by automation
In May of 2021, DEPT® tested these Discovery campaigns and leaned into Google’s automated campaign options, including automated bidding solutions and tCPA bidding. And by utilizing Offline Conversion Tracking to import back-end data from World Finance, we were able to optimize campaigns toward the client’s most important objectives.
DEPT®’s proprietary media management system, ADA/QONTROL, also allowed for a wide range of automation, enabling us to proactively monitor traffic and conversion fluctuations, perform automated forecasting and scenario planning, and run quality control automation. Taking this approach led to more of a focus on strategy and unique innovation to drive even more success for World Finance.
Cross-channel strategy and analysis pays off
Besides driving a higher number of leads, DEPT®’s strategy yielded higher quality leads at a lower cost, resulting in a higher rate of booked loans. Additionally:
Discovery campaigns drove a $19 cost-per-lead, which was a 40% improvement from other channels including social and mobile.
The lead-to-loan ratio for Discovery campaigns was 66% better than other prospecting SEM campaigns, with a 24% application-to-booked-loan conversion rate (beating the original goal of 14%).
The cost-per-booked-loan was reduced 45%, down to $82 (the original goal was under $150).
By taking an innovative approach, our team drove enviable business outcomes for World Finance and positioned them as a leader in their industry. Google even recognized DEPT® in their Premier Partners Awards for the incredible results we were able to help World Finance achieve.
Questions?
VP of Growth
Lou Amodeo
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