QuidMarket

QuidMarket is a direct lender providing short-term instalment loans. Converting £100K+ In 40 Days

Client: Quid Market
Category:
Sector: Finance
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The Client

QuidMarket approached us looking to drive traffic to their website and convert clicks into customers by targeting some highly competitive industry terms. The client was specifically seeing click-through traffic results on two broad match terms within their Google Ads account, but the performance was incredibly inconsistent with conversion fluctuation across the generic targeted terms. With this insight, our objectives were to:

quidmarket logo

The Objectives

quidmarket logo

The Strategy

A key part of our integrated approach to QuidMarkets campaign was to build an entirely new site from a search, pay-per-click and conversion perspective. The build also involved the successful migration of the site Magento 1 to Magento 2.

By taking the existing website apart, we were able to capitalise on UX design best practices and improve the site speed. Google’s CWVs were also at the top of our priority list with many decisions being based on the overall efficiency of the website which was then further supported by UX data from HotJar.

We reviewed search history and market competitors to create a more designed ad campaign targeting key industry terms around Payday, Short Loans, Direct Lenders and more before deploying Google Automation with a combination of target CPA and maximise conversion bidding to help use the additional signals from Google to enhance the bidding and to stabilise the WoW conversion performance.

As part of this, we developed a detailed keyword variation ad plan, targeting specific keyword ad groups and a variety of long-tail keywords. This included separating out campaigns into defined match types and set up the relevant keyword negative to filter out traffic.

We also provided Google with first-party data to feed its Machine Learning to further optimise the campaign and capture valuable users.

The Solution

  • QuidMarket’s previous PPC campaign relied on driving the majoring of traffic between just three broad match terms around +payday, +loans and +direct lender terms, which each had a considerably high CPL. The account had also been set up with a manual CPC approach and failed to include any bid modifications to enhance the performance by device, time, or demographic. With this in mind, we shifted the campaign towards Google automated bidding to allow us to pool each of the keyword terms into related buckets. This also meant that we were able to better manage the media spend and equally apply the campaign spend to terms with greater propensity to enhance WoW conversion performance.
  • We conducted an in-depth competitor review to build a profile of main keyword terms and ad copy utilised within the market. We also undertook a historical search query review to better understand the past search terms and categories which generated past conversions. Using this data, we were then able to develop a detailed keyword variation ad plan, targeting specific keyword ad groups and a variety of long-tail keywords before separating them into defined match type and setting up an extensive negative keyword list to filter out unwanted traffic.
  • We also filtered out demographics and audience segments less able to convert to create a profile that accurately represented the businesses target audience. This included creating location-based ad filters to target key areas such as the Greater London market.
  • After a ‘lead’ has completed an application on the website, it’s internally checked by our client’s CRM system for eligibility regarding funding a loan application. The data is then populated back into Google Ads via an hourly import process to identify which keyword triggered the funded loan and the requested amount. This first-party data helps to feed Google’s Machine Learning, optimising the campaigns to allow us to reach similar users.
  • Working closely alongside the client, we also identified high mobile traffic but a low conversion rate. This was due to the underperforming UX on the mobile application, turning users away from the site. To increase the number of users moving forward with their loan application, we implemented an improved look and feel across the site and the sign-up journey. We’ve simplified the form fields to help save time and reduce errors.

Results.

YoY we have increased the average ROAS from 490%, to 694%+, an increase of 41%.

We have also more than doubled the amount of revenue generated from paid media activity, with a total increase of 214% in value.

Prior to partnering with QuidMarket, total number of conversions per month averaged between 122 to 170. We are now achieving 280+ conversions per month – a total increase of 135%.

Whenever QuidMarket would look to increase media spend this would result in a jump in the CPL, rising to £97+ per lead. Through our campaigns we have significantly increased the number of conversions whilst maintain an overall CPL level of below £68 MoM – a 15% reduction.

15%
reduction in CPL
+135%
increase in conversions
+214%
increase in value generated

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