Leveraging lead generation with a value per lead approach
SUMMARY
Offline conversions are relevant not only for tracking events that happen outside of the digital channels. They are also a very powerful tools for businesses that run lead generation ads but still want to optimise for value or ROAS.
Together with 24ORE Business School, we built a system that assigns value to the different type of leads based on how close they are to the final conversion. The new offline conversions are then imported from the client’s CRM into Google Ads, which allows us to use a value bidding strategy instead of CPA. Results were remarkable – traffic generated by campaigns optimised for value was cheaper, and the efficiency more than doubled compared to ones that were focusing on lead volume.
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CPC ON ROAS CAMPAIGNS
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RETURN ON ROAS CAMPAIGNS VS. CPA
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CPA ON ROAS CAMPAIGNS
THE CHALLENGE:
To assign a value to all the relevant types of conversions used by 24ORE BS: from registration to download brochure, request info and admission request. Moreover, to combine leads value to the actual purchases happening in the website, thus providing a good proxy of the total revenue generated by a user in a determined period of time.
THE SOLUTION:
The value of the different types of lead was estimated in accordance with the historical billing generated, attributing an incremental value to same-user additional leads (i.e. request info and admission request). Then, new Server to Server offline conversions on Google Ads were imported on a daily basis. Purchases were brought in as offline conversions too and added to the lead value to determine the estimate of the revenue generated by the leads.
Finally, a test was run to compare CPA target (bid strategy used up to that moment, using Google Analytics conversions) with ROAS target (using offline conversions).
OFFLINE CONVERSIONS ALLOWED SMART BIDDING TO HAVE SUFFICIENT DATA TO OPTIMISE THE CAMPAIGNS TOWARDS HIGHER EFFICIENCY
SPECIFIC CAMPAIGN GOALS FOR ROAS CAMPAIGNS IN ORDER TO DIFFERENTIATE THEM FROM THE REST OF THE ACCOUNT (WHERE FOCUS WAS VOLUME OF LEADS)
SMART BIDDING SUCCEEDED IN PRIORITISING EFFICIENCY OVER LEAD VOLUME
We really wanted to change paradigma for our Google Ads campaigns as clearly our leads are worth differently depending on which stage of the funnel they sit. Booster Box helped us to define how to structure a test vs the structure active at the time and to outline the best practice in order to make this test statistically significant. The results were clear – optimise towards value reduced the cost and increased efficiency. Since then, that’s the way we are optimising our Google Ads campaigns.
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