A leading construction project management company came to us asking for help to improve their paid media plan.
Their current plan was resulting in low lead volume and a high, inefficient cost per lead (CPL). We agreed and took over the account from their previous partner.
These optimization strategies resulted in a 40,000% year-over-year increase in leads and a 93% decrease in cost per lead.
To find the solution, we spent a few months planning and strategizing how to increase the amount of leads while using the same spend as their previous agency.
Once this efficiency was found and we saw lead volume was increasing, we scaled the performance up as we also increased spend. This is often a difficult task as media buyers can lose sight of things as they balance keeping up with greater spend, more channels, and different tactics. If not monitored correctly, this can cause ROI to go down as spend increases.
Through careful planning and some patience, we were able to leverage the client’s increased budget and further reduce their cost per lead. While this was part of the original plan, we knew we could drive further reach for our client while still using the same budget.
In order to tackle this challenge, we utilized our client’s customer relationship management system (CRM) data to create 1% lookalike audiences of their users to target them on Facebook and LinkedIn.
A 1% lookalike audience takes a customer list provided by the client and finds users on the social platform that have similar interests or qualities. 1% is the closest in similarity to the users on the list. In addition to a lookalike list, we also implemented in-platform social lead form ads to make it easier for the user to convert.
To position our client as a thought-leader in their industry, we also upped their webinar support and promotion by increasing their budget and expanding into both social and programmatic display ads. We then tapped into upper-funnel branding tactics, including programmatic, display ads, podcasts, and YouTube ads, to ensure their brand was well known in the construction field. We also expanded targeting into Australia and New Zealand as these areas were large drivers of business for our client that were not being supported through paid media.
A large part of the new strategy included advertising on a digital billboard during a competitor’s trade show here in Phoenix. This entailed booking all of the digital placements around the convention using a branded message during the time of the trade show. We also bought ad placements at the airport to get in front of trade show-goers as they were arriving and leaving.
Following this, we were able to roll out our full, new, improved, and optimized media plan.
From the time we continued running our client’s previous campaign through the development of our new one (January through December), we saw a 6,000% increase in leads.
The paid media efforts of our client’s previous agency had only acquired them three new leads over the course of one year. In the same timeframe, Tallwave’s paid media strategy acquired our client 1,226 new leads – a 40,766% year-over-year increase from their last agency’s efforts.
We were also able to decrease their cost per lead by 93%, from $4,974 in Q1 with their previous agency to $342 in Q4 with us.
In continuing our efforts, we set a lead goal of 1,200 and CPL goal of $520 with a 50% decrease in year-over-year spend. Within one quarter, we exceeded that goal with 1,800 leads and an average CPL of $89.
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