CPL of $13.70 and Conversion Rate of 68% in Just 6 Weeks
CPL of $13.70 and Conversion Rate of 68% in Just 6 Weeks
For businesses that were reliant on regular face-to-face interactions, the pandemic has proven to be rough. COVID restrictions have not only damaged supply chains, but they’ve killed sales as well. Just recently, a client of ours, running an accounting firm, was going through a really amplified version of this financial misery that the pandemic has brought for businesses.
Unfortunately, soon after the pandemic hit, his business started bleeding cash as most of his clients discontinued their service contracts with him. Booking quality calls and adding new clients on board became a challenge with all the lockdowns and restrictions in place.
He soon realized that his existing approach of relying on referrals and industry connections to fuel the growth of his accounting business would not be sustainable anymore. So, his executive team decided to connect with a digital agency that can help them use the power of social to win some high-converting leads.
Earlier in October 2020, our sales team at Markiva received a call from a local CPA firm that plans to hop onto the digital bandwagon and wanted our digital marketing gurus to manage the transition for them.
We set up a meeting with the client, sat down with his executive team to discuss everything in detail, and shared a plan that would help drive his business out of the slump.
In the next 6 weeks that followed, we ran a TOF campaign for a total ad spend of $1,552. That brought in a total of $10,500 in revenue for our client.
A whopping 676% return on investment!
Not only we helped him set up an effective landing page, but also efficiently integrate it with the Facebook Pixel to track results. We ran ads that reached out to 10,800+ potential prospects, collected 115 high-converting leads with the desired target of 68% conversion rate, and achieved a CPL of $13.50.
How did we do that?
Read through our complete journey as we map out the exact steps to help our client get his business back on track:
The Challenge
- To help our client win high-quality leads it was important to understand the user mindset. There were 2 major segments of the user base that we wanted to target for this CPA Firm. There are those who need our client’s services for a specific purpose (filing tax returns, for example), and there are those that need more comprehensive service offerings. Small to medium-sized businesses that need full fledge management of payrolls, company audits, and tax calculations fell into the latter category.
- It was important to understand the differentiating factors between the two audiences we were to target. Those that need one-time help from our client are likely to be more time-conscious and price-conscious. They want short-term results and are probably not interested in long-term association benefits. They are also more likely to be searching on their mobile devices.
- Therefore, to cater to these two audiences, we had to customize the landing page for our client.
- The client needed high-quality leads (form submissions) with a high conversion potential under $100 CPL.
- We had to evaluate each lead that filters through and optimize our ads for better lead quality for a higher conversion rate.
The Process
- We started our process by setting up a landing page.
- While our development team worked on the landing page, we started collecting as much information as possible about his ideal clients.
- With the data we collected, we created few high-quality audiences on Facebook.
- Our visual geniuses and copy wizards created engaging assets and creatives to use for the TOF campaign we were to run for the client.
- Based on our understanding of the client’s business and industry, we defined measurable KPIs for an accounting firm.
- We set up 3 ad sets and tested our target audiences in each ad set using 8 different creatives and 4 ad copies.
- We worked with a budget of $30/day, which we kept tweaking after reviewing the weekly results.
The Results
- We helped our client reach out to 10,845 potential prospects across his target locations with the help of our 2 winning ad sets.
- With the total Facebook ad spend of $1,552, we generated $10,500 in revenue for our client’s CPA firm.
- Our 8 creatives and 4 ad copies collected 115 high-converting leads (form submissions) for the client.
- Our TOF campaign hit the lowest CPL of $13.50 for our client with the desired 68% conversion rate.
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