Case Studies - Iwoca - Lead Qualification

Case Study

Data Driven Lead Qualification
with Iwoca

Iwoca is an independent company that provides straight forward access to finance to small companies.

The challenge

Saturated Market

Business loans in paid search has always been hugely competitive. The influx of fintech brands over the last ten years has only served to make the space even more saturated. The increased level of competition has meant an increase in the cost of ad inventory.

Escalating Costs

The average cost per click in the finance space can range from upwards of £30 for a key search like "small business loans". The surging price of the auction was making it harder for Iwoca to compete effectively in the space while maintaining budget efficiency.

Better Quality Leads

Iwoca's loan process is dependent on qualifying loan applicants based on a number of important factors. Iwoca needed to drive leads that would pass this qualification process, as opposed to spending on poor quality leads that wouldn't progress.

The approach

Our solution was to bid on broader search terms that carried less relevance, but were much cheaper. We would counteract the lack of relevance by encouraging the algorithms to look for better quality leads.

Tracking 'Qualifiers'

Our first step was to track the information entered within the lead forms and understand what would typically indicate a qualified lead. We worked with the internal team to understand which criteria was the most important in determining lead quality.

Qualified Conversion

Once we knew the criteria that typically indicated a quality lead, we built a new set of conversion goals. These goals would only fire when a lead form included the most desired information. This essentially gave us a set of 'qualified' leads versus 'non qualified'.

Search Expansion

Our new conversion type meant that we could feed the bidding algorithm with a more refined set of data. Our theory was that this would counter balance the risk of less relevant traffic we could face by broadening our keyword targeting.

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investment in Paid Search Budget

Increased investment

We secured a year-on-year increase in budgets, based on our successes in finding new areas of the search space where we could compete effectively.

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improvement in ROAS

Increased efficiency

We managed to improve ROAS even with an increased budget. We achieved the rare mix of scaling growth whilst also improving budget efficiency.

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growth in Profit

Greater returns

Not only did our approach allow us to drive growth and efficiency, but also to increase the % of approved loans and drive a growth in profit.

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