Data Driven Lead Qualification with Iwoca

+48%Growth in profit
Iwoca is an independent company that provides straight forward access to finance to small companies.
June 12, 2023
Team members involved
Rob SimpkinsCo-Founder / Head of Service
Stef SimpsonSenior Performance Consultant
Kai LohSolutions Engineer

The Challenge

Saturated MarketBusiness 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 CostsThe 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 LeadsIwoca'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 ApproachOur 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.

The Results

Growth in profit
+48%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.
Investment in paid search budget
+35%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.
Improvement in ROAS
+22%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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