Improving lead volume and quality to a niche market through Google Ads
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OpenStore is an online service that makes it easy for Shopify Store owners to sell their e-commerce stores in as little as 2 weeks, allowing entrepreneurs to move on to their next venture, faster. Stores must meet a simple set of criteria in order to qualify for an offer.
OpenStore was looking to increase lead volume while staying efficient and decreasing the amount of unqualified leads that were coming through. The target market was very specific. Not only did we need to target online store owners who used the Shopify platform, we also needed to hone in on the Shopify stores among those leads that had generated at least $500,000 in net revenue.
Our approach was to hyper-segment campaigns and ad groups to more easily identify new opportunities to expand while leveraging Google’s machine learning. By optimizing around the specific variations that were driving qualified leads, we were teaching the algorithm to prioritize the leads that were most likely to have higher-value Shopify stores, without sacrificing the volume of the top-of-funnel conversions.
First, we restructured the campaign groups by intent. Each campaign fell into one of these categories:
- High-Intent non-branded keywords and audiences
- Low-intent non-branded keywords and audiences
Next, we optimized ad copy to “pre-qualify” our users and deter those who didn’t meet OpenStore’s criteria from initially clicking through. This allowed us to improve conversion rates, reduce unqualified leads, and fuel the Google algorithm to go after more higher-quality leads.
Sell Your Shopify Store
Then, we implemented offline conversion tracking to import down the funnel conversions from their CRM into the Google Ads platform. We assigned each of these conversion actions values based on the weighted importance of each activity. This allowed us to leverage the Max Conversion Value bid strategy. Max Conversion Value helps to not only maximize the number of leads, but also to prioritize users who were more likely to be higher-value customers.
The ResultsWithin the first four months of these changes:
- Qualified Lead Conversion Volume increased by 135%
- Qualified Lead Conversion Rate increased by 73%
- Cost per Qualified Lead decreased by 54%
- Percentage of Qualified Leads to Total Leads increased by 107%