[Redacted] Medical Research Company
Industry: Medical Research Company
Location: Phoenix, AZ
A medical research company approached the Megethos paid media team with a simple goal in March, 2021. After ads being paused for all of 2020 due to the global pandemic, their goal was to drive as many qualified leads as possible while scaling spend quickly & in a cost efficient manner. They provided us with a list of focus geo-targets that they would like to ramp up advertising efforts in first and a CPL goal of $100 or less.
To solve their challenge, the Megethos team audited their account and diagnosed high priority pain points that needed to be restructured immediately. Using SKAGs (single keyword ad groups) for better budget control & ad copy relevance, long tail keyword targeting and extremely precise GEO targeting we were able to have complete control over their campaigns as well as scale effectively down the road.
Focusing on diagnosing and solving pain points along with ongoing daily optimizations from keyword bid adjustments, to device bid adjustments to even day of the week bid adjustments, we were able to yield some pretty amazing results.
When first launching campaigns in both Bing and Google Ads, we broke out their focus GEOs into a tiering system (T1, T2, & T3) based off of their priority as we needed to have tight control over geo-targeting during the global pandemic.
Being extremely granular in our campaign breakout allows us to have better control over spend per geo and allocate more spend to their top tier geos. We then broke down campaigns further into 3 different types: non-brand and brand campaigns. While keeping a close eye on lead quality as leads started flowing in, we learned that they were the main focus as they were the lowest funnel opportunity in terms of turning into actual closed deals and revenue for the company quicker than any other lead type.
When we launched campaigns in March, 2021, we spent $8,501.21, and saw 137 total leads at $62.05 CPL. Just four months later in July, 2021 we had scaled spend to $77,327.63 and accumulated 1,002 leads at $77.17 CPL. A 7.31x volume increase at only a $15.15 increase per lead (which was still well under their CPL goal).
Not only were we able to scale their account significantly and cost effectively very early in our partnership, but we were able to keep making more improvements after scaling efforts stabilized around $80,000 ad spend per month in September.
Fast forwarding to September, 2021 the organization is still continuing to see incremental performance improvements. Just a short six months later from when we launched campaigns, we have scaled monthly ad spend to $71,220.82 and accumulated 1,015 leads at $70.17 CPL. This is a 7.41x lead volume increase from our initial campaign launch at only a $8.12 increase per lead.
This performance is extremely impressive as our beginning goal of our partnership was around $100 CPL.
“We scaled lead volume from 187 leads in March to 336 leads in April, while significantly lowering CPL over that time period.”