Case Study - Energy
Challenge
In this campaign for an energy client, 3 conversions are tracked:
- Start price calculator: a user starts the process in the price calculator tool, but does not end it.
- End price calculator: a user get to the end result of the price calculator tool.
- Becoming a client: a user becomes a client of a product.
Initially, we just had the 3 floodlights plugged in the campaign in each phase and the 3 conversions had equal value. However, depending on which funnel phase we’re in, the importance of each conversion changes:
- Awareness phase: our goal is to encourage users to start the price calculator tool.
- Consideration phase: our goal is to push users to complete the price calculator tool and receive an overview of the product and its price.
- Conversion phase: our goal is to convert users who have completed the price calculator tool into clients of the Basic product.
Approach
We implemented a custom bidding script based on the different floodlights that optimizes towards 3 different conversion activities, each having a different value for our campaign. We assigned different weights to the floodlights based on the funnel phase, and tested 2 different weighting approaches:
- The first approach, labeled as “safe”, had small differences in weighting between the floodlights.
- The second approach, labeled as “aggressive”, emphasized the most important floodlight by assigning a higher weight to it, resulting in more significant differences between the weights.
Partnering with Programmads
Partnering up with Programmads enabled the brand to improve their results for acquiring new clients and effectively track different conversions with varying values. We provided the company with expertise on the “custom bidding” feature and its implementation.
+156 %
Media spend increased
Results and Business Insight
Overall, the custom bidding script had a positive impact on the campaign results, bringing a significant improvement in the cost per acquisition (CPA) for all the 3 different conversions tracked.
Comparing test 1 and test 2, there was little difference in the “Becoming a client” conversion. However, for the “End price calculator” and “Start price calculator” conversions, the decrease in CPA was more significant in the consideration phase than the conversion phase. This makes sense, as the script in test 1 (consideration phase) placed more weight on “Start price” and “End price”, whereas the script in test 2 (conversion phase) placed more weight on “Becoming a client”.
+ 310%
Increase of conversion
– 53%
Decrease of CPA
In conclusion, the custom bidding script was effective in achieving its goals. The most important conversion for the client — “Becoming a client” — improved by over 80% in both the consideration and conversion phases.
Technology
