The Challenge
In the competitive and heavily regulated student loan forgiveness industry, our client was struggling with unsustainable lead generation costs. Their Cost Per Conversion (CPC) for both form submissions and phone calls was averaging a hefty 40−50. This choked profitability and hindered their ability to scale, despite a significant monthly ad budget of 80,000−100,000. The goal was clear: drastically reduce CPCs while adhering to strict compliance guidelines and expanding reach to eligible borrowers.
The Strategy: Precision Targeting and Conversion-Driven Optimization
Our approach was a full-scale overhaul focusing on data-driven decisions, laser-focused targeting, and relentless A/B testing.
Phase 1: Audit & Conversion Tracking Deep Dive
First, we audited the existing Google Ads account to identify wasted spend and areas for improvement. We focused on:
- Inaccurate Conversion Tracking: Verifying all form submissions and call tracking was firing correctly and accurately attributing value. Used Google Tag Manager to debug and fix discrepancies.
- Quality Score Analysis: Identified low-quality keywords and ads dragging down overall account performance.
- Landing Page Optimization (Initial Phase): Reviewed landing pages for clarity, relevance, and user experience, identifying initial opportunities for improvement.
Tools used: Google Ads, Google Tag Manager, Google Analytics.
Phase 2: Keyword Sculpting & Negative Keyword Fortress
This was the core of our CPC reduction strategy:
- Long-Tail Keyword Expansion: Moved beyond broad, expensive keywords to highly specific, long-tail queries reflecting borrower intent (e.g., “student loan forgiveness for nurses with private loans”).
- Comprehensive Negative Keyword List: Implemented a layered negative keyword strategy to filter out irrelevant traffic. Examples:
- Location-based negatives (excluding states where they couldn’t operate)
- Profession-based negatives (excluding ineligible professions)
- “DIY” and “Free” keywords (targeting users seeking assistance, not free resources)
- Search Term Report Mining: Continuously monitored search term reports to identify new negative keyword opportunities and refine keyword targeting.
Tools used: Google Ads Keyword Planner, Ahrefs (for competitor keyword research), manual search term analysis.
Phase 3: Hyper-Relevant Ad Copy & Landing Page Synergy
- Dynamic Keyword Insertion (DKI): Utilized DKI to ensure ad copy directly matched user queries, boosting relevance and CTR.
- Compelling Ad Extensions: Leveraged sitelink extensions, callout extensions, and structured snippet extensions to provide valuable information and increase ad visibility.
- Ad Copy A/B Testing: Ran rigorous A/B tests on ad copy variations, experimenting with different headlines, descriptions, and calls to action. Focused on messaging that emphasized expertise, trust, and ease of application.
- Landing Page Optimization (Ongoing): Continuously optimized landing pages for conversion, focusing on:
- Clear and concise messaging
- Prominent calls to action
- User-friendly forms
- Trust signals (testimonials, security badges)
- Mobile responsiveness
Tools used: Google Ads, Google Optimize (for landing page A/B testing), Unbounce (for landing page creation).
Phase 4: Smart Bidding & Automated Optimization
- Transition to Target CPA Bidding: Initially used manual bidding to establish baseline performance. Then, transitioned to Target CPA bidding to let Google’s algorithm optimize for conversions at the desired cost.
- Geographic Bid Adjustments: Implemented bid adjustments based on performance by state, increasing bids in high-converting areas and decreasing bids in low-converting areas.
- Device Bid Adjustments: Optimized bids based on device performance (desktop vs. mobile).
- Ongoing Monitoring & Adjustment: Continuously monitored campaign performance and adjusted bidding strategies as needed.
Tools used: Google Ads, Google Analytics.
Phase 5: Compliance Automation & Brand Protection
- Compliance Verification: Created a checklist of compliance standards and regularly verified that our ads and landing pages met those standards.
- Trademark Protection: Used Trademark settings to prevent competitor brand poaching.
- Brand Reputation Management: Monitored online reviews and social media mentions to ensure positive brand perception.
Tools used: Google Ads policy check, reputation monitoring tools.
The Results (Over 2 Years)
- CPC Reduction: Achieved a consistent 50%+ reduction in CPCs, bringing them down from 40−50 to 10−20.
- Scaled Ad Spend: Successfully scaled ad spend to over $2 million over two years without compromising profitability.
- Increased Lead Volume: Significantly increased the number of qualified leads generated.
- Improved Conversion Rate: Landing page optimizations led to a measurable increase in conversion rates.
- Stronger ROI: Delivered a substantially higher ROI for the client’s advertising investment.
Key Takeaways
- Focus on User Intent: Understanding borrower motivations and tailoring messaging accordingly is crucial.
- Negative Keywords are King: A robust negative keyword strategy is essential for eliminating wasted spend and targeting high-intent users.
- Data-Driven Decisions: Continuously analyze data and make adjustments based on performance.
- Compliance is Non-Negotiable: In a regulated industry, compliance must be a top priority.
- Automation Enables Scale: Smart bidding and automated optimization tools allow for efficient management of large campaigns.
This project demonstrates our ability to optimize complex Google Ads accounts, significantly reduce lead costs, and scale advertising efforts while maintaining compliance and delivering strong ROI. It’s not just about spending more; it’s about spending smarter and driving efficient, profitable growth.