Now, the financial industry is known to be one of the most expensive industries if it comes to advertising on Google.
Lots of competitors are pushing up the cost per click. For early-staged fintech startups, this can be challenging as there is no data available (yet) to know which keywords are performing.
Although challenging, here are some tips to make your Google Ads campaigns profitable from start.
Tip #1: understand how much you can pay for a click
If most of your competitors are bidding up to $25 for a click, there is no point in bidding $5. As Google works based on an auction model, your ad simply won’t be shown.
You will need to understand how much you could maximum pay per click to get a positive ROI.
To do this, you will need to follow these steps:
- Understand how much a new client is worth to you.
- Decide how much you’re willing to invest to get a new client.
- Understand how many leads you need to get a new customer.
- Know the conversion rate of your site (or a rough estimation).
Based on these numbers you will be able to calculate how much you can maximum pay for a click.
For example, if a new customer is worth $3,000, you can invest a third to get the client and you need 5 leads to get 1 client, this means you can pay $200 for a lead. If the CVR is 10% you can bid up to $20 for a click.
Tip #2: Start with advertising on highly relevant keywords only
Now, forget about the generic keywords that first come to mind. These keywords often get more impressions and clicks. However, the conversion rate of these keywords is often low. Also, there are more competitors which means a higher cost per click.
Better is to focus on the long tail keywords. These keywords will get typed into Google less often. However, they tend to attract better quality visitors. Which means a higher conversion rate on your site.
You should focus on keywords that have at least 3 words in them and are highly relevant for your product. Try and stay away from the broad match keyword type. Instead, use exact, phrase or broad match modifier for all the keywords that you add.
Google Ads has the option to add negative keywords as well. Negative keywords will help to filter out irrelevant search queries. Make sure that you add as many negative keywords as possible.
Tip #3: Build PPC-only landing pages
As you will be paying quite a bit for a click, you want to make sure your conversion rate is as high as possible.
This means you want to build a landing page that is focussed on one goal: generating leads.
It’s fine if people want to browse around your site, however they can do this once they gave you their details as well.
An ideal landing page would have a relevant headline and sub-headline, a short contact form with call-to-action and some basic details about your product or service. This should contain unique selling points (USP’s), testimonials, a short description of how it works etc.
Use the less-is-more principle for these pages. The more information you add, the bigger the change that people don’t fill in the form.
Tip #4: Use the location targeting
Google Ads has the option to be very precise with the location targeting of your campaigns.
Are your current customers mainly coming from big cities? Then target your ads only to these cities to start with. Or vice versa.
Are you mainly focusing on one city, but you “wouldn’t mind” to get leads from other cities as well? Start focusing on your main city. Once you get the results you can start expanding your location targeting.
Tip #5: Track everything and optimise
The best thing about advertising on Google? You can track everything!
You can see on a keyword level which keywords are getting you impressions, clicks, leads, and how much you spend on each of them.
Now, all you need to do is analyse this and use it to your advantage.
You can pause underperforming keywords. Add new keywords based on the search query report. Test your ad copies and landing pages. Tweak your keyword bids. And much, much more.
To get maximum results, make sure you track as much as you can. Track your online leads, as well as all the phone calls you get from your campaigns.
About Vazooky Digital
Vazooky Digital is a Google Ads agency based in Sydney, Australia. If you need any help with Google Ads, feel free to get in touch.