How We Grew The Profits of a Real Estate Corporation Using Conversion Rate Optimization
Marketing pioneer John Wanamaker was quoted as saying, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” That’s an extremely scary problem to have, especially for smaller businesses with razor thin profit margins. And in today’s digital age, the choices of when, where, and how to market can mean the difference between success and bankruptcy. The uncertainty of not knowing where to go from here was the case with a real estate corporation (which we’ll call REC) Foster Ideas had the opportunity to work with.
REC is a real estate business serving customers face-to-face and over the phone. They were utilizing paid advertising on Google to the fullest, but competition for online ad space drove the price up and REC wasn’t able to measure the profitability of their campaigns. As any small business CEO will tell you, making decisions without all the info is a bad spot to be in.
Foster Ideas came in set on raising overall profitability of REC’s advertising campaigns by increasing sales and/or decreasing ad spend cost. With profit as our key performance indicator, we developed a method to combine revenue data from the CRM with cost data from Google and Bing.
Next, we needed to increase revenue by generating more sales leads without spending more. Foster Ideas assisted with their site redesign, implemented and optimized lead generation from a design standpoint, and used data from a Google Analytics A/B test to select a design. The new site increased lead generation by 21.8%.
We were off to a great start, but we still wanted to reduce cost. Through an annual profitability report for search engine marketing campaigns, we discovered ones that were not performing to our standards and eliminated them. This step increased annual profitability of AdWords campaigns by 6.3%.
The company’s CEO was thrilled with the certainty that Foster Ideas was able to give his marketing efforts, saying:
“Andrew has consistently grown our traffic in a cost effective manner...some via search optimization, some via website redesign to improve our conversion rate, among others. He is smart team player committed to excellence and a pleasure to work with.”
Once again, Foster Ideas’ methods and expertise were able to acquire relevant data, create strategies based off the findings and ultimately drive profits that would make John Wanamaker proud.
Profit-driven marketing requires operating the marketing function as a fully accountable business.
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