How We Slashed MedTech’s CPL from $10.5k to $2k and Boosted MQLs by 880% in Just 12 Months
Results in Numbers
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Key Deliverables
- Audited ad accounts and analysed current campaign data to pinpoint budget waste.
- Increased and reallocated budget
- Overhauled media plan with full-funnel campaign messaging
- Programmatic display services setup
- Shifted to commercial intent keywords to generate more traffic.
- Campaign Segmentation
Our friends at [Medtech Company] struggled to get qualified leads through their sales funnel with their existing ad campaigns. We showed them what was possible with a bigger budget and a stronger overarching strategy, and within a year, we reduced their CPL from $10.5k to $2k and boosted their MQLs by 880%!
The Challenge
We audited their campaigns and immediately realised that even though their budget was relatively small, they were making some expensive mistakes:
- Not Enough Budget to Make a Difference: Their yearly $50k ad spend was too small to compete in a highly competitive market.
- Inefficient Budget Allocation: More specifically, the budget was spread too thin over multiple keywords, and there was no clear strategy to guide leads down the funnel.
- Ineffective Ad Campaigns: The existing strategy lacked focus and coherence, leading to excessive spending on ads that didn't engage the right audience. As a result, the ads failed to attract or nurture key decision-makers, which meant poor conversion rates and more wasted budget.
At over $10k/MQL, there was no way this client’s ad campaigns were scalable. It wasn’t just that they were spending too little for such a cutthroat industry, it was that they weren’t spending their money wisely.
The Solution
- Media Plan Overhaul: Switched their siloed ads to full-funnel campaigns from discovery to retargeting.
- Programmatic Display Advertising: Introduced programmatic display advertising to eliminate budget waste from broad display targeting.
- Keyword Strategy Pivot: Shifted from informational intent keywords to commercial intent keywords, optimising the budget to generate higher impressions, shares, and traffic.
- Campaign Segmentation: Split campaigns between Always On evergreen ads and seasonal brand content campaigning.
- Budget Increase: Doubled the yearly budget mid-year from $53k to $113K to allow for more experimental strategies.
By helping the team understand their ad budget waste and starting from scratch with relevant, keyword-rich messaging, we significantly improved their PPC performance.
The Results
- 880% increase in MQLs (YoY)
- 76% decrease in cost/MQL from $10,581 to $2,312
- 19,304 clicks on ads or 93% increase in traffic
- Significant improvement in MQL quality
Better targeting led to more qualified leads based on company and job title.
Top-Performing Channels
- LinkedIn: Top channel for meeting requests.
- PPC: Best channel for opportunities created.
- Bottom-of-the-Funnel Content: Case studies proved to be the most successful for retargeting.
Click-through and conversion rates per channel, 2021 to 2022
According to their head of marketing, achieving an 880% increase in MQLs with only double the budget can be attributed to two factors: hiring us as their PPC agency and adopting our recommended strategy.
“Achieving an 880% increase in MQLs with only double the budget can be attributed to hiring Geeky Tech as our PPC agency and adopting their recommended strategy. The results speak for themselves.”
Head of Marketing
This case study illustrates the transformative impact of our PPC strategies on [MedTech Company]’s lead generation and cost efficiency. With a strategic approach and optimised budget allocation, we delivered exceptional results, showcasing our expertise in B2B technology marketing.
See more results
Key Deliverables
- Audited ad accounts and analysed current campaign data to pinpoint budget waste.
- Increased and reallocated budget
- Overhauled media plan with full-funnel campaign messaging
- Programmatic display services setup
- Shifted to commercial intent keywords to generate more traffic.
- Campaign Segmentation
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