CareCard, in its quest to make prescription medications affordable, faced skyrocketing CPLs in their Facebook campaigns. Firon's intervention entailed meticulous audience targeting, creative ad development, and strategic bidding. This comprehensive approach not only reduced CPL by 34% but also boosted CTRs and conversion rates. Through these strategic optimizations, Firon has enabled CareCard to elevate its digital presence, acquire customers more cost-effectively, and set the stage for future scalable growth.
CareCard, a provider of discount cards for affordable prescription medications, partnered with Firon to enhance their digital marketing efforts, specifically focusing on Facebook advertising. The primary objective was to significantly reduce the Cost Per Lead (CPL) to enable the scaling of their customer acquisition efforts.
CareCard had encountered a significant issue with the cost of acquiring leads through their Facebook ad campaigns. In the final quarter of 2022, their average CPL was 252% above their target.This high CPL was impeding the growth of their business, making it imperative to address this issue promptly.
Firon implemented a comprehensive strategy to optimize CareCard’s Facebook advertising campaigns:
Audience Targeting: Utilizing Facebook’s powerful targeting tools, Firon pinpointed the right audience segments. This ensured that ads were shown to individuals who were more likely to be interested in CareCard’s discount card for prescription medicines.
Creative Ad Development: Firon followed Facebook’s creative best practices to craft engaging and eye-catching ads. These ads effectively conveyed CareCard’s value proposition and communicated how users could save on their prescription medications. The goal was to improve the Click Through Rate (CTR) and achieve a target CTR of over 3.50%.
Audience Testing: Firon conducted audience testing to identify which demographic segments generated the most cost-effective leads for CareCard. This data-driven approach helped optimize ad targeting and allocate resources more efficiently.
Bidding Strategy: Instead of relying solely on Facebook’s automated bidding, Firon implemented bid caps strategically. This forced the reduction of lead costs by placing limits on the amount CareCard was willing to pay per lead.
The implementation of these strategies yielded impressive results from August to October 2023:
Clicks and Sign-Ups: A significant number of individuals interacted with the ads, resulting in 12,967 link clicks and 1,083 sign-ups on the CareCard website.
Improved CTR: The CTR saw a substantial improvement, soaring almost 79% from 2.62% to an impressive 4.69%, surpassing the targeted 3.5%.
Cost Per Lead Reduction: The most noteworthy achievement was the 48% reduction in the overall cost per lead making it a lot more cheaper and viable for them to scale their efforts.
Cost Per Click: It cost less than $0.50 every time someone clicked on the ad, indicating a highly efficient allocation of advertising spend.
Conversion Rate: Approximately 20% of the individuals who visited the CareCard website from Facebook ended up signing up, demonstrating the effectiveness of the campaign in converting visitors into leads.
In summary, Firon’s strategic approach to Facebook advertising not only reduced CareCard’s cost per lead significantly but also improved ad performance metrics such as CTR and conversion rates. This success not only lowered customer acquisition costs but also laid the foundation for scalable growth, positioning CareCard as a more cost-effective and efficient player in the market.