Hi Tim,
As discussed on our call today, here
<https://docs.google.com/spreadsheets/d/14inVn3tLTP7PkUgmtsxNJawcSKCJXzv3BOItRhhIH9o/edit#gid=823245634>
are the lists of open and closed opportunities specifically from paid
advertising for you to review with the team.
Once we diagnose/improve the opportunity to assessment issue and start to
hit that 3/4:1 LTV:CAC we can discuss figuring out where to re-allocate the
~$6k CAD we were previously spending on the agency (to improve volume for
the top converting markets).
Sincerely,
On Wed, May 15, 2024 at 7:32 AM Timothy Thomas <tt@thekey.com> wrote:
> Thanks Alexa. It's great to finally see the leads trending back up. Lead
> quality and price sensitivity relative to our new minimums (care
> commitment) continues to be a challenge.
>
> On Tue, May 14, 2024 at 6:56 PM Alexa Graziani <agraziani@thekey.com>
> wrote:
>
>> Hello All,
>>
>> This re-structured update reviews Canadian PPC performance
>> <https://docs.google.com/spreadsheets/d/1uqSo73HN22ECDhsucjl9gJk2JK-XtoqxG2d36zei_Bk/edit#gid=354001798>
>> for the full month of April and an overview of how May is performing so
>> far/our plans to improve performance.
>>
>> We look forward to bringing the advertising (outside of Montreal)
>> in-house starting June 1st!
>>
>>
>> I've set up a call for next week to review performance, strategy, and the
>> in-house transition together.
>>
>> April’s results are as follows (data through Sunday, May 12th):
>>
>> -
>>
>> $CAD41,651 spent
>> -
>>
>> 65 Leads
>> -
>>
>> Decrease in volume and increase in CPL from March.
>> -
>>
>> Largely due to the impact of caregiver calls/forms in Montreal and
>> broad match spend in the other markets. Account changes have been made/are
>> in progress for both issues and should improve the 2nd half of May’s
>> performance.
>> -
>>
>> 31 Opportunities
>> -
>>
>> Stable cost per opportunity.
>> -
>>
>> Change in team’s definition of opportunity as per Tim: “A Lead is
>> any prospective client prior to being qualified. Once qualified, it can be
>> converted to an opportunity. A lead must meet these three
>> criteria: In our service area, Looking for our services and Financially
>> qualified for the quoted rate.”
>> -
>>
>> 6 Assessments
>> -
>>
>> About half of the 13 average in 2023, mirrored by the 19%
>> opportunity-to-assessment conversion rate that about half of the 41% in
>> 2023.
>> -
>>
>> 4 Clients
>> -
>>
>> 4 SOC
>> -
>>
>> 1.8 : 1 LTV: CAC
>> -
>>
>> 5 opportunities are still open and could move forward in the
>> pipeline.
>> -
>>
>> If 3 of these start service we would hit the 3:1 LTV:CAC
>> baseline goal.
>>
>>
>> May’s 1-12 results are as follows:
>>
>> -
>>
>> $CAD15,968 spent
>> -
>>
>> 27 Leads
>> -
>>
>> Pacing to 77 leads for the month.
>> -
>>
>> Lead volume should improve in the 2nd half of the month. We made
>> optimizations in the Montreal account to further exclude caregivers on 5/8
>> and we’re making additional keyword optimizations this week for the other
>> markets. The goal is to get back to the ~100 average we had in 2023/Q1 of
>> 2024.
>> -
>>
>> 11 Opportunities
>> -
>>
>> Pacing to 31 opportunities for the month, right around our 2023
>> average of 32.
>> -
>>
>> Conversion rate remains strong at 41%. If we increase our lead
>> volume and conversion is stable, we could hit ~40 opportunities for the
>> month.
>> -
>>
>> 1 Assessment
>> -
>>
>> The opportunity-to-assessment conversion rate has declined
>> steadily since January, possibly due to price increases and/or settling
>> into restructures around operations/roles and opportunity definitions.
>> -
>>
>> Our 2023 average was 41%.
>> -
>>
>> In December ‘23 we saw a stellar 44%, then back to 39% in
>> January, a steep decline to ~25% in February/March, 20% in April, and only
>> ~10% so far in May (though this is still maturing with 7 opportunities
>> still open).
>> -
>>
>> 0 Clients or SOC so far
>>
>>
>> Primary May Optimizations/ Plans to Improve Performance
>>
>> This month, we are addressing the two main reasons for the decline in
>> lead volume, as well as transitioning our main account’s primary signal for
>> optimization to improve lead volume/cost per lead even further:
>>
>>
>> 1.
>>
>> Excluding the “Search Partners” setting for Montreal’s campaigns to
>> reduce spend on caregiver calls/forms.
>> 1.
>>
>> April and the first week of May saw a dramatic uptick in caregiver
>> calls/forms. We discovered it was due to a specific setting that shows our
>> ads on “partner” websites outside of Google. This setting was turned off
>> last Wednesday and since then the calls/forms have primarily been from
>> people looking for services.
>> 2.
>>
>> Significantly reducing our “broad match” keywords for the other
>> markets.
>> 1.
>>
>> In April, ~$23k of our $~33k spend on nonbrand keywords went to
>> broad match keywords (almost 70%). If we compare that to February, only 43%
>> of our nonbrand ad spend went to broad match keywords. Our campaigns are
>> not ready for so many broad-match keywords because of our historic
>> optimization metrics; calls and forms skew the signals the algorithm uses
>> to assess success.
>> 2.
>>
>> This week, we are turning off any broad match keywords that have
>> not seen a lead uploaded back into the Google Ads platform, which should
>> focus spend on better performing “exact” and “phrase” match keywords.
>> 3.
>>
>> Transitioning markets outside of Montreal to optimize toward leads
>> instead of calls/forms.
>> 1.
>>
>> We have crossed the threshold of leads uploaded back into Google
>> that we needed to transition our accounts to optimize off of leads within
>> the platform!
>> 2.
>>
>> We’re working with the agency to make the change this week so the
>> campaigns can go through the learning period in the final two weeks of May
>> and be ready to hit the ground running when we take over execution in June.
>>
>>
>> With the combination of these three changes and our upcoming in-house
>> transition, we expect 2nd half of May performance to improve and stronger
>> performance in June.
>>
>>
>> Sincerely,
>>
>> --
>> Alexa Graziani
>> Senior Marketing Manager - Consumer Growth
>> TheKey.com <https://www.thekey.com/>
>> [image: TheKey] <https://homecareassistance.com/>
>>
>
>
> --
> Tim Thomas
> Head of Canada Division
> *Please note my email has changed:*
> tt@TheKey.com <tt@thekey.com>
> (514) 591-9387
> TheKey.ca <https://www.thekey.ca/>
> [image: TheKey] <https://www.thekey.com/>
>
--
Alexa Graziani
Senior Marketing Manager - Consumer Growth
TheKey.com <https://www.thekey.com/>
[image: TheKey] <https://homecareassistance.com/>