A US business lender wanted another source of qualified applicants and a way to connect new-channel results to funded deals.
The Client and the Problem
A US business lender that funds established small and midsize businesses wanted another source of qualified applicants alongside Google Search. The team tested ChatGPT ads, a new channel for the lender, without an established playbook for the category.
Early ad submissions were rejected. The team needed to understand which messages could pass review and make sure applications from the test could be identified in the lender’s CRM.
1. Write Ads Around the Business Owner’s Goal
The team tested ad versions and focused approved messages on the business owner’s funding needs and the lender’s stated benefits, such as a simple application and a dedicated representative.
The campaign moved forward with approved ad copy
2. Organize Messages Around Funding Questions
Rather than starting with a conventional keyword list, the team organized messages around business funding needs, such as covering payroll, finding working capital, or responding to a bank decline.
Ad messages reflected the questions business owners were asking
3. Connect Applications to the CRM
Campaign tracking identified ChatGPT applicants in the lender’s CRM alongside Google and Microsoft applicants. Conversion tracking was updated so the campaign could be evaluated against actual applications and funded deals.
The result could be checked against the lender’s sales records
The Results
The first ChatGPT test ran for under two weeks. The comparison below is with non-brand Google Search during the reported test period:
| Metric | Reported comparison |
|---|---|
| Cost per click | 43% lower than non-brand Google Search |
| Cost per application | 17% lower than non-brand Google Search |
| Time to first funded deal | About 2 weeks, compared with about 2 months on Google Search |
One application became a $100,000 funded deal associated with the test.
Key Takeaway
A new ad channel is useful when the business can evaluate the applicants it produces and trace outcomes through its sales process. Connecting campaign activity to the CRM let the lender compare applications and identify a funded deal from the test.
Are your campaigns connected to the sales outcomes your business needs to measure?