Case Study
53.5% more high-quality leads, 30% lower cost per lead
Helping an equipment finance company get more of the applicants its sales team wanted.
For an equipment finance business, a form submission is only the beginning. The real question is whether the applicant can qualify for financing, and whether the deal is worth pursuing. Four15 Digital helped move Google Ads toward that distinction, using CRM lead scores and downstream outcomes to guide campaign decisions.
Between Q4 2024 and Q1 2025, reported A/B-rated leads increased from 202 to 310. The quarterly review reported that average cost per A/B lead fell from $527 to $371. Overall contact generation remained broadly flat, making the improvement in lead quality the central result.
A/B refers to the client’s lead-quality grades, not funded loans. Cost figures are the averages reported in the QBR. Calls are excluded from its overall contact comparison.
The account was already producing business when Four15 joined in May 2024. But the audit found no call tracking or qualified-lead tracking. Conversion tracking counted submissions without telling Google which leads were valuable. The account also had a narrow keyword build, limited bidding sophistication and ads that could better match the financing category.
The website created additional friction. Important financing benefits were missing above the fold, the hero section occupied too much space, and forms needed clearer instructions and a stronger reason to complete them. Mobile speed was another concern. The opportunity was to improve both acquisition and the information used to evaluate it.
In the client’s November–December 2024 attribution report, the dollar measure labeled “net margin” increased from $61,979 to $77,423. After subtracting reported Google spend, the remainder increased from $33,464 to $45,928; up 37%. This provides supporting financial context, with the source’s accounting definition still unverified.
We worked with the client’s team to bring CRM lead grades back into Google Ads through offline conversion imports. That made it possible to test bidding toward A/B-rated leads instead of treating every form submission as equally valuable. We reviewed lead grades alongside contacted-qualified status and funded outcomes, which represent different stages of the sales process.
An October-November 2024 Semis experiment reported more A/B leads and a nearly 10% lower cost per contacted-qualified lead in the A/B-focused variant. The team recommended applying the winning test and extending the approach to other categories. The Q1 review records the broader shift toward A/B lead volume.
We expanded equipment and financing keyword coverage, reviewed search terms, and tested automated bidding strategies. The analysis went beyond cheap leads: a review of funded results found that searches containing “how to” and “down payment” could produce funded customers. Those findings informed keyword additions rather than blanket exclusions.
The team also reduced or paused weak campaigns and reviewed results by equipment type, geography and lead grade. By April 2025, lender availability mattered too: the client reported losing its remaining profitable lender for semi-truck deals, prompting a discussion about reallocating spend.
We launched a Commercial Vehicles landing-page experiment in November, tested messaging aimed at stronger-credit applicants, and worked on form flow, confirmation messaging and calls to action. Call reviews and engagement analysis helped identify objections and friction. Website speed and broader development work remained open priorities in the Q1 review.
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Client-reported measure
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Nov 2024
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Dec 2024
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|---|---|---|
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Attributed “net margin"
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$61,979
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$77,423
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Google Ads spend
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$28,515
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$31,495
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Reported margin less Google spend
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$33,464
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$45,928
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Reported margin grew 25% while Google spend rose 10%. The remainder after Google spend increased by $12,464, or 37%. These are consecutive-month reported results, not a controlled measurement of incremental profit.
The quarterly result was strong, but progress was uneven: A/B leads declined from 119 in January to 85 in March, and costs rose within the quarter. Competition, tracking interruptions and website constraints remained active issues. The case is strongest as a demonstration of better lead quality and more informed spending decisions, supported by a favorable financial comparison.