Activation
An evolving campaign poised for success.
Campaign objective.
Nelnet Bank, a private student loan provider, needed to generate 11,000 marketing-qualified leads (MQLs) during the peak 2025 lending season at a strict CPA target of $39.
The challenges:
The 2025 campaign included a big ask in terms of lead volume, but our yearlong strategy also had to account for challenges beyond just performance.
Mistrust of media, due to previous shortcomings
Previous media efforts had included slow pivots in campaign direction and limited visibility for senior leadership. Plus, last year’s campaign had failed to meet benchmarks.- Flawed assumptions on lead quality
Initially, the team assumed that every MQL had equal down-funnel value. Early results proved otherwise, revealing the need to optimize for quality and quantity. - Competitive intensity
With Sallie Mae and College Ave outspending Nelnet Bank 10:1, conquesting tactics could quickly drain the budget.
. - Brand confusion
Nelnet, Inc. — a sister company — also services federal student loans, leading to irrelevant branded search traffic and lower conversion rates. - Fair lending restrictions
As a regulated financial institution, Nelnet Bank could not use demographic targeting parameters tied to protected classes. This meant relying solely on intent-based signals and campaign structure to find efficiency, rather than audience profiling.
Strategy.
We built a dual-track strategy to deliver meaningful lead volume while also providing opportunities to manage lead quality and overall campaign efficiency.
- SEM core campaigns
Our initial strategy included three campaigns. Each was given a separate target cost-per-acquisition (tCPA). Budgets were allocated based on data-backed performance, enabling the team to ensure that every dollar was spent wisely. - Performance Max (PMax)
PMax extended the campaign’s reach across Google’s search, display and video ecosystem, using AI-driven intent signals to both create and capture incremental demand for our search campaigns. This campaign also allowed us to gain premium placement in Google AI Overviews, boosting visibility at a lower cost.
Optimizations.
Our campaign saw impressive early success. However, volume initially outpaced lead quality, so we implemented a structured optimization framework built on four pillars.
Data integration & insights
Marketing performance was unified with business outcomes to identify which ad groups delivered qualified loan volume — not just leads. This lead to us restructuring campaigns to prioritize quality-driving keywords.
Budget & bid agility
Our team reallocated budgets weekly based on real-time conversion trends, concentrating spend during peak demand, high-intent windows. We then used PMax as a safety net to capture incremental conversions at our tCPA.
Keyword refinement
We deployed extensive negative keywords to filter out irrelevant branded queries and increased conversion rates by tightening focus on student loan intent.
Transparent, collaborative management
Weekly alignment meetings were scheduled with senior leadership to review progress, while live dashboards provided visibility into what was happening, why and what came next.
Results
44% boost in site traffic.
40% increase in lead quality
from month 1 to month 5.
40% increase in lead quality
by month 7 — five months ahead of schedule.
$39 CPA target achieved.
Impact.
This campaign proved that SEM success is about agility, not just spending. By integrating business data, AI-driven placements and transparent collaboration, Nelnet Bank exceeded its performance targets and rebuilt leadership confidence in marketing’s ability to deliver business outcomes.