Bing Ads Vs Google Ads - Which got cheaper mortgage applications?
Many assume Bing Ads are cheaper due to lower competition, but assumptions can be costly. We recently ran a head-to-head, six-week experiment for one of our mortgage broker clients, specifically targeting medical professionals, to see which platform offered the best value.
We spent similar budgets across both platforms: £1,067.76 on Bing Ads and £1,242.34 on Google Ads.
The Data Breakdown
| Metric | Bing Ads | Google Ads | Key Insight |
|---|---|---|---|
| Spend | £1,067.76 | £1,242.34 | Comparable investment. |
| Average CPC | £3.54 | £1.85 | Google Ads clicks were 1.91× cheaper. |
| Total Clicks | 302 | 672 | Google generated over twice the traffic. |
Lead Quality and Cost Efficiency
The minimal difference in the visitor-to-lead conversion rates shows that both platforms delivered a very similar quality of audience, with both having the same intent when searching. Also, our client’s internal metric showed the lead-to-sale conversion rate (lead-to-application) was the same for both sources, providing further evidence of equal lead quality.
This means that the final difference between the two platforms was purely a factor of cost. With Google Ads delivering more than double the traffic for a comparable spend, and achieving clicks at nearly half the price, it proved to be the far more cost-efficient channel for this campaign.
In this specific experiment, Google Ads was the clear winner, proving to be a much more scalable and profitable channel.
Key Takeaway: Never Assume
While Google was the clear winner here, it is a crucial mistake to assume this holds true for every financial niche. We have seen other areas within financial services where Bing has provided surprisingly competitive results.
The core lesson is this: Do not rely on industry assumptions. Always run dedicated, well-structured experiments to gather your own data. What works best changes based on your audience, niche, and historical ad account performance. Continuous testing is the only way to ensure your budget is spent wisely. (You can hear the full details, including the exact Cost Per Lead and Cost to Acquire a Customer figures, on our latest podcast episode.)