Full-Funnel Marketing for B2B Lead Quality Success
ServiceMax from GE Digital is a leading software company that provides field service software to enterprise businesses. They focus on industries related to the industrial internet of things (ex: renewables, oil & gas, manufacturing & power).
When Metric Theory (MT) first partnered with ServiceMax in May 2016, they had recently moved away from SMB marketing and were targeting larger enterprise-level deals. However, prior to working with Metric Theory, ServiceMax was not evaluating paid search on their quality lead metric (called “AQLs”), sales opportunities, or pipeline revenue. To shift focus to enterprise deals, Metric Theory knew that accurate end-to-end lead quality tracking would be essential. Once comprehensive ad tracking parameters, Salesforce dashboard access, and lead quality reporting were in place, Metric Theory & ServiceMax set the following goals:
- Increase lead & AQL volume
- Decrease cost per AQL
- Increase AQL revenue pipeline
ServiceMax had aggressive growth targets that were accelerated upon acquisition by GE. Advertising via digital channels was the primary driver to achieve those ambitious targets quickly, while maintaining lead quality. MT aimed to scale investment in every stage of the funnel to acquire new customers and pull them through to conversion. The industry has a fairly long time lag to conversion (sometimes more than a week), so it was crucial not only to generate new interest via Display and non-brand search campaigns, but also to effectively remarket to those users across the Google Display Network. That strategy was comprised of the following areas:
Comprehensive coverage on every relevant search term. MT built out aggressive keyword expansion into core terms and expanded internationally. MT and ServiceMax collaborated on dozens of new keyword areas, and MT translated key campaigns into additional languages for overseas markets. Since one major AQL criterion is the company size, MT focused on search terms that indicated companies at or above a certain number of employed technicians on staff.
Account based marketing strategies
These help to increase the quality and relevancy of initial lead submissions. MT worked with ServiceMax to understand the most important company profiles to reach with ads, and then targeted those physical locations with tight radius targeting to ensure ads were appearing in front of the most relevant eyeballs possible.
Salesforce & Kenshoo data integration
Integration on a monthly & weekly basis. This allowed MT to see AQL performance on the segment, campaign and ad group level, and pivot front end strategy accordingly. We prioritized campaigns producing efficient cost per AQL or high-technician count leads, while optimizing areas with unprofitable cost per AQL.
From the Client
"I really like how the team doesn’t just look at the quantity of leads, since that’s not totally indicative of the trended value, but also looks at AQL’s and opportunities. We’ve been tasked to grow the business significantly in terms of revenue and bookings, and we’ve relied heavily on search and online advertising to fuel that growth and to fuel it quickly. MT has been incredibly responsive and been able to achieve that growth without sacrificing quality. I feel like they’re really an extension of the [GE] team."
Metric Theory’s lead quality focused strategy led to a 231% increase in leads and 115% increase in AQL pipeline. Over the course of the past year, MT has tripled the size of ServiceMax’s PPC footprint through relevant expansion efforts. Because of Kenshoo’s U-shaped attribution and Salesforce’s lead quality tracking, MT was able to see the effect on quality through every step of the process to ensure that front end efforts were having the desired back end result.
In addition to direct results, the volume of assisted conversions from PPC in Google Analytics has increased 3.5x over this time period, which has led to a ripple effect of lead lift across downstream channels. The ServiceMax team commented that they saw “a lift on traffic to the website and a great lift on direct load and organic search, caused by the awareness aspect of what we’re doing on PPC. Increased web traffic has also led to increased webinar growth, which is a highly qualified channel.”
increase in overall lead volume
increase in average monthly pipeline revenue
increase in AQL volume
increase in pipeline revenue year-over-year