Full-Funnel Marketing for B2B Lead Quality Success
ServiceMax is a leading software company that provides field service software to enterprise businesses. They focus on industries focusing on the industrial internet of things, with major customers in renewables, oil and gas, manufacturing, and power).
When Metric Theory first partnered with ServiceMax, 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 media advertising on their quality lead metric (“Touched Leads”), 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 and ServiceMax set the following goals:
- Increase lead and touched lead volume
- Decrease cost/touched lead
- Increase touched lead revenue pipeline
ServiceMax had aggressive growth targets, and advertising was the primary driver to achieve those ambitious targets quickly while maintaining lead quality. Metric Theory aimed to scale investment in every stage of the funnel to acquire new customers and pull them through to conversion. The addition of LinkedIn to the advertising mix was a crucial investment geared toward reaching targets. The industry has long lag time to conversion (sometimes more than a week from first click), so it was crucial not only to generate new interest via prospecting campaigns, but also to effectively remarket to those users across channels. That strategy was comprised of the following areas:
Working collaboratively with the ServiceMax team, Metric Theory expanded to dozens of new keyword areas and translated key campaigns into additional languages for overseas markets. Because of the importance of company size to lead quality, Metric Theory focused ads on searches that indicated companies at or above a certain number of employed technicians on staff. Metric Theory also used company size targeting on search to maximize reach to that audience.
Account based marketing strategies
Metric Theory worked with ServiceMax to understand their most important target companies, and then targeted those physical locations, along with job functions, industries, and company sizes that matched the target account list to ensure ads were appearing for the most relevant users across LinkedIn and search.
Thanks to its high-quality audience data, LinkedIn Ads is very effective at reaching and closing the target audience profile. Since activating LinkedIn, 85% of ServiceMax’s sales opportunities have been sent by LinkedIn retargeting as the last touch. While LinkedIn is typically used to prospect and create awareness for ideal professionals and companies, ServiceMax and Metric Theory have also taken advantage of the platform to remain top-of-mind and close enterprise leads. In the case of ServiceMax Search creates the awareness, then LinkedIn retargeting drives leads for effective pipeline growth.
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 [TL’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 team."
Metric Theory’s lead quality focused strategy led to both lower overall cost per lead and an increase of high-quality leads, leading to a 41% increase in pipeline ROI.
These acquisition efforts for quality leads have been a key part of ServiceMax’s 2018 growth. For Q3 year-over-year (first month of LinkedIn management vs the following year), Metric Theory was able to drive a 101% increase in Lead-to-Touched Lead rate while also improving account efficiency.
increase in percent of high quality leads YoY
increase in average deal size YoY
increase in paid media pipeline ROI YoY