01Hit an all-time high at 91.9% of good leads in early 2020
02Decreased the total percentage of bad leads by 16%, an all-time low
0386% decrease in total ad spend attributed to bad leads year over year
A leader in the B2B email deliverability and performance solution space
Statwax was tasked with increasing the volume and number of leads for a leading B2B email deliverability and performance solution. While this KPI was met, the team discovered that the quality of the leads was low and not delivering positive ROI. The goal then shifted to focus on quality of conversions, requiring Statwax to come up with a lead tracking and measurement effort to complement digital lead generating efforts.
Statwax knew the best way to move from lead volume quantity to lead volume quality was to put the company’s sales data to work. The first step was to connect the company’s CRM, Salesforce, with the Google Ads platform. Saleforce gave insight into what milestones were along the customer journey and closed customer attributes. By linking that data with Google Ads, Salesforce information could be used to both build out and optimize campaigns.
With the CRM setup complete and a robust pipeline tracking in place, the Statwax data team and the client’s IT team met to build out criteria for determining lead quality. Factors like lead job title, company LinkedIn profile, and email address were used to create the criteria.
Once the lead quality criteria was established, Statwax began building a process that assigned a numeric value to each lead quality grade. Statwax’s goal was to see the true value of a keyword at the micro level and campaign macro level to make better decisions. In this lead scoring system, leads were determined to be good, low, or bad and assigined a numeric value.
Traditionally, the Statwax team could see which keywords were leading to conversions, but not understand their value. This scoring system enabled the Statwax team to dive into each lead level and see what keywords were driving good vs. low vs. bad leads. By analyzing the keywords in comparison to the lead score of the lead they drove, Statwax was able to not only assign a quality score to the campaign but also the specific keyword that drove a quality conversion. This level of specificity enabled Statwax to make precise campaign optimizations and scale campaigns and their budget more efficiently and effectively.
Other benefits of this scoring system included:
- Serving as the basis for building a predictive model for the client
- Creation of more robust and accurate customer personas
- Develop a more sophisticated understanding of customer intent and tie that information to relevant data signals
The lead scoring model helped to increase the number of good leads generated by ad efforts over time. Non-search platforms like LinkedIn, Quora, and Capterra were leveraged to engage specific purchase influencers based on data signals previously gleaned, building and nurturing interest over time. Paid search was re-built to optimize toward downstream outcomes logged in Salesforce, such as qualified leads and closed customers.
The new levels of insights opened by the lead scoring system helped the team perform better analysis on every keyword, search term, ad variation, and audience segment. Items that drove lead volume gained the ability to be paused if those leads fizzled out. Other lead criteria were found to be responsible for a far better lead-to-customer conversion than originally thought.
Sales teams at the company were able to use data Statwax generated to have more valuable conversations with good leads and spend less time on bad leads. The company’s pipeline filled with more qualified individuals based on refined awareness-building, while bottom-of-funnel paid search more efficiently converted leads who were most likely to become a customer and filtered out the potential bad leads.
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