Data creates transparency between online marketing activites and completed sales
Europe, Asia and North America
DATA-DRIVEN MARKETING ENSURES A CLEAR OVERVIEW OF SALES
LogPoint has assembled all its online and off-line marketing activities on one dashboard, which provides an overview of the activities that generate the most sales. Marketing automation in Salesforce Pardot supports lead scoring, lead nurturing of all new leads and identification of the hottest leads. This makes it possible for the CMO of a B2B company with a long sales cycle to take data-driven marketing decisions based on current facts.
Online pipeline’s share of turnover
MARKETING WAS A SHOT IN THE DARK
With the ambition of entering the North American market and ensuring significant growth, global software company LogPoint wanted more insight into the effect of marketing activities and greater transparency between marketing and sales.
LogPoint supplies B2B SIEM software solutions (cyber security management and handling in a single security system) and, like many other B2B companies with long sales cycles of between six and nine months, faced particular challenges.
So the company approached IMPACT and IMPACT Extend with a request to help them realise their ambitions for growth. They needed to run metrics on activities to see which generated the most sales in order to more efficiently allocate their marketing budget. The request brought about an extremely thorough structuring of LogPoint’s data.
MAPPING THE LEAD JOURNEY
The long sales cycle means that LogPoint needs to maintain an overview of how much turnover goes towards fertilising the ground; some months later, their marketing campaigns will hopefully yield a crop in the form of a successful sale. More specifically, they need to assess the various marketing activities’ influence on sales outcomes.
To provide them with the required information, all LogPoint’s digital touchpoints had to be linked across sales and marketing.
The marketing department would have had to analyse insights from Google Analytics and sales from CRM. Instead, all data was collated in a single process so that it became possible to follow a lead’s behaviour from the first interaction on social media right up to closure of the sale.
Another part of the project consisted of making all data easy to decode, thus allowing LogPoint to easily see how the various marketing activities are performing in real time and, equally easily, to re-prioritise efforts accordingly.
The dashboard allows us to follow our customers and analyse the pipeline in far greater detail than before. It's provided us with new opportunities for planning our marketing efforts in terms of what results in better sales outcomes.
STRATEGY FOR DIGITAL GROWTH
Two tasks were set in motion at the very start that would support LogPoint’s ambitions for growth: the development of a new website, and the implementation of lead programmes.
The user journey was mapped to inform the development of the new website and analyses of search words were conducted. The results of both procedures were incorporated in a site map.
The aim of the new website was to generate ample traffic and to help leads throughout tier purchase journey. All this ran in tandem with underlying systems’ learning about the lead’s journey and analysis of how close they are to making a purchase.
The second part of the project was to develop and implement lead programmes; this would in turn enable measurements of marketing efficiency, so that the most relevant activities could be mobilised.
Both parts were incorporated in a digital strategy, which LogPoint devised in collaboration with IMPACT Extend. It was defined in autumn 2017, executed in 2018 and continued in 2019.
The strategy consisted of six cornerstones:
- Linking of marketing and sales: Tracking, attribution, dashboard and alignment
- Message and position
- Lead generation and visibility (SEO, SEM, SOME)
- Content marketing
- Lead nurturing (marketing automation for B2B)
- Effective processes
Significant growth in marketing-generated leads should be carefully implemented in a sales organisation to ensure that the leads are assiduously followed up on and that the quality of data is adequate.
To support structured work on leads, LogPoint chose to implement the Salesforce Pardot B2B marketing automation platform. This would enable lead scoring, lead nurturing of all new leads, and identification of the hottest leads.
Salesforce Pardot was chosen because LogPoint already used a Salesforce CRM: this meant that the new landing pages, set-up of email automation, lead scoring and lead grading could talk to their CRM and enrich their leads.
This also makes possible for LogPoint’s salespeople to pursue the leads that are furthest along in the purchase process.
In order to easily decode the various marketing efforts and their performance, we linked data from LogPoint’s CRM system and digital channels to the specific lead and gathered it all in one dashboard that reflects a real-time picture of the expenses and performance of the marketing efforts. Data visualisation is in built in Power BI.
Normally, a lead project such as LogPoint’s implies the creation of a large data warehouse, which is an expensive and long-drawn-out process. But by linking LogPoint’s data, it was possible to gather them in Power BI and thus create a faster and much more affordable solution.
The dashboard gives LogPoint an overview of the following metrics:
- Website visits
- Media spend on all digital channels
- New leads, MQLs and SQLs
- Opportunity value and status
- Number of days from lead to SQL and from SQL to the prospect being secured
- Cost per lead and per SQL
- Revenue won
All metrics can be broken down into single items or combinations of:
• Sales channels (both offline and online)
• Campaigns (both offline and online)
• Sales regions
• Time periods
OVERVIEW OF THE CHANNELS AND CAMPAIGNS THAT GENERATE SALES
The dashboard allows LogPoint to monitor the performance of every single marketing activity and, for example, to see which Google Ads campaigns not only generate leads but generate SQLs, weighted pipeline as well as revenue won.
Armed with this information, LogPoint can now be more precise when it allocates budgets, controls clicks, etc., in order to attain the sales objectives that have been set for 2019, 2020 and 2021.
LogPoint can now answer questions such as:
- How can we allocate our media budgets most effectively to create the most turnover?
- Which content assets generate most SQLs (and not just new leads)?
- Which campaigns need reallocation of the budget in order to increase sales in Q1?
- What would the impact be on ROMI if we reallocated budgets to increase sales in Q1?
- How much should our overall media budget be, month by month, if we are to reach our sales targets in 2019, 2020 and 2021?
- What would the impact be on turnover if we increased/reduced the marketing budget by 10%?
- And not least: What is our ROMI at all levels of our marketing activities – i.e. from general channels – online marketing, offline marketing, sales channels – to traffic channels – SEO, paid search, paid social, PR, telemarketing – through to campaigns, such as GDPR whitepaper, LogPoint Free Trial, UEBA Webinar etc.?
LogPoint is forging a completely new standard for the gains B2C and B2B companies can derive from data-driven marketing. This is without doubt a solution that we will see replicated often in the future.
TOOLS FOR DATA-DRIVEN MARKETING DECISIONS
The dashboard is a tool that is especially suited to the CMO who has to make data-driven marketing decisions in a B2B software company with a long sales cycle. It has given the CMO a well-earned place at the sales meeting and a completely new insight into the impact of marketing on sales.
The streamlining of data and the subsequent more intelligent execution of marketing efforts can be seen in its effect on the bottom line.
Online pipeline’s share of turnover
Pipeline fra online
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