How Convosight reduced its Sales Cycle Length by 3 months through Account Focused Advertising on LinkedIn Add Marketing Sourced Pipeline Intent signals SC
convosight
FinTech
Video
About the Company
Convosight has over 50,000 communities with 500 million members across 75 countries. Analysis of conversations in these communities provides brands with insights into consumer attitudes and behaviours, helping to improve the user experience for their products and, ultimately, revenue.
The Problem
Lead Quality- Due to a broad targeting strategy & lack of compelling content, Convosight struggled to capture sufficient marketing-qualified leads through LinkedIn Ads. The leads were either not ready to buy or had no authority to approve the budget for a community marketing solution.
Sales Cycle- Convosight’s Community Marketing Solution required a min. budget of $5k to $15k per month from consumer brands. Since these organisations are usually enterprises it implied a complex buying journey with multi-level buying committees and approvals involved in the process. All of this resulted in lengthier sales cycles averaging eight months.
Marketing & Sales Alignment- When it came to target accounts, the sales and marketing teams operated in silos and lacked coordination. The teams were targeting different accounts simultaneously and were on different pages with lead pipeline stages across the marketing and sales funnel. This resulted in delayed handovers, wasted resources and missed opportunities.
The Solution
Flip Funnel took on the challenge to help Convosight create a repeatable demand creation and capture system using LinkedIn that can be scaled to establish a predictable revenue pipeline over time.
The strategy involved segmenting and engaging target accounts with personalised content based on the buyer's role and where they were in the buying stages. This helped educate the buying committees about community marketing and made them aware of the solutions offered by Convosight.
With intent tracking signals and attribution in place, the highly engaged accounts we retargeted at the right time with the right messaging increased high-intent leads and
We also aligned the Sales & Marketing Teams in defining a lead qualification criteria lead pipeline stages
Our Approach
Defining a clear ICP and refining the targeting
Analysing the past closed won and lost accounts to understand drop-offs in the funnel.
Research the existing customers, buyer personas, needs, and decision-making process.
Conducting interviews & coordination with internal Sales & Marketing stakeholders
Segmenting the target accounts based on revenue potential and brand categories or industries
Personalised content assets backed by solution messaging
Setting up campaigns
Multi-layered full-funnel campaigns targeting different stages of the buying process with different goals, including awareness, demand generation, demand capturing and deal acceleration.
This personalisation enabled us to achieve higher CTRs (Click Through Rates) and lower CPMs (Cost per Mille Impression), resulting in reduced CPLs (Cost Per Lead).
Capturing intent signals
Set up correct leading indicators to measure the performance of the different campaigns.
Alignment & Processes
Attribution, Measurement and Reporting
Self attribution
Brand Search report, Campaign report and integrated marketing report to evaluate the overall buyer funnel
1. Defining a clear ICP and refining the targeting
Our Approach
Analysing the past closed won and lost accounts to understand drop-offs in the funnel.
Research the existing customers, buyer personas, needs, and decision-making process.
Conducting interviews & coordination with internal Sales & Marketing stakeholders
Segmenting the target accounts based on revenue potential and brand categories or industries
We shortlisted the top 250 companies based on the revenue potential and other ICP attributes. We then established the buying committee (critical roles in the decision-making process) in these accounts; in total, we identified 60 designations along five different functions spread across various roles in the buying committee i.e. Decision Makers, Champions, Influencers & Blockers. The idea behind selecting the accounts & buying committee is to create content that is highly relevant & generates maximum engagement.
The account list was then segmented into three tiers basis the industry they operate in, to create hyper-personalized content for each industry. The designations were also the segmented basis of the functions they belonged to. This approach resulted in better content engagement & eventually, more leads from the target accounts at a lower cost per lead. This approach helped us identify the cohorts that performed the best & helped us in better allocation of budgets across the target accounts.
2. Clear Content Strategy & Distribution
We also developed a clear content strategy by creating and distributing relevant articles, videos, podcasts, and other media for both Paid and Organic channels. This content attempted to attract & engage the target audience. This strategy built expertise, raised brand awareness, and kept Convosight top of the minds of its buyers during its long sales cycles.
3. Account Focussed LinkedIn Ads
We deployed an account-focused approach in our ads, targeting high-value accounts that were then segmented based on the industry & functions with highly personalized content.
This personalization enabled us to achieve higher CTRs (Click Through Rates) and lower CPMs (Cost per Mille Impression), resulting in reduced CPLs (Cost Per Lead)— Add Data to backup these claims— Comparison Between Pre ABM & Post ABM…..
4. Real-time Visual Reporting
To continuously measure and optimise our efforts, we automated processes and dashboards for performance reporting, notifying the team in real-time of any new updates resulting in improved Sales and Marketing collaboration.
The Results
+50% conversion rate from lead to opportunity
$83 CPL (Cost per Lead) which is lower than the average Indian CPL of $100
Sales Qualified opportunities
Marketing sourced Revenue pipeline?
Increased brand keyword search volume by 37% and website traffic from ICP accounts by 80%. Revitalised content strategy boosted Convosight's industry credibility, increasing visibility among major companies across the country.
In contrast to a solely referral-based business strategy, Convosight achieved inbound lead creation by creating and distributing content to the appropriate audience.
Convosight received assistance from Full Funnel in selecting the relevant vertical, promoting its offerings, and defining its value proposition for Community Marketing.
Conclusion
Convosight wanted to expand their customer base and capture more enterprise level accounts, but they were having trouble reaching these types of customers. They turned to Flip Funnel for help and together, they developed an Account Based Marketing (ABM) strategy to target specific enterprise level accounts.
The first step in the ABM strategy was to identify the key accounts that Convosight wanted to target. This included research on the companies, their needs, and their decision-making process. Flip Funnel also worked with Convosight to develop personalized marketing campaigns that would appeal to these specific accounts.
Once the key accounts were identified and the campaigns were developed, Flip Funnel implemented a multi-channel marketing approach to reach these enterprise level accounts. This included targeted email campaigns, personalized website content, and social media advertising.
In addition to these traditional marketing tactics, Flip Funnel also implemented a direct mail campaign to further engage with the key accounts. This included sending personalized gifts and information about Convosight's platform to decision-makers at the targeted companies.
The ABM strategy was a success for Convosight. Within the first six months of implementing the strategy, they were able to capture several enterprise level accounts and saw a significant increase in revenue.
The key to the success of the ABM strategy was the targeted approach and personalized marketing campaigns. By focusing on specific accounts and creating customized content, Convosight was able to effectively reach and engage with their target audience.
Overall, the partnership between Flip Funnel and Convosight was a success, with the ABM strategy helping Convosight to capture relevant enterprise level accounts and grow their revenue.
Generated 23 leads at a CPL of Rs9,500, which is lower than the Average CPL in India
Of the 23 leads generated in the campaign, 10 became Qualified Opportunity
Ad spend of Rs 29L with a forecasted opportunity pipeline of Rs2.3 Cr, resulting in an ROI of more than 650%
Reduced the average sales cycle length from 9 months to 6 months for existing opportunities
We also established processes for improved Marketing and Sales collaboration
Company Name
Description about the company
Website
Description about the website
Founded
2019
Company Type
B2B
Collaboration
6 months