Fortune 500 Case Study: from $10k to $6.5m in marketing-influenced opportunities
The N.Rich client is a global Fortune 500 company with multi-billion revenue numbers operating in over 90 countries. The reason they started looking for solutions like N.Rich was the client’s doubt about the effectiveness of their marketing campaign organized to support the launch of the new product to a global audience. Originally, the following structure was established: the global marketing level was responsible for generating the content, and regional teams were in charge of the campaign’s execution. In different areas and industries, all campaigns were run by various local agencies, with no harmonization of data, metrics, or expected results. When one regional team was reporting the results they were delivering well-crafted, multi-slide presentations but the actual campaign numbers left much to be desired. Without a unified benchmarking system, it was very difficult to compare one campaign to another to measure the company’s overall success. The management realized that one the one hand, their regional teams were running campaigns operationally without any shared metrics, unified targeting or analytics, and, on the other hand, their focus should be on the data from valuable accounts, not general audiences. The overall website statistics did not give much information about the real influence that marketing campaigns had on the business, the single main indicator for a revenue-driven company. Additionally, the global marketing team had little control of and a limited impact on what was happening on the regional level. By getting access to the valuable accounts data instead of general numbers, they were expecting to add much bigger value to the regional activities.
Challenging the status quo
During the first six months since the product launch, the regional teams were running digital campaigns on different channels including Google, Facebook, and LinkedIn, supplied with the necessary content that the global team has created. The results were about 6000 clicks which might have been considered decent numbers for an upmarket campaign with $100,000 investments. But when the client decided to analyze these clicks by applying the valuable accounts data, it changed the picture completely.
The first thing that N.Rich helped the client to see was from which accounts the clicks came, based on the actual CRM data. It was discovered that only 212 visits came from the client’s valuable accounts, while all the rest of the visits were not from companies to which the client wanted to sell.
That situation is typical for a volume-based approach – when B2B marketers do Facebook, Google, or even LinkedIn advertising, they are getting clicks from general audiences, where only a small share, in best case scenario, are from valuable accounts. On LinkedIn, they can target by titles and industries and receive clicks from relevant people but there is no guarantee that they will come from relevant accounts. The client understood they were having decent results, in terms of volume, but very poor numbers regarding quality contacts. That was the moment N.Rich realized that their solution could provide significant value. It was also a great opportunity for the client to challenge the status quo with already known results from generic, pre ABM campaigns.
Running the trial campaign
After the baseline data, the timeline and the KPIs were identified, the client started using N.Rich software to automate Account-Based Marketing on three key levels: 1) media targeting, 2) gaining analytics for valuable accounts and 3) measuring the results from digital campaigns moving towards sales opportunities in CRM.
As an important prerequisite of success, the client had well-defined key accounts in their CRM system. In total, the 5000 companies amounted to only 20% of their audience but these companies were producing about 80% of the client’s multi-billion revenue. All digital activities were targeted toward these valuable accounts. Another aspect that boosted the ABM performance was high-quality text and video content that the client’s marketing team had produced. Over a 6-month period, they were running N.Rich native advertising (videos and articles) and Google unified display ads to drive traffic to their website. The activities were later expanded to re-target the most promising audience on Facebook, LinkedIn, and Twitter, using interest level data and other more complex behavioral data.
Measuring the impact
After the end of the 6-month trial period, the campaign’s performance was evaluated. Over the 6-month period, the client was able to generate more than 7800 clicks, all coming from pre-identified valuable accounts. The pre-ABM results were improved by 3600%. The volume-driven marketing campaigns only managed to generate one sales opportunity valued at $10K, while Account-Based Marketing enabled by N.Rich, contributed to a total of $6.3 million in marketing-influenced sales opportunities. The resulting upgrade of 64200%. Marketing-influenced opportunities were measured by mapping the digital events (engagement) across the entire customer journey to opportunities created in CRM.
The pilot project provided clear evidence that account-based marketing strategy holds a huge potential for the company’s business and that focusing on valuable accounts can show a much better revenue picture than looking on average numbers. The client proceeded to more extensive ABM automation, further harmonizing sales and marketing data, forming shared marketing KPIs.