Piwik PRO offers an enterprise-level marketing and analytics suite to organizations that need to meet the strictest data privacy regulations on the internet. The company started as a small startup eventually grew to become an enterprise itself – and we proudly took part in this process. We were there when Piwik PRO story got picked up by:
Boosted lead conversion rate
80% conversion rate from Marketing Qualified to Sales Qualified Lead
Cutting Down Cost Per Lead
Decreased cost of Sales Qualified Lead acquisition by 20%
Repeatable growth engine
Fail-safe, iterative process of instigating growth and lead generation.
In 2016 Piwik PRO was a fast-growing, 50-people startup. At that time the growth was mainly organic, based on
- strong connections to the open-source community,
- industry connections of the company CEO,
- referrals from the existing customers,
- hard work of the small sales team.
Relying on the open-source community website as the main lead source and deal flow turned out to be an unsustainable growth option in the long term. So we were tasked with the following challenges:
- Reestablish the flow of the new marketing qualified leads so the sales pipeline is more predictable,
- Make sure that the new channels deliver leads of an equal or greater quality to the leads from the open-source community website.
At the same time, there were some challenges that could potentially hinder the success of the project:
- The paid media budget was capped, which limited the possibility of lead generation with advertising,
- Around 50% of all the marketing content we had produced revealed some ties with or mentioned the open-source version of the product,
- The marketing team was relatively small consisting of three content marketers, one full-stack marketer, two developers and one designer.
Client own words:
If you’re a small/mid sized company with a decent product looking for a CMO/Head of Marketing then look no further. In any other case you should consider challenging him and giving him a shot at something new. Marek & Conversion Hackers are hands-on and very dedicated professionals with a strong technical background. It was a pleasure to work with them
Piotr Korzeniowski, CFO, Piwik.Pro
For us every marketing journey starts with in-depth research. And it was no different this time. In order to make the right moves and not drain the limited marketing resources we had to take really smart decisions – and the data was our ally.
Our research focused on the following data sources:
- HubSpot lead lists, in particular, lists of all the deals that have been ever won and all the leads marked as the Sales Qualified Leads that were ever in our sales pipeline,
- Piwik PRO Analytics + Hubspot to analyze the top lead generation sources (excluding open-source community referrals) that can be leveraged for lead generation,
- Piwik PRO Analytics + Google Ads + Google Search Console to identify additional keyword opportunities for lead generation
- In-depth interviews with the sales team and customer success team members
- Influential software review websites like G2 Crowd, Trustradious, Gartner.
All the research findings and insights were grouped, categorized and either accepted or dismissed by the marketing team. Next, items that were approved by the team were turned into specific projects and tasks and moved into the “growth backlog”. Then,each task and project was prioritized using the ICE scoring. After sorting and prioritizing the tasks in the backlog, we moved into the execution phase. The tasks were gradually implemented in 2-week marketing sprints.
Solution 1: Smart lead acquisition with MOFU (Middle Of the Funnel) & BOFU (Bottom of the Funnel) keywords
Our research, helped us establish a long list of middle (MOFU) and bottom of the funnel (BOFU) keywords getting from 10 up to 50 Google searches per month. Although these were rather niche keywords, we knew that only buyers that were very advanced in the customer journey could be using these keywords. For each group of related keywords we built a highly relevant, high-intent landing page, ending up with over 50 high-intent landing page portfolio. Each of the landing pages was used in a highly granular and targeted paid campaign via Google Ads and Bing Ads.
Solution 2: New product positioning
During the HubSpot CRM research, we identified a new customer persona and completely new business use cases for our product. This resulted in a repositioning of our product without implementing any changes in the feature roadmap and the product itself. On top of our regular brand position, we started to position our offer as “product analytics.” The new positioning allowed us to reach two completely new personas: “Product Managers” and “Product Marketers”. What followed was: 1) an update to the product messaging on our website, 2) building and launching a whole portfolio of new high-intent landing pages, and 3) launching new lead magnets associated with the new product messaging.
Solution 3: Content focused on the buyers’ market
Although we were capable of producing high-traffic content, it felt like we did a poor job at converting this traffic into the right leads. After the initial research, we already knew that our high-traffic content is not necessarily attracting leads that were already late in the funnel (i.e. have entered the buyers’ market). We knew that converting the top of the funnel leads is time-consuming and expensive. This was a turning point for our content marketing strategy. We mapped all the MOFU and BOFU keywords from our research to specific customer journey questions that our buyer may have. Next, we put all those questions to our content calendar and the marketing backlog.
Solution 4: Fueling sales process with the right content
As a marketing team we were not only held accountable for the number of leads in our pipeline, but also for how all those leads converted into actual customers. We knew that the best way to help our sales team be more successful at closing new deals would beto arm them with top-notch sales content. The research provided us with tons of insights about the most popular customer objections that were killing our deals. Based on what we had learnt, we started collecting customer case studies, in collaboration with the customer success team. The aim of the case studies was to boost trust and credibility during the sales process every time serious objections arose. We also used some of the case studies to demonstrate how many of our customers dealt with the discussed objections.
The completion of all the tasks associated with this campaign took between 9-12 months. However the effects of the project impacted the sales pipeline long after the backlog was empty. Below are listed some of our KPIs and milestones:
1.Increasing number of Sales Qualified Leads (SQLs)
We were able to capture equally qualified leads as we did with the Open Source channel. The marketing team was able to maintain between 70% to 80% of the original conversion rate from MQL to SQL.
2.Decreasing SQL acquisition costs
Because our media-buying budget was capped straight from the start, all the traffic-driving operations were labeled as low cost or had to be backed by strong ROI. With these restrictions in mind, the marketing team had to closely monitor how much budget was spent to acquire each lead. Because our focus was on the leads that were already in the middle and bottom of the funnel, the conversion from MQL into SQL from paid channels was relatively high. As a result we were able to decrease the cost of SQL acquisition by 20%.
3.Establishing a repeatable growth engine of product repackaging
We found the whole product repositioning operation so successful that we repeated this operation a few more times over the following two years. We were able to boost our lead generation with each new product positioning. This involved new repackaging of the product, without a single change in the feature roadmap, as a) Single Customer View, b) Secure App Analytics, c) Customer Journey Analytics, d) HIPAA Complaint Analytics, e) Member Area Analytics. This soon became our fail-safe, iterative process of instigating growth.
Sales Qualified Lead Conversion Rate