Lead Conversion Rate Soars to 5% with CTG Insights Surveys
Service Performed: Survey-Based Lead Generation
Client: Publicly Traded Enterprise Data Storage Vendor
According to a recent study, a staggering 88% of enterprise technology marketers are dissatisfied with their conversion rates. This trend is especially evident in a publicly traded enterprise data storage client that we worked with. Despite running various marketing campaigns, lead conversions were stagnant at 1-2%, creating a shortfall of quality leads for their 80-person inside sales team. As a result, feeding the team with quality leads has become a constant challenge for marketing, considering the criticality of these leads in securing appointments with decision-makers and influencers.
For a company with an average sale of $500,000, the importance of quality leads cannot be overstated. This is because every lead represents a substantial amount of revenue for the business, making them a crucial factor in driving revenue growth. Without an adequate number of quality leads, the inside sales team struggles to meet its targets and generate the desired revenue. The shortfall of leads also means that the company has to divert its attention and resources towards lead generation, affecting their ability to focus on other aspects of the business, such as product development and customer support.
In conclusion, the low conversion rates faced by enterprise tech marketers, as evidenced by the publicly traded enterprise data storage client, has far-reaching consequences on their sales and revenue growth. For a business operating in a highly competitive market, quality leads are critical in ensuring the success of the sales team and the company as a whole. It is imperative that marketers explore innovative strategies and tactics to improve their lead generation and conversion rates, thus ensuring a consistent flow of quality leads to their inside sales team.
CTG Insights and their client collaborated to design a six question survey via Surveymonkey with a creative gift card incentive through Rybbon. Utilizing the power of LinkedIn segmentation, targets respondents were identified. Great care was taken to suppress the client’s current list of clients as well as certain verticals. The theme of the survey was “Summer 2019 Hybrid Cloud Trends”.
The survey yielded 100 quality respondents over a three month period. Meeting conversion rate soared to 4-5% with targeted accounts such as GM, John Hancock Insurance and United Fire Group.
Benefits of the project included higher conversion rates, enriched account intelligence, increased lead generation, uncovered pain points, accelerated content creation and useful benchmark data.