logicbay_casestudy_final
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The document summarizes a 6-month marketing case study between an inbound marketing agency, IMR, and LogicBay, a provider of partner relationship management solutions. IMR helped LogicBay generate more qualified leads and open new markets through inbound marketing strategies like blogging, social media, and optimizing calls-to-action and landing pages. Key results included an 180% increase in organic search traffic, generating 417 leads, and securing new business with a revenue value over $700 per lead, resulting in a 500% return on investment.
logicbay_casestudy_final
- 1. M A R K E T I N G R E S O U R C E S LOGICBAY / CASE STUDY
- 2. M A R K E T I N G R E S O U R C E S 2 CONTENTS 03 About LogicBay 04 How IMR Will Grow Your Business Using Inbound Marketing 06 Blogging Increases Organic “Search” Traffic 07 Amplifying ROI with Blog Syndication 08 Optimize the Blog for Conversion 09 Using Social Media for Lead Generation 12 Landing Page Optimization to Maximize Visitor to Lead Conversion Rate 13 How Long Should Your Forms Be? 15 Lead Nurturing for Qualification
- 3. M A R K E T I N G R E S O U R C E S 3 The following case study documents a 6 month engagement between Innovative Marketing Resources (IMR), a full service inbound marketing agency, and LogicBay, a provider of Partner Relationship Management (PRM) solutions and enabling technology. LogicBay is a pioneer in the partner relationship management (methodologies and processes for improving the relationship between a company and its channel partners) space. Historically, the focus of the company has been partnering with large manufacturers (i.e., Caterpillar, Daimler, Yale/Hyster, etc.) to improve the engagement and collaboration with their vast dealer networks. Recently, LogicBay made the decision to go after a new market – emerging growth companies seeking to launch or scale a channel partner sales strategy. LogicBay offers a cloud-based channel management solution that provides easy access through a partner portal that allows a company to improve the communication, collaboration and engagement with their channel partners. ABOUT LOGICBAY OVERVIEW COMPANY BACKGROUND CLIENT OPPORTUNITY IMR’s InBound Marketing efforts resulted in more traffic, higher lead conversion and more leads that were sales ready. Because of their work, we were able to open new markets and secure new business…..I couldn’t have asked for better results! “ ” - Todd Grant, VP of Marketing
- 4. M A R K E T I N G R E S O U R C E S 4 CHALLENGE How to go to market with this new product and industry focus? With no direct sales team, LogicBay launched traditional outbound email campaigns as well as a very creative outbound lead response program. These efforts were successful in driving one-on-one meetings for the new business development team, but no new customers. At the same time, the decision was made to ramp up the use of the HubSpot platform and begin implementing inbound marketing activities for lead generation. Various outside companies were deployed to execute individual inbound marketing activities: content creation, design and web work (i.e., web pages, creation of calls-to-action) SEO work, and social media activities. Website traffic started to increase and some leads were generated. The company’s Vice President of Marketing was not satisfied with the results and was convinced that inbound marketing could be more effective. ENGAGEMENT LogicBay was looking for a full service inbound marketing agency that would help to generate more sales qualified leads. LogicBay needed a single firm that could bring marketing, SEO, content creation, social media, web design and development, and analytic skills together efficiently under one roof. LogicBay was referred to Innovative Marketing Resources. After several strategic sessions and fact finding meetings, the parties were able to set the following goals for the first 6 months of the engagement: 1. Increase visitor traffic to the website by the end of month 3 by 50% (2,000 monthly visitors going to 3,000). 2. During months 4 thru 6, work to increase visitor-to-lead conversion rate from 1% to 2%. 3. The realization of these goals would triple LogicBay’s monthly lead volume: (from 20/month to 60/ month). HOW IMR WILL GROW YOUR BUSINESS USING INBOUND MARKETING LOGICBAY’S INBOUND MARKETING FUNNEL LEADS CONTENT MARKETING Lead Nurturing SOCIAL MEDIA PROSPECTS CUSTOMERS
- 5. M A R K E T I N G R E S O U R C E S 5 SUMMARY OF RESULTS INBOUND MARKETING ROI: 500% Calculated using an 80% gross profit margin, an average of US software companies. Increased monthly organic search traffic by 180% Converted 417 Leads at $96/Lead Secured New Business: Revenue Value of $719/Lead
- 6. M A R K E T I N G R E S O U R C E S 6 BLOGGING INCREASES ORGANIC “SEARCH” TRAFFIC Organic traffic is classified as people that searched for a solution to their problem and wound up on your website. Starting in mid May, LogicBay’s “channel readiness blog” was used to increase this valuable source of website traffic. Averaging just 2 posts per week at 600 words per post, blogging increased the monthly organic visits to the site by 180% in under 6 months. A well planned keyword strategy and consistent execution of blogs is the most efficient way of increasing organic website traffic, period. FACT: MONTHLY ORGANIC SEARCH TRAFFIC INCREASED BY 180% DUE TO CONTENT MARKETING.
- 7. M A R K E T I N G R E S O U R C E S 7 AMPLIFYING ROI WITH BLOG SYNDICATION “Referral traffic” is classified as people that come to your site via a link from a different website. A great way to amplify the reach of your blog is through syndication, or posting your blog articles on other websites that already have a large following in your target market. If your content is genuinely valuable, people will come back to your website in search of more information, creating an opportunity to convert them to a lead. Leads of this nature accounted for 14% of LogicBay’s total leads in this 6 month period. That’s a 14% increase in sales opportunity for no additional cost. FACT: BLOG SYNDICATION ACCOUNTED FOR 14% OF MONTHLY LEADS.
- 8. M A R K E T I N G R E S O U R C E S 8 OPTIMIZE THE BLOG FOR CONVERSION Blog content is “fisher” content: short bursts of valuable information that communicate to prospects that you are experts in your industry. Once you get prospects reading your articles, you need to give them a next step. LogicBay was able to capture leads from their blog articles by including additional “premium content” offers that aligned with the topics of the blogs. Around 40% of LogicBay’s monthly lead volume arrived at the site via the blog, making this top of the funnel activity critical to LogicBay’s inbound marketing success. FACT: 40% OF ALL LEADS ARRIVED AT THE LOGICBAY WEBSITE FROM THE BLOG.
- 9. M A R K E T I N G R E S O U R C E S 9 USING SOCIAL MEDIA FOR LEAD GENERATION When considering using social media to help generate leads, ask yourself this question: “Where does my target market spend their time online and what are they doing there”. The answer to part 1 will tell you if you should even bother with social media. The answer to part 2 will determine your strategy on those networks. For LogicBay, their target “channel managers” spent a lot of time connecting with other professionals on LinkedIn to share their experience and also talk about their channel management issues. LinkedIn “answers” and “groups” became the place where LogicBay employees interacted with these prospects in a purely educational, non salesy way; just two professionals connecting with each other. The most important part of social media marketing is measuring the success of your efforts. When a social media consultant charges by the hour, and the evidence below says traffic from LinkedIn is more than twice as likely to convert to a lead, an easy decision is made to focus your billable hours on LinkedIn. FACT: SOCIAL MEDIA ACTIVITY CLAIMED 17% OF TOTAL LEAD ACTIVITY. 87% OF SOCIAL MEDIA LEADS CAME FROM LINKEDIN.
- 10. M A R K E T I N G R E S O U R C E S 10 Call to action buttons drive action The conversion of website visitors to leads starts with getting the visitors to take a specific action on any given page of your site. The tool for getting visitors to take an action is called a Call to Action Button or (CTA). The screenshot to the right shows two CTA buttons, one promoting a free premium whitepaper on partner relationship management, the other offering a free 30 day free trial of LogicBay’s partner relationship management software. Clicking a CTA button is a visitor’s 1st step to becoming a lead
- 11. M A R K E T I N G R E S O U R C E S 11 Measure and improve your calls to action to increase conversion rates. There are two things you want to look at when measuring the performance of your calls to action. The first is the click through rate or (CTR). The number of people that click on the button compared to the total amount of visitors will tell you how “catchy”, “attractive” and “valuable” the offer sounds. The second measurement is click to submission rate or (CSR). Submissions are people that actually fill out a form and take advantage of the offer vs those who decide not to after clicking the CTA button. This rate tells you how well your CTA messaging aligns with the copy on the landing page and also the perceived value of the document or offer you are trying to get your prospect to act on. So what do you do with this information? Well, if you want to increase leads and you were looking at the report above, what call to action button would you place on your highest visited pages? The CTR rate will tell you which offer is clicked on most, but the CSR rate will tell you how many visitors actually convert to leads via that button. It was an easy decision to use the middle offer on the highest viewed pages. Align your offers with your webpages to increase CTR LogicBay’s “BOFU” 30 day free trail offer saw a 7% CTR on their pricing page vs.1.59% on the home page.
- 12. M A R K E T I N G R E S O U R C E S 12 LANDING PAGE OPTIMIZATION TO MAXIMIZE VISITOR TO LEAD CONVERSION RATE LogicBay is a perfect case for landing page optimization. By simply modifying the copy, length of the form and adding a supporting video to a landing page, optimized landing pages averaged conversion rates that were 300% better than LogicBay’s average landing page conversion rate. The blue and orange lines below represent the conversion rate of optimized landing pages. The dotted grey line is the average conversion rate of the optimized landing pages vs the solid black line which is the average of all LogicBay landing pages. Your landing pages could be the most critical part of your online sales funnel. They represent the point at which visitors enter your sales funnel and are the mechanism for capturing additional information from them as they move towards a qualified sales lead. FACT: LANDING PAGE BEST PRACTICES INCREASED CONVERSION RATES BY 300%. (10% VS 40%)
- 13. M A R K E T I N G R E S O U R C E S 13 HOW LONG SHOULD YOUR FORMS BE? Converting visitors to leads is of utmost importance. Asking for too much information too quickly can lead to lost opportunity. For a top of the funnel offer like general whitepapers or eBooks, a shorter form can increase conversion rates. For more qualified offers like webinars, free trials or demos, ask a little more qualifying information from your prospects. In general, the more perceived value a prospect sees in an offer the more information that prospect will be willing to fill out to get it. Below are two similar landing pages, the only major difference is the length of the form. The landing page on the left averages a 31.4% conversion rate (see above) while the landing page on the right averages a 37.4% conversion rate. Align your form length with what you are offering for more leads and higher conversion rates at the top of the funnel. FACT: SHORTER FORMS PERFORM 6% BETTER THAN LONGER FORMS.
- 14. M A R K E T I N G R E S O U R C E S 14 Premium Content Builds Thought Leadership. Nothing builds relationships between prospects and brands better than free information. But premium content isn’t just what you trade for personal information, it is a downloadable “soft sell”. LogicBay was able to channel their expert knowledge of the partner relationship management space into downloadable whitepapers, case studies and webinar style interviews with the CEO. Go-To-TOFU At the heart of this strategy was a 42 page whitepaper that was filled with general industry best practices that would be useful across all industries and business sizes, the “go-to” top of the funnel offer. Repurpose & Segment The best practices that were used in this main document could then be segmented and applied to different industry verticals and business sizes. Eventually LogicBay had a resource center that had something for everyone: all their target industry verticals as well as the “emerging growth” segment. LogicBay’s best practices whitepaper was downloaded 65 times, more than any other content offer on the site.
- 15. M A R K E T I N G R E S O U R C E S 15 LEAD NURTURING FOR QUALIFICATION LogicBay was able to capture a prospects basic information, including their industry and business size, by offering a 42 page whitepaper on their industry’s best practices. Once someone has taken that action it is time to start moving them down the sales funnel. This is done by making additional educational content offers that speak directly to the criteria the prospect has provided. This is called an “email lead nurturing” campaign. Automated Email Campaign An automated series of emails was created to reach out to active leads and offer them additional free information over a period of 3 months, given the long sales cycle of the industry. As top of the funnel prospects started acting on more in depth and segmented offers, they became more and more qualified, eventually getting to a bottom of the funnel offer like “free trial” or “free consultation”, something they were now prepared to consider. The result: a 6.4% conversion rate vs organic at 2.1% and Referral at 3.4%. FACT: RETURNING TRAFFIC FROM EMAIL NURTURING CONVERTED THREE TIMES AS WELL AS ORGANIC TRAFFIC AND TWICE AS WELL AS REFERRAL TRAFFIC.
- 16. M A R K E T I N G R E S O U R C E S 16 As a marketing director or small business owner you may contract out tasks like ad creation, website design, outreach campaigns or the creation of other branded collateral. But when push comes to shove you look at these activities and say “how much money did this make my company? What was my return on investment? As a key decision maker, your inability to answer these questions leaves you no choice but to classify the traditional marketing agency as a “cost”. As a HubSpot certified inbound marketing agency, we pride ourselves on being a source of revenue for our clients. To meet your business goals, our team uses inbound marketing methodology and technology to: • Determine what activities are needed to accomplish your revenue goals • Execute activities that produce results consistent with revenue goals • Analyze the ROI of each activity to improve the efficiency and effectiveness of the tactics over time NEXT STEPS
- 17. M A R K E T I N G R E S O U R C E S imr WWW.IMRCORP.COM As an agency that specializes in both inbound and outbound marketing IMR is uniquely equipped to transition businesses with traditional, disruptive push marketing programs to inbound lead generating machines with a full menu of marketing services. Today Innovative Marketing Resources is helping small and medium sized companies grow their business and reduce cost-per-lead using its inbound marketing platform with integrated e-commerce and fulfillment services. Make all your marketing innovative!