Picture this: your headache of a CRM system is whipped into shape, and 200,000 potential leads suddenly materialize before your eyes. Two. Hundred. Thousand. Just like that.
It sounds like lead generation fantasy, but it’s precisely what happened when RingCentral implemented account-based marketing (ABM) for the first time.
The leading B2B SaaS communications solution provider already had a sophisticated lead generation strategy. However, they were missing out on many valuable leads because they weren’t able to match them to the relevant accounts. 30% of their inbound leads were either incomplete or entirely obsolete, and 20% of all inbound leads couldn’t be matched to any known account at all.
They saw ABM as the best way to both improve lead conversion and map out new potential markets without overhauling their entire marketing operations – and they were right. But they needed the right tools to do it: clean, correct data (both existing and net-new); the ability to accurately match leads to accounts; and a way to prospect new customers in uncharted territory.
RingCentral identified 200,000 “new” actionable leads by applying Leadspace’s real time database enrichment solution. To keep their data fresh – and avoid losing track of important leads again – Leadspace created a specially customized “universal perpetual refresh” function.
Stop pitching to the wrong people
RingCentral then utilized Leadspace’s site-matching capabilities to more accurately map out their existing customer profiles – with some surprising, strategically crucial, insights.
They discovered that a major part of their problem was that a significant number of their customers were coming from franchises, local branches and other company subsidiaries. Without accurate intelligence, their marketing and sales reps were often opening multiple accounts for what was essentially one, major customer.
“It really did turn on the lights,” RingCentral Chief Marketing Technologist David Cowings stated. “One of the biggest things that we noticed once we unified all the data was that the [leads] we used to think were our biggest customers did not actually turn out to be our biggest customers!”
In all, RingCentral’s lead-to-account match rate increased sixfold.
This translated into:
- More than 100% increase in actionable inbound leads
- Considerable increase in net-new pipeline
- Greatly improved ROI
- A 65 hour decrease per quarter, per rep dealing with routing and administration
- Accompanying major savings in operational costs by eliminating inferior data sources
Eric Lewis, Vice President of Demand Generation at RingCentral, hailed the results as revolutionary.
“With Leadspace, we have built the next generation of demand generation technology and process,” he said. “Our top priority is delivering great leads to our sales team. Leadspace gives us a huge competitive advantage, now and for the future.”
Read more about how RingCentral turbo-charged their lead-generation with ABM:
Image by Edith Soto from Flickr | CC by 2.0 | no changes