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Leadspace is the leading social powered B2B demand generation solution that uses predictive analytics to help companies find more leads that look like their best customer. Empowering customers to drive increased marketing and sales performance is at the core of its business. Tapping into external and internal data to better understand prospects and increase sales through marketing efforts is a concept Leadspace is very familiar with, and something they were looking to improve upon.
‘As an agile start-up, marketing was an ad-hoc and improvisational affair,” said Damon Waldron, Director of Demand Generation, Leadspace. “There was no system for managing inbound leads or for tracking and measuring outbound campaigns. We had Salesforce in place, but that wasn’t for the benefit of the marketing team - it was for managing our sales opportunities and their contacts. We needed a marketing automation solution that was as agile as we were, and quick to ramp up productivity.”
The lack of transparency and understanding of marketing processes, terminology, lead management and the buying cycle also meant that the company’s sales and marketing teams were not aligned.
“In addition to greater insight and analytics into lead sources, we also needed to understand each other’s side of the business,” said Waldron. “Sales and marketing needed to have a conversation using the same language, to feel part of the same company, instead of being two separate teams working in silos.”
After an in-depth market evaluation, Leadspace implemented Marketo as its marketing automation platform of choice.
“We were running our first campaign by the end of week one, and by the end of the first month we were reporting metrics that we just never had visibility into before,” added Waldron.
“The increase in productivity with Marketo is huge, immeasurable really”, said Waldron. “All of our outbound communication flows through Marketo, whether it’s first prospect contact with us or customer renewal programs. Everything runs out of Marketo, so we get one view of the truth. Productivity is now measurable. We can see the time it takes to respond to an inbound inquiry by our sales development representatives and our sales team, for example, and how many touch points in takes to transition people from different stages in their buying cycle. We now have the information at our finger tips to know it takes about eight different touches to move somebody from stage to stage, which we never knew before. It’s allowed us to get more strategic about planning content marketing, for example.”
Marketo has enabled Leadspace to identify areas where the company is generating increased awareness and how and when to educate the buyer, to determine and improve the engagement level of prospects.
“Marketo is like the Swiss army knife of marketing, it does so many things,” added Waldron. “We can now measure the cost of acquisition which is something we couldn’t do at all before, and now we’re seeing that cost go down. Since using Marketo, we have seen our automation qualified leads increase by 337 percent alone. We not only have more opportunities in the pipeline now, but better opportunities, as Marketo helps us to nurture them, influencing the buying decision, so we’re doing more and better.”
Moving forward, Leadspace intends to focus on segmentation and reaching the right person with the right message given that the company provides so much data about prospects and customers directly into Marketo. This will create a more personalized experience for prospects and ensure they have the information needed to make a better and more informed buying decision.
“With Marketo, we don’t have to go out and prove anything because the ROI is baked into the product,” concluded Waldron. “The value we get from Marketo is both implicit and explicit, because every single deal we have flows through Marketo on its way to revenue.”