Financial firm generates tenfold increase in new business audience (for free).
This 15-year-old business funding firm were already working with Data HQ to license data for their marketing initiatives.
They are some of the boldest thinkers in B2B and we were delighted to work together to conduct trials for new lead generation techniques and technologies.
This story includes precise outcomes for:
- click rates
- open rates
- number of enquiries
- average order value
- total business won
A new way to profile their prospect audience
Most of us use criteria like sector, size and geography to build our target audience.
Instead, we explored propensity modelling to see whether it would make a difference to the results whilst still returning a realistic cost per lead.
Propensity modelling starts with the goal of selecting individuals that look just like your current best performing customers.
So, it is based on current evidenced trading trends, rather than persona research or good old fashioned gut feel.
It works on a scoring system based on how much each record resembles your customer data and uses a greater number of data variables to assess each record.
We trialled propensity modelling side by side with their traditional approach so that a direct comparison could be evidenced.
The propensity modelling trial proved 3 things
1) They could reach a much bigger audience (18393 more profiled people)
2) Conversion rate improved by 200%
3) They won an additional 212 more customers than the traditional route delivered
Our “Always-On, Always Perfecting” technology
This new technology is a game changer for B2B marketers.
It exists within Dynamo, our lead nurturing and email marketing platform.
This financial services firm started by putting a test volume of 17,000 profiled prospects into Dynamo.
Each time there was an engagement via email, the technology modelled it against the back-end database and pulled lookalike prospects into the journey – at no extra cost.
The initial 17,000 prospects increased to 33,500.
The additional 16,500 prospects were better targeted and more responsive as the technology learned.
Once they were sure that the enquiries and customers acquired were of the right quality, they ramped up the volumes until they had 167,000 profiled prospects in the journey.
After 8 months their trial results looked like this:
Click rate - 2.14%
Open rate - 22%;
Enquiries - 238;
Average deal value - £30,000;
Enquiry value - £7.1m
These two new ideas have now become part of their standard marketing portfolio.
About Data HQ Consulting & Ideas Team
We bring super smart perspectives.
We’re also a dab hand at integrating systems, and totally unfazed by complex data modelling.
Borrow our brain power to rethink your audiences and outstep the competition.
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