A B2B leader in the rugged IoT industry was struggling to hit consistent marketing-generated pipeline and new revenue with their existing methods. See how we were able exceeded their growth targets.
A B2B leader in the rugged IoT industry was struggling to hit consistent marketing-generated pipeline and new revenue with their existing methods. See how we were able exceeded their growth targets.
Geoforce, a leader in providing advanced asset tracking solutions for SMB and Enterprise companies, had great top-of-the-funnel metrics, including a very healthy cost per lead (CPL) with consistent volume.
However, if you looked deeper into their down-full metrics, such as their cost per marketing qualified lead (cpMQL), cost per opportunity (cpOPP), and return on ad spend (ROAS), these leads were clearly not turning into real opportunities for their sales team to close.
The key challenge: how can the Geoforce marketing team, in collaboration with Northcast, create a repeatable and predictable model to drive new revenue?
A new website designed to drive conversions along with a big pivot in their digital go-to-market strategy, particularly in their paid media approach.
Geoforce has been leading the way in rugged asset tracking solutions since 2007. The downside of that was the website looked and felt completely outdated. Fast forward to today, you’ll find a website that is much easier to navigate, provides insights into the asset tracking world, ROI-focused messaging, and highlights their strengths – their extremely rugged GPS trackers.
Historically, Geoforce has seen a lot of leads coming in through their Display marketing campaigns, which is the primary culprit for many companies that are able to generate a lot “leads” through this channel. However, it’s common for these leads to be “junk” or way outside of their ideal customer profile (ICP).
Our approach was to blend our efforts in two ways:
The combination of modernizing their website matched with the total revamp of their digital go-to-market motion, we were able to achieve some amazing results. Before we dive into 2023 results, it’s important to provide benchmark data from 2022 to see the ‘before and after’ effect. For a baseline, let’s take a look at their 2022 performance:
Here’s their 2023 performance:
Besides blowing away their pipeline and bookings (revenue) targets, we created a scalable and predictable framework to meet (and exceed) their marketing generated revenue contributions.
These are great funnel metrics, but what’s the key takeaway of their results?
Metric definitions:
cpMQL – Cost per Marketing Qualified Lead
cpSAL – Cost per Sales Accepted Lead
cpOPP – Cost per Opportunity
ROAS ratio – Return on Ad Spend ratio. For every dollar spent, how much did we generate in return.
MRR – Monthly Recurring Revenue
Northcast is a boutique marketing services and consulting firm specializing in digital marketing, growth marketing and website development. The team at Northcast values the balance between short-term project goals and long-term vision, striving to be a dependable marketing partner.