During the first six months of 2022, software companies were striving to achieve their goals at any cost. Even if the return on investment was only 50 cents for every dollar spent, companies were willing to spend freely and engage in different channel strategies, including paid Facebook ads, as long as the business was expanding. Capital was abundant and businesses were able to hire more salespeople and invest in growth.
Today’s approach is quite different. Due to the rising interest rates, the cost of capital has significantly increased. Therefore, the emphasis is on efficient growth rather than growth at any expense. If a dollar is spent on marketing, it's crucial to generate a considerable return on investment.
This episode of RevOps Demos that Don’t Suck features Scott Stouffer, CEO and Co-founder of scaleMatters, a Go-To-Market intelligence platform for growth stage B2B software and SaaS companies that use Salesforce. No company is immune to having inefficiencies in their GTM engine. It could be that your customer acquisition cost (CAC) is too high and your revenue growth is too low.
But the question remains…why?
scaleMatters can help your business sift through processes, channel strategies, messaging misalignment, and sales hiring to find the needle in the haystack that is process friction. It’s an optimization platform that pinpoints the sources of revenue growth friction with actionable insights. You can eliminate problems and grow your business without increasing your marketing or sales spend.
GTM teams, and especially management, look at poorly performing sales results and think, “we need to get better at everything.” That’s a heavy project to tackle. In reality, you probably only need to improve in 2 or 3 areas that are hurting your growth the most.
To identify problems with processes and poor channel performance, scaleMatters looks at data from your CRM, marketing automation tools, and sales productivity tools, and puts it into insight panels, analysis reports, and even a query building tool for real time data.
scaleMatters places trackers in your Salesforce CRM and sales productivity tools that can surface details about your prospects. During sales calls, prospects will tell you what their most important priority is. Maybe it’s reaching their fiscal year revenue goal or expanding into new markets.
In this demo, Scott uses a real scaleMatter’s customer as an example. One of the prospect priorities that came up during their discovery calls was a need for one consolidated system. Leads with this priority had a win rate of 14%. The average win rate across all priorities was 28%.
“Identify if marketing is targeting prospects that aren’t ICP customers.”
scaleMatters connected this insight to the source of the leads. Prospects who came from paid search and software advice were disproportionately interested in a consolidated system. The messaging that was used in search ads and software advice was attracting the wrong leads, and this company was wasting money and time talking to the wrong ICP.
“scaleMatters lets you try to poke holes in your strategies.”
To do this, you can run an All Funnels Analyzer within scaleMatters and compare how leads from different strategies move through the sales funnel from first meeting, to opportunity, to closed won.
When the funnels for different channels are visualized and displayed next to each other, we can see that, for opportunities sourced through software advice, the conversion rate from opportunity to deal closed was only 13%. That’s one third the conversion rate of other channels. The conclusion is clear: this customer should spend their money elsewhere and not on software advice.
scaleMatters detects variances across different periods of time, like quarter over quarter or year over year. Overall performance may not be too different, but when you look at each strategy you might see that one channel has actually declined quarter over quarter.
If we look at Q1 and Q2 funnels side by side for each strategy, we can see that high quality inbound/organic leads declined in Q2. The scaleMatter Journey Map Organizer helps pinpoint what changed. In this demo example, we can see that web traffic did not decline. Prospects were still landing on lead form pages at the same rate. What did change was that the website conversion rate was failing.
“We can actually track the problem to a change on the lead forms. In Q2, the marketing department added a required field about revenue size to a lead form. This increased the abandonment rate and damaged the funnell. A well intentioned change made a big impact.”
Now that’s how you find a needle in a haystack!
scaleMatters is a managed package that measures your GTM process throughout your tech stack. The secret sauce? The platform is embedded in your funnels and constantly collecting data. The platform only works with Salesforce CRM, and it integrates with popular marketing automation and sales productivity tools. The implementation is done in-house, and you can be up and running in about 8 weeks time.
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