Not All Leads Are Created Equal
Adjusting Marketing Strategy in Fintech Lead Generation
Lead generation for a startup fintech had historically relied on one channel to reach and acquire prospects: paid social. While this channel had an extremely effective and efficient cost-per-lead and drove a lot of volume, leads for certain product sets were not converting to qualified prospects at as high of a rate as others.
Working with cross-functional teams including sales development, revenue operations, and business analytics, we uncovered that certain leads showed greater propensity to convert after receiving additional touchpoints. Furthermore, the analysis helped uncover that leads driven through paid search and organic channels converted to qualified prospects at a 3x higher rate, despite the more expensive cost-per-lead price tag when compared to paid social leads.
Our cross-functional teams created a two-part strategy that involved shifting more marketing budget into paid search, and working with our communications and sales development teams to provide targeted content and touchpoints to leads generated from certain product sets. When approaching the budget shift, we made gradual monthly adjustments in order to monitor any drops in performance. Concurrently, we developed a new webinar series as part of newly defined customer journeys that considered the need for additional touchpoints and targeted content.