EDGAR Online Quadruples Lead Gen Pipeline Results, Raises Bar On Close Rates

In order to generate a higher quantity and quality of leads, EDGAR Online’s marketing team hoped to find a single tool that would allow them to expand their online demand-generation tactics and deliver improved results without adding additional resources. Looking to take a more approach to demand generation and, in turn, turn over a larger portion of leads to sales, the marketing team selected the Vtrenz automation solution back in August 2006.

After the marketing team automated its marketing processes with the Vtrenz tool kit, the company expanded their campaigns to include new offerings such as white papers, newsletters, pay-per-click (PPC) advertising and providing free trial offers of EDGAR Online solutions.

“We actually offer 4-6 white papers and based on the titles they correspond to our product offerings,” said Bill Shaughnessy, director of online marketing for EDGAR Online. “For example, our white papers on XBRL technology dovetail with our I-Metrix products and XBRL SEC filing solutions.”

The company’s white papers are promoted via email marketing campaigns. When a white paper was downloaded by a prospect, the Vtrenz system triggered an email follow-up. Based on the prospects’ actions with that email (open, not open, click certain links), the leads were then funneled into a series of 3-4 other follow up emails and special offers.

“For example if someone requests our free newsletter and we email it to them, we know if they opened that newsletter and which links they clicked on in the newsletter,” says Shaughnessy. “If they clicked on the full-text article on XBRL SEC reporting, then we know more about them. We might then send them a free white paper on XBRL and the upcoming SEC proposed mandate. If they open that email offer and download the PDF, then we can trigger other events to occur based again on the recipients actions or lack of actions.”

In addition to utilizing the automation tools for prospecting, Shaughnessy says EDGAR Online is also using the tools to maintain communication with their existing client database. The EDGAR team is now able to set up email campaigns based on the actions (or lack of action) on the lead.

KEEPING SCORE

Once the flow of quality leads increased, EDGAR Online’s management team then implemented Vtrenz lead scoring and lead routing system, which defined criteria to better identify qualified leads. Those that meet pre-determined criteria are automatically routed to the appropriate sales division. For those leads that do not meet the criteria, the marketing team leverages the system’s lead nurturing capabilities.

EDGAR Online has significantly expanded its lead generation efforts through the implementation. As a result, the marketing team has seen more than a 400% increase in leads generated. "Our sales department is extremely happy with Vtrenz since they now receive only highly qualified leads in a timely manner," said Shaughnessy.

After implementing lead scoring and routing, he added that the company is now able to identify five times more qualified leads each month than it did before implementing the Vtrenz solution. The quality of those leads has resulted in a close rate more than do. According to Shaughnessy, EDGAR had qualified 2,900 leads that were sent over to sales last year. More than 8% of those leads turned into sales, which is double the industry average, he added.

Shaughnessy said the system also helped the marketing team identify which marketing mediums work best for specific products. “The seven-day free trials work best for our EDGAR Pro product—our conversion rate is in the 40% – 60 % range. “However, for our higher-end products, the white papers work the best. Our papers help to educate readers on the technology and items that are important to our clients.”