35 team members
B2B SaaS FinTech
Europe, LatAm
HubSpot, Jira, Zoho Books
A European and LatAm-based B2B SaaS FinTech startup wanted to increase revenue from €750K to €1 million in 2023 but faced hurdles with low lead conversion rates and data analysis inefficiencies.
By partnering with Omnifia, they leveraged the HubSpot integration to pinpoint and address lead conversion and GTM issues, refining lead qualification and standardising sales strategies.
These measures led to a notable rise in conversion rates, enabling the 35-member team to surpass their revenue target, achieving €1.1 million—a 46% increase, raising Series A funding and securing a 116x ROI through Omnifia’s support.
The startup was focussed on increasing its market share through revenue growth. They had set the goal to increase their revenue from €750K in 2022, to €1 million in 2023.
At the end of 2023 Q2, they realised they were on track to miss their 2023 revenue target of €1million. They couldn’t understand why. The marketing team was delivering more leads, but these weren’t translating into new sales.
When we dug a bit deeper to find out what they were doing to diagnose the problems, we found a number of issues:
1️⃣ They used multiple tools, and it was a manual and ad-hoc effort to understand what part of the GTM motion needed attention.
2️⃣ Sales and marketing reports were created each month, but this was a time consuming task and resulted in manual error and inconsistent reporting methods.
3️⃣ Decisions were often made on old, little and inconsistent sales and marketing data.
These problems led to the team underperforming and off track in terms of hitting their business goal. When they looked at the incumbent data solutions in the market, they were not fit for their purpose.
Dashboard solutions aren’t focussed towards B2B SaaS Startups and they don’t provide much analysis beyond the metrics. They also discovered setup would take a bit of time. They considered hiring a data analyst, but when they discovered it would cost almost $100k and the time commitments, they knew it was out of the question.
Their main challenges were:
1️⃣ To hit their 2023 revenue targets
2️⃣ To improve the quality of leads
3️⃣ To improve their ability to leverage data effectively
We met with the team and after discovering we offer a free data analysis report and hearing the results of some of our recent B2B SaaS customers, they wanted to see what we could do. They were especially interested in the GTM pipeline analysis and the data we use to benchmark against other similar B2B startups.
After integrating with HubSpot, we analysed their pipeline over a period of 12 months. The report was sent by email with an executive summary explaining the pertinent findings.
The data points were analysed and the insights revealed in accordance with our Three What Methodology:
The What
To understand what happened, we used a🚦traffic light system to indicate performance and benchmarked their data against over 100 B2B startups. Our database is powered by an expansive and rapidly growing database due to partnerships and customers.
The So What
We gave context on how their performance data impacts their current business goal.
The Now What
Finally, based on our industry expertise, we provided some recommendations to capitalise on growth opportunities.
After analysing their pipeline data from HubSpot we discovered some key findings.
1️⃣ 🔴 The conversion rate between their Marketing Qualified Leads (MQLs) and Sales Qualified Leads (SQLs) was low at 7%. Far below the industry average of 38%.
2️⃣ 🔴 The conversion rate between their Opportunity to Customer conversion rate was also low at 9%, the industry average here should be around 52%.
3️⃣ 🟢 Their lead to MQL conversion rate was performing well, at 46% when compared to the benchmark of 38%.
We offered some recommended actions to improve the two areas identified, and the customer decided to take the following actions:
1️⃣ The marketing team introduced two more fields to qualify leads before passing them over to sales. This allowed them to understand better quality leads were coming from SEO, and they doubled down on so they doubled down on this channel.
2️⃣ They discovered sales reps were using inconsistent methods to close customers. So they introduced a standardised system, and created a MAP template for all sales reps to use.
After we presented the findings, they chose to subscribe to Omnifia for $250 a month to get:
1️⃣ Monthly performance updates across these key pipeline stages
2️⃣ Monthly automatic data analysis based on our Three What approach
3️⃣ Additional team dashboards leveraging integrations from Zoho, Jira and LinkedIn
After they made those changes, at the end of 2023 they experienced the following improvem:
1️⃣ 🟢 The MQL to SQL rate increased 186% from 7% to 20%
2️⃣ 🟢 Quote to customer conversion rate increased 111% and closer to the benchmark at 19%
This allowed them to exceed their revenue target by 10%, and reach €1.1 million in revenue for the year.
“Without working Omnifia, we wouldn’t have hit our growth targets last year. Due to their GTM data analysis, and specifically their benchmark data, we were able to understand exactly where our focus needed to be. This helped us to craft the most effective strategy and ultimately allowed us to achieve our revenue goal for 2023.” Chief Executive Officer.