PayScale markets its compensation software to HR professionals and other business leaders through a variety of marketing activities. The company traditionally relied on lengthy web forms on its website to gather the type of lead data it needed to qualify and convert leads. The forms were weighed down with as many as 13 required fields, and often the information provided was incomplete and inaccurate. The marketing team theorized that this situation was depressing response rates and the speed of conversions. “It had to be hurting our conversions,” said Nichole Marsano, Senior Director of Demand Generation at PayScale.
On top of that, Marsano and her team had high lead volumes to deliver without an automated process in place for routing and delivery of the leads to sales.
Marsano worked with marketing data quality automation company, ReachForce, to test whether the long forms were impeding conversion rates and driving prospects away. Since ReachForce SmartFormsTM would be able to automatically provide demographic and firmographic data to a prospect’s first form fill, the team could test different length forms without the risk of losing valuable data.
“We planned a trial to A/B test the forms used across our website, whether from campaigns or people coming organically to the site,” Marsano explained. That first test was undertaken using one of the company’s high-performing white papers and the 13-field long form, which was compared with a short, five-field form. The results highlighted a stark difference in lead conversion. The long form drove an 18% conversion rate, while the short form had a 25% conversation rate.
“We improved our conversions by almost 40%!” Marsano said that they were getting more leads, as well. “We exceeded all our targets,” she added.
In addition to exceeding targets and garnering more leads, PayScale was now able to gain more information on prospects quickly. ReachForce, in real-time and in the flow of the marketing process, added new targeting and segmentation information important to PayScale, such as company location, number of employees, technology used, revenue and other industry information, all of which eliminate PayScale’s need to do progressive profiling.
This data is integrated with PayScale’s marketing automation platform, Marketo, which enabled Marsano to set up lead routing criteria so that the right salesperson could follow up with a prospect efficiently — and allowed her to quickly analyze results.
Across all web forms, PayScale has consistently experienced a 16% increase in conversions. Marsano has also been able to deliver a significantly higher volume of leads to sales, which is especially important when 98% of revenue is derived from marketing leads.
“We have a high lead volume at PayScale,” she said. “Last year, we delivered more than 45,000 qualified leads to our team. ReachForce SmartForms was the key to automating the way we gathered this volume of information and delivered qualified leads,” she explained, adding that without ReachForce, “It would be hard to continue that same volume and pass along that number of leads. We would have done far less last year without ReachForce SmartForms.”
SmartForms also ensures a valuable customer experience by minimizing the number of fields required, Marsano said, “and on the back-end we’re still able to gain the information we need without having to compromise our lead volumes.”
Finally, Marsano said her budget “has significantly increased” since implementing SmartForms because the partnership has helped fuel PayScale’s revenue growth and enables a strong relationship with sales. “ReachForce is a key part of our technology stack,” she concluded.
Leading B2B companies rely on ReachForce to assess, clean, append, and enrich data, increasing market reach and accelerating conversion. Contact us to find out how SmartManage optimizes CRM and marketing automation and ensures the strategies of every B2B marketer are built upon a stable, complete and managed foundation of data.