Founder and CEO Patrick Clover say’s it’s key to master your lead generation sources – is to exactly know where which lead is coming from. The Edinburgh tech start-up Stampede has received £1 million seed funding from investors including Techstart Ventures , Galvanise Capital, angel investor Judy Wilson and the Scottish Government. Stampede supplies software that helps bricks and mortar retailers and hospitality businesses market themselves more effectively. It is already used by over 800 venues. Tune in as Patrick breaks down their complete lead gen tracking process that fuels their move from an outbound business to an inbound driven venture…
See an abstract of the interview on lead gen tracking…
Pathmonk: You mentioned the website. Could you tell me about the role of the website then when you have to outbound a driven focus, but how important is the website and the overall setup?
Patrick Glover: I think over time the website needs to become more important cause we, there’s only, you can only scale. Let’s say we’ve got, I dunno, three or 400 sales reps.That’s quite a costly exercise. Actually if you can somehow duplicate that effort without that resource, which is basically, then it’d be much better to scale on that kind of axes. The website is where it’s kind of a work in, well it’s not a work in progress, but we’re constantly thinking about how we can drive more traffic from different places and do lots of different experiments. I think the website at the moment is all just about hopefully educating customers that this actually exists. On our landing page, we don’t really talk about, wifi. We talk more about like what the impact is for those businesses. It’s all about having more customers that spend more money and it takes less effort than what you doing already. Yeah, we do lots of sorts of activity on our blogs, so we push about 50 articles a month, is a try and it’s just a really slow game of trying to increase our organic traffic over time.
Pathmonk: What types of business you’re working with, is there still in any metrics that you would care about for the website specifically? that maybe, there’s tons, traffic, obviously conversion rate, time on pages, there’s something that stands out to you to be important.
Patrick Glover: We tracked, so I think we’ve got 14 different lead sources on inbound and we track each of those different lead sources, which then, it ties in with a deal system. So we know that. Our conversion on free trial is like 60%. Which is great, but we have no way of getting more people to click free trial at the moment. I guess we look at each different lead sources and see what it’s kind of yielding in terms of customer wins and what the value of those is. We just don’t have the levels to pool to say, Hey, we want more of that thing, if that makes sense, because we can’t drive the volume that we need.
Pathmonk: My next followup question, are you referring them to the traffic on the page? Are you referring to the actual conversion rate on the page? Because there will be the two levers obviously.
Patrick Clover: Yeah.So, so we look at, traffic and then submission.Traffic being outside of the kind of follow. As soon as they hit a lead, like where did they come from? And then we look at those leads and say which ones of those converted and why but I think that we’ve not really found a correlation between volumes, so we could drive loads of cheap volume to the traffic that wouldn’t yield any kind of calls to actions. We use a tool called Clearbit, which identifies businesses that are looking at our website. That feeds into our CRM, to create, we think there’s buyer intent here. Actually it’s just knowing they’re as effective from a cost of acquisition point, as our sales team.
Pathmonk: Understand. One last question about the conversion rate, how important is the conversion rate for you and how have you tried and maybe some war stories to share on how to improve? The leads and the quality of leads that are coming through?
Patrick Clover: What were doing was effectively spending, I think at the time were spending, we’d spent about 10,000 pounds in a month, which at that time it was a lot of money for us.A crippling amount of money to be honest.It generates loads of leads and we’re like, this is amazing.Actually they were all like none of them fitted our ideal customer profile.None of them actually had the intent to buy, further down the line.We effectively just burn 10,000 pounds on validate metrics. In hindsight I would’ve made sure that we could have tracked those leads to orders. Which is where we’ve got to now. Cause that lets you paint a much better story around acquisition.
Pathmonk: What will be the system that you would be using maybe for other folks listening that are lead generation? What is the lead to order tracking system that you use?
Patrick Clover: We’ve tried a whole, we tried Salesforce. We need, we ended up needing a Salesforce engineer in order to make that system work, which I find ridiculous.Went to HubSpot and with HubSpot we thought that was great.The reporting, we couldn’t do cross object reporting at a time, which meant we couldn’t compare leads to deals. We stopped using that and we started using a tool called Zoho and it’s actually really like the user interface is clunky but they just got, they’ve got kind of all basis covered.They’ve got like a module for social, which is a bit like buffer and it schedules posts.They’ve got the CRM module and then they’ve got a tracking bit for your website called sales IQ.