Driving Market Expansion and Revenue Growth.
Operance, a leading provider of building management software, embarked on a strategic journey to expand its market reach and drive revenue growth through focused Product Marketing Management (PMM) efforts.
This case study highlights the pivotal role of the PMM strategies I put in place to drive Operance's market expansion and revenue generation.
Background.
At the outset, we identified key areas for growth, including expanding the Total Addressable Market (TAM), increasing Marketing Qualified Leads (MQLs), improving Sales Accepted Leads (SALs) conversion, and optimising marketing spend. To achieve these goals, I built a new, young and forward thinking marketing team and implemented a data-driven approach, leveraging technology and strategic partnerships to drive targeted marketing initiatives.
Market Expansion through TAM Growth.
We successfully expanded its TAM from 30,000 to 85,521 through strategic partnerships with data vendors like ZoomInfo. This move enabled Operance to target key decision-makers and influencers, diversifying its market and reducing reliance on a limited customer base. The expansion of TAM resulted in a huge 'hockey-stick' effect in the creation of MQLs, boosting revenue potential and competitive advantage.
Driving MQL Quality for Increased Sales.
Recognising the need to increase Marketing Qualified Leads (MQLs) to support sales targets, we implemented a scoring-based system within HubSpot to identify quality leads. By refining MQL criteria and focusing on lead quality over quantity, Operance achieved remarkable results, with a 675% increase in new software deals and a 30% reduction in MQL count.
This shift in approach led to a significant improvement in deal figures, validating the effectiveness of the revised MQL criteria, resulting in less MQLs, but higher quality SALs. Importantly, this also helped in making the most out of a small, but well focused Sales team.
Enhancing SAL and SQL Conversion Rates.
We further strengthened the sales pipeline by focusing on Sales Accepted Leads (SALs) and Sales Qualified Leads (SQLs).
By aligning MQL criteria with key decision-making parameters, Operance witnessed a 238% increase in SALs and a 32% increase in SQLs within four months. This demonstrated a clear correlation between stricter MQL criteria and higher SAL and SQL conversion rates, emphasizing the importance of lead quality in driving sales success.
Pink = Planned PMM Budget
Blue = Rolling Forecast Spend
Green = Actual Spend
Optimising Marketing Spend and ROI.
As the owner of the PMM budget, I demonstrated exceptional financial management by underspending my planned budget while achieving significant results. With a meticulous focus on ROI, we achieved a commendable ROAS figure of £4, indicating efficient utilisation of advertising investments. By tracking key metrics such as Marketing ROI, Cost per Acquisition (CPA), and Cost per Lead (CPL), Operance optimised its marketing spend and maximised revenue generation opportunities.
Future Recommendations and Strategic Progress.
Looking ahead, we outlined actionable recommendations to sustain the growth momentum, including maintaining budget flexibility, conducting regular competitor analysis, and strengthening regulatory compliance measures. Operance remains committed to leveraging data-driven insights, innovative strategies, and strategic partnerships to drive continued market expansion and revenue growth.
Conclusion.
Our strategic focus on PMM efforts has yielded significant results, driving market expansion, revenue growth, and operational efficiency.
By prioritising lead quality, optimising marketing spend, and embracing a data-driven approach, Operance has been well positioned for sustained success and competitiveness in the dynamic building management software industry.
As Operance continues to evolve and innovate, our PMM strategies will play a pivotal role in shaping its future growth trajectory.