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NGINX uses Mintigo to prioritize high value accounts and...
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Case Study CHALLENGE NGINX, the company behind the popular open source project that offers a suite of technologies for developing and delivering modern applications, has experienced explosive growth over the past three years. By the end of 2018, they powered more than 400 million sites across the globe and had achieved 100% year-over-year growth for four straight years. Marketing had a significant impact on this success, with 70% of revenue originating from opportunities touched by marketing. They had developed a strong lead gen engine that was driving thousands of leads through a variety of high- quality content pieces and targeted campaigns that generated significant website traffic and interest in their solutions. Though business was booming, as a venture-backed company they were beholden to aggressive revenue targets. It was essential to keep the growth engine running. However, marketing budget couldn’t grow at the same rate as expected revenue. This led their marketing team to explore how they could improve sales efficiencies to better use their current budget to continue growing revenue in a way that met their ever-increasing revenue goals. SOLUTION To tackle this challenge and meet their goals, the marketing team at NGINX knew they had to get a better understanding of who represented their best prospects, while examining their funnel and how prospects were making their way through the buyer’s journey. They started by segmenting their marketing qualified leads (MQLs) in various ways to figure out which segments contributed most to their annual recurring revenue (ARR). They wanted to see if they could more effectively use their sales reps’ time by only passing them those leads that were most likely to convert into higher revenue deals. Eventually they found three segments which performed very differently with regard to their impact on ARR. The bulk of the MQLs (45%) were coming from a specific segment, however, another segment that generated less MQL volume drove significantly more ARR (51%). There was obviously a lot of value to be found within the segment generating more revenue. The team theorized that pursuing these prospects would not only result in higher ARR, but also more conversions and higher renewal rates. NGINX uses Mintigo to prioritize high value accounts and hit aggressive revenue goals www.mintigo.com [email protected] “Over the past two years, data-driven insights fueled by Mintigo have enabled us to optimize our marketing funnel and improve conversion rates across multiple funnel stages. We’ve not only identified and prioritized ideal customer accounts, but also been able to focus on those with specific propensity to spend more on our solutions.” - Zubin Tavaria, Senior Director of Demand Generation
Transcript of NGINX uses Mintigo to prioritize high value accounts and...
Case Study
CHALLENGENGINX, the company behind the popular open source project that offers a suite of technologies for developing and delivering modern applications, has experienced explosive growth over the past three years. By the end of 2018, they powered more than 400 million sites across the globe and had achieved 100% year-over-year growth for four straight years.
Marketing had a significant impact on this success, with 70% of revenue originating from opportunities touched by marketing. They had developed a strong lead gen engine that was driving thousands of leads through a variety of high-quality content pieces and targeted campaigns that generated significant website traffic and interest in their solutions.
Though business was booming, as a venture-backed company they were beholden to aggressive revenue targets. It was essential to keep the growth engine running. However, marketing budget couldn’t grow at the same rate as expected revenue. This led their marketing team to explore how they could improve sales efficiencies to better use their current budget to continue growing revenue in a way that met their ever-increasing revenue goals. SOLUTIONTo tackle this challenge and meet their goals, the marketing team at NGINX knew they had to get a better understanding of who represented their best prospects, while examining their funnel and how prospects were making their way through the buyer’s journey. They started by segmenting their marketing qualified leads (MQLs) in various ways to figure out which segments contributed most to their annual recurring revenue (ARR). They wanted to see if they could more effectively use their sales reps’ time by only passing them those leads that were most likely to convert into higher revenue deals.
Eventually they found three segments which performed very differently with regard to their impact on ARR. The bulk of the MQLs (45%) were coming from a specific segment, however, another segment that generated less MQL volume drove significantly more ARR (51%).
There was obviously a lot of value to be found within the segment generating more revenue. The team theorized that pursuing these prospects would not only result in higher ARR, but also more conversions and higher renewal rates.
NGINX uses Mintigo to prioritize high value accounts and hit aggressive revenue goals
www.mintigo.com [email protected]
“Over the past two years, data-driven insights fueled by Mintigo have enabled us to optimize our marketing funnel and improve conversion
rates across multiple funnel stages. We’ve not only identified and prioritized ideal customer accounts, but also been able to focus on
those with specific propensity to spend more on our solutions.”
- Zubin Tavaria, Senior Director of Demand Generation
www.mintigo.com [email protected]
Plus, it would enable their sales team to more effectively prioritize their time around the highest value leads. The next step was to identify what made segment three special. NGINX uploaded this list to Mintigo’s powerful account-based intelligence platform to build a predictive model around those accounts that fit into segment three and that generated a high ARR. Using thousands of data points from Mintigo’s extensive global database of over 25M companies, the team was able to create a high-definition ideal customer profile (ICP).
RESULTSAfter running their new predictive model for two quarters, NGINX found that A-ranked leads in this model were consistently converting to higher ARR customers, outpacing B-ranked accounts by 3x. Moreover, they streamlined their revenue generation process by aligning sales and marketing around which accounts to prioritize through data-driven insights.
NGINX Case Study
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