About Baremetrics
Baremetrics is a leading provider of subscription analytics software, primarily for startups and SaaS companies. Baremetrics helps their customers understand the sales and retention performance of their business–new subscriptions, expansion, contraction, churn, reactivation, etc.–and how those behaviors impact the financial health of the business.
The Baremetrics platform integrates directly with a customer’s billing system and can calculate a vast array of performance metrics in near-real time. Baremetrics also offers an expanded suite of products and support services to help their customers understand the changes that should be made (or automatically make those changes) to their business in order to operationalize improvements to its financial performance.
Problem
The Baremetrics Marketing team had a series of strategic objectives: (1) explore new ways to engage and educate their audience, (2) demonstrate their expertise is the area of strategic business finance, and (3) develop content that would increase the flow of high quality leads to the core business.
One of their challenges in meeting these objectives is the gap between awareness of their target buyers and conversion. Meaning that, while many people are familiar with the Baremetrics name (i.e. aware), in order to activate as new users (i.e. convert) visitors have to take the step to either contact sales or actively connect their billing system to Baremetrics. While a straightforward and process, many visitors perceive this action to be a big investment–not necessarily in time or money, but in terms of vendor selection and commitment.
Solution
To fill this gap, Baremetrics looked to Summit to develop a series of free content and tools uniquely tailored for people in the awareness stage, well before they take the step to activate. The content and tools enable Baremetrics to engage their audience and qualify them as leads, without requiring the visitor to take the leap to activate and commit to connecting their billing system.
Summit developed a set of Baremetrics-branded calculators packaged into a toolkit to deliver on those very objectives. They named their toolkit SaaS Calculators and invited visitors to begin getting value from Baremetrics’ expertise and thought leadership position early in the customer journey.
For example, the Business Cashflow Forecast provides visitors with a sophisticated forecast using only a handful of inputs. To align with the experience inside of the Baremetrics platform, the results are presented in a visually appealing and approachable way with easy-to-understand charts and results that offer a taste of the scenario planning capabilities users can receive from a fully realized Baremetrics solution.
Benefits
For visitors, they get to test drive Baremetrics without the perceived burden of committing to a vendor early in their buying process. The toolkit nods to the much more powerful and complex product available to them underneath the hood. For example, visitors can supplement their forecast with inputs like “What if you raise money?” or “What if you hire someone?” to see how strategically relevant decisions like these can have a profound impact on the future performance of the business.
For Baremetrics, as previously mentioned, they’re able to learn about potential buyers far higher in the funnel than they previously could. As visitors make changes to the forecast inputs, they’re prompted to enter their email address to see the results, thus delivering Baremetrics with a lead that can be scored and qualified according to the attributes associated with their ideal customer profile.
The prospect also then feeds into Baremetrics’ marketing stack, where the email and associated data is used to personalize messaging and selling sequences to improve the likelihood of the prospect making progress through the funnel.
Results
To announce the launch the toolkit, Baremetrics utilized a paid advertising campaign and found the click-through and lead capture rate performed a whopping 10.3X better (!) compared to static content (e.g. written content like a blog post) in similar campaigns. Instead of requiring their audience to meet the high bar of a free trial signup, connecting to a billing system, attending a webinar, et al. Baremetrics could still capture and qualify leads by providing immediate value in the form of interactive and dynamic content thanks to Summit. Users benefit with forecasts and insights, while Baremetrics benefits by capturing emails and data from high-intent buyers, at higher rates, and at a far earlier stage in the buyer’s journey. This made Summit a fantastic fit for Baremetrics and a far more effective way for the marketing team to meet their goals while also more efficiently allocating their ad spend in the process. We are incredibly proud that the collaboration could deliver wins for everybody!
