myCOI delivers the new industry standard in third-party compliance for certificate of insurance tracking.
Jason Noel, VP of Marketing, shares that when he started at myCOI, the company had a strong foundation for marketing–with people in place and processes. But as the business continued to scale, they found themselves having to do more with less.
The marketing team had grown but wasn’t getting additional headcount, and they had aggressive growth goals to hit.
The team found themselves under-resourced and needed extra brain power, both in terms of strategy and skill experience for execution, to scale declared-intent conversions and qualified (HIRO, high-intent revenue opportunity – the historical deal stage that converts at 25% or greater) pipeline to hit overall revenue targets.
“MyCOI sought out a revenue agency, not a traditional marketing agency, with a talented team that prioritized an experimental mindset. We really wanted a team that would challenge the status quo and run alongside our team to push boundaries, fail fast, and make an impact,” stated Jason.
The focus of our partnership was to start by raising the bar on data intelligence – not only within the marketing department but the entire organization. The Refine Labs team began with a deep full-funnel revenue analysis that validated the internal team's hypotheses and challenged some concepts the team thought to be true. These early findings drove the roadmap for the duration of our partnership.
While building a demand creation engine, the Refine Labs team focused on optimizing demand capture for MyCOI to move more pipeline through the funnel. This was done by optimizing the lead handoff process with sales to fix funnel leak, tightening the Google Ads program to deliver high-value conversions more efficiently, and establishing their HIRO pipeline stage.
We dug into the inbound buying experience and surfaced the inefficiencies immediately. The time lag from the demo requested to the second touch point with sales to get a call booked was the biggest surfaced area of improvement. This finding allowed the MyCOI team to take collaborative, corrective actions with the sales team to ensure the team prioritized follow-ups with leads. This resulted in a 45% reduction in time to follow-up.
The Refine Labs team took a focused keyword strategy to capture demand while improving efficiency. The team cut out low-intent keywords that weren’t resulting in revenue, restructured the Google Ads account for optimal performance, and used leading indicators to maximize demand capture. This resulted in a 66% increase in paid search HIRO pipeline, a 62% decrease in cost per demo, and a 53% decrease in cost per HIRO in the first quarter.
To create demand, the team dove into effectively using LinkedIn to distribute MyCOI’s message at scale to the right ICP. This included tightening the audience in their two main verticals, where the budget became split to support both. These efforts resulted in high engagement with the ads, a measurable increase in conversions from LinkedIn, and a 58% increase in average declared-intent conversions from direct traffic from the previous six months.
Over the past four quarters, MyCOI created a predictable pattern of closed won revenue and deal volume by increasing their pipeline velocity by 161% and HIRO pipeline creation by 84%, all while decreasing the cost per HIRO by 13%.