When it comes to acquiring new customers or users, there are many potential areas where bottlenecks or obstacles can come into play. For some companies, their biggest issue is raising more awareness or getting in front of a new customer set. For others, it is scheduling demos or booking appointments to drive home their value. On the other hand, some businesses simply need assistance making that final push to get leads to click that purchase button or sign that deal. For Paycor, a leading Human Capital Management (HCM) provider who works with more than 40,000 existing customers, improving lead quality and ensuring valuable resources were accurately allocated were recent goals. There are many approaches an organization might take to achieve these goals, but in Paycor’s case they decided to take a very proactive and forward-thinking approach by implementing customer acquisition security technology.
Addressing the issue via customer acquisition security
For those who may be unfamiliar, customer acquisition security, or CAS, is a category of cybersecurity designed to protect several aspects of the customer acquisition funnel. It utilizes the same level of advanced technology designed to limit data breaches and ensure information security, and applies it to go-to-market initiatives. This helps limit the amount of bots, fake users, and invalid traffic that interacts with any assets designed to attract new customers. Whether it’s paid advertisements, organic content, landing pages, conversion forms, or other digital assets, there is a high chance some level of invalid traffic is making its way to your site.
Taking action and mitigating risks
By recognizing the threat that invalid traffic poses to their customer acquisition, and specifically to their booked meetings, Paycor decided to take action. The first thing they did when working with a cybersecurity provider was monitor their platforms for potential fraudulent activity. Within this phase, they started to notice that invalid users were auto filling and submitting lead forms, and jeopardizing efficiency and accuracy in a major way. In fact, more than 1 out of every 10 clicks on their campaigns was from an invalid user or a bot. For a business of Paycor’s size this can be devastating. Imagine if 1 out of every 10 of Paycor’s current customers was replaced by a bot – they would be missing out on 4,000 valuable customers!
As Alex Schutte, Director of Digital Marketing at Paycor said, “Being able to show marketers proof of attacks taking place on campaigns down to the individual UTM and click is very powerful.”
After this evaluation period, it was time to take real action to mitigate these risks. Their agency partner, Metric Theory, worked with CHEQ and began blocking the most prominent threats while calibrating and optimizing other suspicious users. The results were astounding. Within the first 30 days after protecting their platforms, Paycor experienced the following.
400% increase in 1st time bookings
By eliminating a sizable group of invalid users from their funnel, and replacing them with users who had genuine interest in human capital management offerings, Paycor saw their first time bookings quadruple in just the first month. It was exciting for the company to see their addressable market expand through this simple implementation of technology. There were users on the internet who were looking for exactly what Paycor provided all along, but the company wasn’t originally able to reach them because of the resources they were unintentionally wasting on invalid users. This technique was able to expose Paycor to a whole new group of potential buyers who they were previously missing out on.
50% increase in qualified bookings
Additionally, when it came to qualified bookings from both first time leads, and their overall database, Paycor saw substantial increases there as well. By mitigating risks and eliminating invalid users, not only were new potential buyers coming to their site, but their entire group of prospects increased considerably in quality. This makes business development efforts much more effective because sales professionals are selling to teams that are a better holistic fit for Paycor’s products.
As Schutte said: “Once we rerouted spend towards valid users we saw lead quality rise considerably.”
Paycor’s full results and additional context are available in their case study here. Similarly to Paycor, many businesses are taking note of the advantages of securing their customer acquisition funnel. As CAS becomes more widely adopted by smart CMOs and marketing leaders, organizations experience more accuracy and efficiency, and in many cases increases to pipeline and revenue as well. If you are interested in scheduling a demo of CHEQ’s cybersecurity solutions, contact us today.