Kneat: Landing New Logos & Veeva Threat

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What was roughly the conversion rate from marketing qualified leads to sales accepted leads?

It was very low, very low. A lot of what came in was not well qualified, meaning much of it was just junk from the campaigns. Webinars were obviously a lot different than in-person events. What came back via the email campaigns, which were very frequent, was junk. That lowered the conversion rate. If you look at the webinars, the conversion rate was good, about 30% to 40%. But what came in via the email campaigns was terrible, around 2%.

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But why was it done then? Why was there a disconnect between what you're looking for and what marketing is doing?

I think there was a disconnect with the messaging. There was a big misconception about what we were describing to that audience. It was too vague. We didn't distinguish ourselves well. This issue came from the top down. Our email marketing campaigns weren't well thought out. It was like fishing, casting a net without understanding how to do it with the right messaging. The understanding was lost. Kneat is a digital validation solution, not a document management solution. People thought we were a document management solution, and those people would lose interest. We weren't getting the right message across in our email campaigns.

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How would you evaluate the different dimensions of a customer? For instance, you can consider if they're looking for a specific type of validation, whether they're in R&D, manufacturing, engineering, or process. My understanding is that Kneat excels in manufacturing and engineering but less so in R&D. Is that correct?

Manufacturing was indeed easier because Kneat already had some low-hanging fruit in that area. It was simpler to discuss, quantify, and calculate ROI compared to going to market. Kneat couldn't perform that analysis effectively. Manufacturing was easier to address because Kneat, and Eddie, had a background focused on that solution. R&D lacked experience in that industry, to be honest. I don't think Kneat ever considered going that route. For me, it was always about addressing the pain points. Speed to market wasn't a significant factor, even though the personas interested in it wanted that. Kneat couldn't justify speed to market.

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