PatSnap is an innovation intelligence platform that makes search and analysis of intellectual property (IP) accessible to everyone in R&D and IP. Since its foundation in Singapore in 2007, it has grown at a remarkable pace, securing three rounds of funding and establishing operations in the UK and China. It needed to find a marketing solution that could keep up with its rapid growth; it partnered with HubSpot. Within three months, PatSnap had boosted its website traffic by 20% month-on-month and achieved a 400% increase in leads.
Increase in leads
Landing page conversion rate
Reduction in length of sales cycle
PatSnap is the leading provider of Intellectual Property Analytics, for analysing tech trends, driving innovation, market planning, competitor intelligence and maximising return on IP assets. Founded in 2007, PatSnap is used by R&D, business and IP professionals in thousands of commercial and not-for-profit organizations globally, including NASA, the Department of Defense, China Mobile, Goodyear and Vodafone. With a database of over 121 million patents, augmented by economic, legal and company data, PatSnap uses proprietary machine learning technology to make IP understandable for all, including those with no IP experience.
PatSnap is a leading provider of innovation intelligence. It was founded in 2007 in Singapore, and it has since expanded into the UK and China and has over 3,000 clients throughout the world. However, inbound marketing had not been an area that it had traditionally focussed on, according to PatSnap’s marketing director, Ade Risidore.
“Up until recently, PatSnap got its sales through relationship building, word of mouth and events. We didn’t do anything in the way of strategic marketing. We had a WordPress website that was a contact capture form and used Outlook mail merge rather than an email point solution.”
Something needed to change. PatSnap wanted to find a way to drive leads to its website and nurture them through the buyer’s funnel. But, as it was starting the inbound process from scratch, it needed a powerful, all-in-one solution to help it succeed.
After evaluating a range of software, it decided that the HubSpot Marketing Platform was its best choice. It had all the features it needed in terms of content, social media and email, and it was strong on analytics and reporting.
PatSnap signed on the dotted line with HubSpot in 2016. Ade was already an expert on the HubSpot Marketing Platform, having used it in three of his previous roles.
“When I worked at Automic, we originally used Marketo. However, it didn’t have the features we needed to implement a complete inbound marketing model, and we switched to the HubSpot Marketing Platform. I had also evaluated Pardot, but I felt that it did not match our needs. With the HubSpot software in place, I knew that I could completely reinvigorate PatSnap’s marketing.”
PatSnap went all in with the inbound methodology and put its entire website on the HubSpot COS. It placed new content, including webinars, whitepapers and innovation reports, on Landing Pages, and added Calls-to-Action and Forms to encourage user engagement.
As PatSnap operates in a very competitive marketplace, he used the software to identify new customer types that weren’t being targeted by its competitors. He then refined the company’s personas and made sure that there were Blog and social media posts to appeal to them.
“I come from a sales background myself, and I wanted to show our sales team that marketing isn’t arts and crafts. They had this impression that marketing influenced revenue, but didn’t source it. My goal was to demonstrate how we could track every step from captured lead to closed deal supporting sales teams along the way to build trust.”
Ade set up attribution reporting, so that the marketing team got credit for every touchpoint that they created on the customer’s journey. He also used the Ads add-on create Google AdWords campaigns from within the HubSpot software.
“That gave us a better understanding of which of our ads were converting, and that made a huge difference. Using the Ads Add-On, we closed a six figure deal in four days from a £60 AdWords spend. It was a clear example of the right message, to the right person, at the right time in their buyer journey. The knowledge we have gained has enabled us to get a lot smarter with our marketing budget. Now, for every pound we spend, we know how much we will get back.”
“We’ve been working very closely with some of our key salespeople. Once they saw the tangible benefits that inbound brings, they became champions of the model and helped sell it to the wider sales team.”
- Ade Risidore
Even though PatSnap has only been working with the HubSpot software for a matter of months, it has already seen great results. Month-on-month, organic traffic is increasing by 23%, while traffic from social media is up by 30%.
“The boost to organic traffic has been remarkable,” says Ade. “When I first started, apart from our brand name, we had no keywords ranking in the top three Google results and less than five in the top ten. Now, we have fourteen keywords in the top ten and three of those are in the top three!”
PatSnap has also seen an increase in the quantity of its leads – they have increased by 400% – while lead quality has improved as well.
“Webinars are currently our number one lead generation source – we do one a week, and we’ve brought in guest speakers and evangelists who are resonating strongly with our audience. We get at least 20 leads a day from the webinars, and we can then further segment those prospects based on their responses to CTAs.”
Conversions are also improving – the sales people are equipped with more information about their prospects and can have more informed conversations with them, explains Ade.
“Marketing-sourced leads convert at a rate of 33%, compared to 20% for leads from other sources. The process is quicker as well. Before we partnered with HubSpot, it took an average of 38 days to close a sale – now it takes an average of 24.”
Looking to the future, PatSnap has ambitions to become a publicly traded company, and it is going to use the HubSpot software to help it achieve that goal.
“We’re growing at 120% and we’re confident that with our commitment to inbound marketing methodology we’ll continue to grow at this pace. Going forward, we’re going to use the advanced features of the HubSpot software, like predictive lead scoring and SEO, to go even further.”
- Ade Risidore
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