This article is based on Sarah Hartland’s talk at #Demand24 in Denver. As an RMA member, you can enjoy the talk in its full glory here.
Have you ever wondered what it really takes to shift from a broken lead-generation strategy to a more holistic and effective demand-generation strategy? At JupiterOne, we faced that exact challenge – and I’m here to share how we made it happen.
In this article, you’ll learn:
- How we transitioned from relying on marketing-qualified leads to focusing on qualified accounts,
- The role that account-based marketing and tools like 6sense played in our success,
- How we used conversion rate optimization to significantly improve demo requests and conversions,
- And much, much more.
Let’s get into it.
Lead generation vs. demand generation
Before we dive into our case study, let’s break down the difference between lead generation and demand generation.
In traditional lead generation, the focus is on capturing contact details – usually through tactics like gated content, event sign-ups, or special offers – and then following up with relentless marketing emails. If this sounds familiar, you’re not alone. It’s the classic “build me an engine” approach, where the goal is to gather as many marketing-qualified leads (MQLs) as possible and hope they eventually convert.
Demand generation, on the other hand, is about meeting your audience where they already are. It’s about ensuring they know who you are and what you do, so when they’re ready to buy, they come to you first. It’s a more holistic approach that includes focusing on accounts already in-market, using intent data, building communities, and providing valuable, ungated content.
Now, here’s an interesting question: can we actually create demand? I’ve often wondered what my old economics professors would think of the term “demand generation.” It sounds like we’re manufacturing demand from thin air, but in reality, we’re not.
A lot of what we do – from account-based marketing (ABM) to intent marketing – isn’t about creating new demand. It’s about capturing the demand that’s already there. We’re simply tapping into an existing need or interest and positioning ourselves as the best solution.
The JupiterOne story: Shifting from lead gen to demand gen
Now that we’ve defined the difference between demand gen and lead gen, let’s dive into a real-world example.
At JupiterOne, I spent a full year transitioning from a lead generation engine to a demand generation approach. It was a major shift, and I’m going to walk you through exactly what we changed, why we made those changes, how long it took, and where we ended up by the end.
Before we dive into the specifics, let me tell you how it all panned out. First, the number of MQLs tanked. And believe me, this was a good thing – we’ll talk about why in a moment.
On the flip side, demo requests shot up. The number of people actively reaching out to talk to us at JupiterOne kept increasing – which is exactly what you want to see.
Now, let’s dive into how we made that happen.
The need for change
So, let’s rewind to the beginning of 2023. At that time, I took a snapshot of our funnel, and let’s just say, it wasn’t pretty. If you’re familiar with funnel economics, you’ll know that what we were working with was pretty painful.
JupiterOne is a Series C cybersecurity startup that had been in business for about three and a half years at that point. Early on, building an email database was a priority – the company needed to go from zero to a solid list of contacts.
However, by the time I got involved, it was clear that the existing approach wasn’t going to move the business forward. The number of leads we’d need to keep the top of the funnel full was actually bigger than our total addressable market. So, where did that leave us? In need of change.
By February, we had a new VP of marketing, and there was a clear acknowledgment that something had to change. Fast forward to March, and we were off to the races with a fresh demand gen strategy.
Our new VP of marketing had the fun job of explaining that everything the company had ever done in demand generation and digital marketing – which had been so focused on collecting email addresses through white papers, research reports, and eBooks – had to change.
Redefining MQLs
The biggest thing we had to change, right off the bat, was the MQL model. Now, let me tell you – convincing people that the MQL system was bad and should be completely thrown out was an uphill climb. So instead of scrapping it altogether, we kept the terminology but changed the definition.
Previously, a marketing-qualified lead at JupiterOne was defined as anyone who fit our ideal customer profile (ICP) and gave us their email address. Simple, right? If they were the right person and shared their contact info, they were "qualified." But this had to change – dramatically.
We changed the definition of a marketing-qualified lead, so it didn’t just mean someone who fit our ICP; they also had to show purchase intent through their behavior. By the time I handed an MQL to our sales team, that lead should already be in-market based on their actions. This shift led to the initial dip in MQL numbers I mentioned earlier, but it was absolutely the right move.
When you’re shifting away from MQls, it’s okay just to take small steps in the right direction. For us, that meant focusing on quality over quantity. We didn’t try to change the entire model and process all at once. Instead, we took a measured approach, refining our definition of what a quality lead looked like.
Implementing intent tools: A lesson in strategy over technology
By April, we started the implementation of 6sense, and I know what some of you are probably thinking. I’ve been in those conversations where intent tools like 6sense, Demandbase, and Terminus come up, and I’ve seen the eye-rolling and groaning. So, let’s pause and talk about ABM platforms in general.
First, it’s important to recognize that these platforms – 6sense, Demandbase, Terminus – all operate on similar core technology: cookies and reverse IP tracking.
Naturally, there are limitations, especially in industries like cybersecurity, where buyers are particularly savvy about blocking those tracking methods. But here’s the thing – these platforms can still be valuable, as long as you focus on the program rather than the technology itself.
