Dialpad Achieved a 50% Email Open Rate with Crunchbase

About the Company

With over 400 employees and 70,000 customers, Dialpad connects teams with a cloud phone system that makes their business communications easier and more efficient.

Problem

Dialpad needed an effective, scalable way of identifying funded startups to target for its startup program.

As a provider of business communication technology, Dialpad’s products are company size and industry-agnostic; any business can use them. However, it’s the smaller market segments–namely startups–that have seen some of the greatest sales velocity.

To double down on the smaller segments to drive more sales, Dialpad created a program specifically for startups called Dialpad for Startups. Companies approved for this program gain access to member benefits, including free product licenses and significant product discounts as they scale.

The challenge Dialpad faced was not having an effective way of identifying newly-funded companies in a prime position to take advantage of their startup offering.

Solution

Use Crunchbase Enterprise to surface newly-funded startups and use its data to create more effective outreach.

To solve the challenge it was facing and make it easier to surface the right companies for its startup program, Dialpad implemented Crunchbase Enterprise.

Crunchbase Enterprise enabled Dialpad to enrich the accounts in their CRM by adding valuable private company information from Crunchbase–firmographic data, funding, and more. In addition to enhancing Dialpad’s system with more relevant and actionable information, the data is updated automatically and added to their marketing automation system, saving the company from hours of manual work and less-efficient ways of keeping track of prospects.

While Dialpad gained access to a treasure trove of information, the funding data was the main reason they implemented Crunchbase Enterprise.

“Crunchbase has funding information that you can’t get anywhere else.” Dialpad’s Head of Marketing Campaigns shared. “It’s been a game-changer for how we approach founders.”

The company’s Head of Marketing Campaigns led the development and launch of Dialpad’s startup program. For the team, having the most up-to-date company information is critical for effective campaigns.

Traditionally, marketing campaigns were created based on firmographic data. If a company fit specific criteria (e.g. company size), they were fair game for outreach. However, there was no way of knowing if the target company had a runway for growth or if it was on its last dime. Since the long-term goal of the startup program is to support startups in a position to scale, the latter company wouldn’t be an ideal fit.

With Crunchbase Enterprise, Dialpad was able to take a much more targeted approach to her outreach by leveraging data to create target account lists. These lists targeted startups that met Dialpad’s specific criteria and added data, such as funding, from Crunchbase for further segmentation.

Results

A 50 percent email open rate, enabling a 22% conversion rate, and reducing the time it takes to create a target account list by 25 hours each month.

With Crunchbase Enterprise, Dialpad achieved an impressive 50 percent open rate for their startup program email campaigns, which helped convert 22% of accounts surfaced by Crunchbase.

The funding data in Crunchbase played a key role in enabling the marketing team to develop personalized drip campaigns in which half were opened by prospects. To put this into perspective, an email open rate that’s considered good is 20 percent to 25 percent. A 50 percent open rate is a testament to the advantages of using data to send timely, personalized emails, and understanding which companies are worth reaching out to.

“Crunchbase Enterprise provides the most comprehensive database of funded companies that exists—and it updates this info in real-time. No other company competes in this space.”

Head of Marketing Campaigns, Dialpad

But the cherry on top, as the Head of Marketing Campaigns put it, was the time the team saved in generating these target startup account lists. With verified company information that’s automatically pulled into their CRM and marketing automation systems, the team is able to cut 25 hours each month off the time it takes to manually create these target account lists.

Dialpad used Crunchbase’s data to first pinpoint exactly what it was looking for. Then, by layering in funding data for further segmentation into its CRM and marketing automation systems, the company creates lists of startups that are ideal prospects for their startup program.

Since Crunchbase’s data is regularly updated, new companies fitting Dialpad’s startup criteria automatically get added to its target account list every week. That means a steady stream of newly funded companies are regularly added to the company’s automated drip campaigns.