Fundsquire
“I would have never realized there were clients in places like New Brunswick or Nova Scotia that were interested in us without GrowthGenius.”
Scott Spence
Managing Director at Fundsquire

How Fundsquire doubled their team size on the back of revenue generated by GrowthGenius

Fundsquire relied on GrowthGenius to find and engage new ideal customers in Australia, UK and Canada. In 2 months, GrowthGenius assisted in figuring out what Fundsquire's ICP (ideal customer profile) was, validated their ideas and brought in 50% of their loan deals.

Scott Spence
Managing Director at Fundsquire
About the company
Fundsquire helps innovative companies access their Scientific Research & Experimental Development tax credits early by providing quarterly advances on their expected tax refund.
Team size
6 employees
Target audience

SMBs, startups and businesses doing R&D who could benefit from cash flow lending solutions

Engagement Objectives with GrowthGenius

Fundsquire's primary goal was to grow their market share and loan books in Canada, the UK and Australia

Pain Points before GrowthGenius and the Decision to Engage our Services

There is only so much a small team could do with limited resources.

Prior to engaging GrowthGenius, Fundsquire mainly relied on adwords and their referral network to source new leads. Adwords was not generating a substantial amount of leads and many of the leads coming in were unqualified.

Finding the right type of people that fit their ICP also proved to be challenging.

The managing director felt that hiring a sales representative was a bad strategy - it is costly, would require a lot of training and they would need to hire many reps to accomplish their goals.. They didn’t have confidence it would support all of Canada, the UK, and Australia with enough leads unless they hired 3 new representatives.

In comparison, GrowthGenius could cover the sales for 3 countries at a much lower cost and free up Fundsquire's resources. A single sales person can only do so much. A team of experts who have knowledge and process on all parts of the selling process was more compelling.

In 2 months, GrowthGenius helped them figure out what their ICP was, validated their ideas and tested the market (size, location, decision makers, e.t.c).

“I would have never realized there were clients in places like New Brunswick or Nova Scotia that were interested in us without GrowthGenius”


Why GrowthGenius?

The outbound process requires tools, process and time commitment. Fundsquire decided that their resources were better invested elsewhere.

Here are some of the factors behind choosing GrowthGenius

1. List Building
List building is a time intensive process, that was not in their skill set and they did not have resources they could dedicate to it.

2. Personalized Messaging
Messaging was another important factor behind their decision to engage GrowthGenius. Personalized messages, sent at the right time and with the right frequency are the key to success, and Scott realized that.

3. Testing and analysis of campaigns
Fundsquire did not have the resources to meticulously test and analyze the results of campaigns.

4. Goals
If they had continued relying on adwords, they would have likely reached only a quarter of their goal at best.

“Basically we got a whole team of experts, rather than a single sales person.”

Fundsquire X GrowthGenius

By the end of 2018, Fundsquire exceeded their targets in Canada, and half of their deals were sourced from GrowthGenius.

Their deal size also got larger.

Quality of the deals sourced from GrowthGenius were also much higher as compared to adwords.

GrowthGenius' highly targeted campaigns ensured that we were engaging people who already knew about R&D, and did not require as much education on Fundsquire.

Metrics

GrowthGenius generated 90 positive responses over the course of 5 months.. The campaign was so successful in UK that they had to pause it because they couldn’t deal with the volume of leads.

They also hired 3 additional people.

“GrowthGenius did a great job on sharing our story. Andrew did a great job learning about our business and becoming an expert on what we do. He can articulate our product to our niche audience, and create compelling and engaging messaging.

A lot of people open emails rolling their eyes knowing it’s sales oriented. But with GrowthGenius, people actually engage positively with the emails. It’s very human, the personalized aspect of it is great.

The set up process was collaborative, they worked closely with us to reflect our brand. It was far less work than needing to train someone and most of the work was just refinements. I trust in GrowGenius when it comes to creating amazing copy.”

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