Case studyEquity management SaaS · £25K LTV

158 demo leads at £155 each.
The target was £1,000.

How Kiin rebuilt LinkedIn Ads for a UK equity management and share scheme platform on £5K a month, and turned an account full of engagement into demo leads that sales could qualify.

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158Demo leads
£155Cost per demo lead
84%Below the £1,000 target
34%Lead to SQL rate, about 54 SQLs
At a glanceThe client

A UK fintech SaaS with a £25K customer.

The client sells equity management software to founders, finance and people teams: cap tables, employee share schemes and fundraising workflows. We're keeping the name private until they sign off.

CategoryFintech SaaSEquity and share schemes
Customer LTV£25KPer closed account
Target~£1,000Cost per demo lead
Budget£5KLinkedIn Ads, per month
01 · The challenge

Engagement, but no real pipeline.

The existing LinkedIn campaigns got engagement, but they weren't producing enough demo leads or contributing meaningfully to pipeline.

How Kiin reads itOn £5K a month there is no room for campaigns that only buy attention. Every pound had to either build the warm audience or ask it for a demo.
02 · What we didNine changes

A full-funnel rebuild on a small budget.

01
Audit and strategy

Pin down the ICP and how sales closes.

AuditAccount audit

A full review of structure, targeting, formats and tracking in the existing account.

ICPICP and sales process

Worked with the client to clarify who buys, how sales qualifies them, and how LinkedIn fits the wider ad mix.

StrategyFull-funnel plan

A LinkedIn Ads strategy with a clear job for each stage of the funnel.

02
Audiences

One sharp cold list, and retargeting behind it.

ABMABM account list

A new cold audience built from the target accounts that fit the ICP.

DeanonymisedWebsite visitors added

Companies already on the website, found with a deanonymisation tool, added to the ABM list.

RetargetingRetargeting pools

Ad engagers and site visitors, ready for nurture and the demo ask.

03
Campaigns

Nurture the warm audience, then ask for the demo.

MOFUNurture

Thought Leader Ads, guides, testimonials and other content served to the retargeting audiences.

BOFUAsk for the demo

Conversation Ads and other lead gen formats, with a demo incentive added.

04
After the lead

Fix what happens after the form.

SalesSales follow up

We recommended improvements to how sales followed up demo leads, so more of them became SQLs.

OptimisationEvery week, not every quarter

Targeting, copy, creative and campaign settings were changed continuously based on what the data showed.

03 · The resultsDemo campaigns

158 demo leads at £155 each, against a £1,000 target.

The client reports 34% of those leads became SQLs, about 54 sales qualified opportunities from LinkedIn demo leads.

Bottom of funnel campaignDemo leadsCost per demo lead
Retargeting · lead gen111£146
Cold · lead gen47£177
All demo campaigns158£155

Source: LinkedIn Campaign Manager. Lead to SQL rate reported by the client.

70%Of demo leads from retargeting
~54SQLs, 34% of leads

How Kiin reads itThe nurture layer did its job: seven in ten demo leads came from the warm audience, and they were the cheapest.

LinkedIn Campaign Manager: 158 leads at £155.32 cost per lead; cold lead gen 47 at £177.09, retargeting lead gen 111 at £146.10
Screenshot · LinkedIn Campaign Manager, bottom of funnel demo campaigns
04 · Beyond the leadsMiddle of funnel · £9.6K spend

The nurture campaign drove 20 CRM opportunities from clicks.

Middle of funnel campaigns aren't built to collect leads, so we tracked what they did downstream. Clicks and views are kept apart: a view conversion means the person saw the ad and converted later without clicking.

Conversion from the MOFU campaignAfter a clickAfter a view
CRM lead82254
CRM opportunity2056
Qualified deal (attribution tool)644
Discovery call scheduled312
Guide download66

Source: LinkedIn Campaign Manager conversion tracking, one MOFU campaign, £9,574 spend. A selection of the tracked conversions.

LinkedIn Campaign Manager, MOFU campaign: £9,573.63 spend; conversions after a click and after a view, including 82 and 254 CRM leads and 20 and 56 CRM opportunities
Screenshot · LinkedIn Campaign Manager, MOFU campaign. Middle column: after a click. Right column: after a view.

How Kiin reads itView conversions are a signal, not proof that the ad caused the result. The click column is the conservative read, and it alone shows 20 opportunities from a campaign that never asked for a demo.

05 · Key learnings

What this account taught us.

01Small budgets need focus

£5K a month went to one ABM list, a warm audience and a demo ask. Nothing else.

02Nurture feeds the demo

Retargeting made 111 of 158 demo leads, at £146, the lowest cost per demo.

03Use website visitors

Deanonymised site traffic made the ABM list sharper with companies already looking.

04Judge MOFU on what follows

The nurture campaign drove 20 CRM opportunities from clicks without asking for a demo.

05An incentive moves the demo

Adding an incentive to the demo offer gave founders and finance leads a reason to book now.

06Measure SQLs, not leads

A 34% lead to SQL rate is what makes £155 a demo worth paying for.

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