CASE STUDY
OUR CHALLENGE
When we started working with Cobalt in 2019, the Boston-based company was at a crossroads. Founded in 2011 as Bison (Boston Illiquid Securities Offering Network), the firm had gone through several pivots as it offered data and analytics to private equity funds and their investors. Growth was stalled.
Intent on clarifying its business and reigniting growth, new management met with customers, industry experts, and investors, and ultimately identified an opportunity in portfolio monitoring software to help private equity and venture capital funds track financial and operating data from the companies they own. While not new, the category was ripe for significant growth: most small and midsized funds still handled these records manually on spreadsheets, so the market needed to be educated on the advantages of an automated solution.
OUR MANDATE
- Marketing: Refreshing strategy and content to support new product focus—beginning with the design and construction of a full marketing funnel.
- Positioning: Establishing Cobalt as a leader in the emerging portfolio monitoring category.
HOW WE WORKED
Embedding with the company. We functioned as an integral part of the Cobalt team. We advised the CEO, participated in sales calls, collaborated with their in-house marketer, and were in constant contact with their product and customer success teams.
Creating a culture of winning. In the financial industry, reputation and positive word-of-mouth are critical. We emphasized alliances and new customer announcements that associated Cobalt with respected players in the industry and helped reengage Cobalt’s salesforce.
Employing our industry expertise. Drawing on 100 YARDS team members’ substantial experience in the private equity business, we shaped a content strategy that positioned Cobalt as an innovator and practical partner in the industry.
Following the data. To understand the emerging opportunity for portfolio monitoring, we conducted a series of precisely targeted social media campaigns. We analyzed the results in close consultation with Cobalt’s sales and customer support teams to develop, test, and prioritize a focused set of ideal customer personas.
WHAT WE ACCOMPLISHED
Supporting sales
We moved quickly to empower the salesforce with everything they needed to bring the revised product to market. Assets included a one-page product description, a detailed brochure, and fresh sales presentations.
Establishing the portfolio monitoring category
We articulated the concept of the PE tech stack, the set of software tools that fund management firms choose for their operations. This framework suggested that in addition to accounting and CRM, firms also needed a portfolio monitoring solution, something that most did not have. Through crisp content and virtual, hosted events, we built the case that tracking investments using spreadsheets (only) was risky and inefficient.
Understanding the customer
Our quantitative market testing and qualitative interactions with customers helped us identify the pain points around portfolio monitoring that are most salient to each of the job functions at an investment firm. And in talking to people who had used a portfolio monitoring solution before, we discovered the frustrations with the few products already on the market.
Targeting content
We produced a steady stream of content addressing each of the buyer personas. We engaged the audience with smart takes on pressing questions facing the industry, including technology changes, regulatory initiatives, ESG screening, and investor and portfolio company management. Much of the content was bite-sized for distribution on social media, e.g., a “chart of the month.” We mixed in regular announcements of new client wins and detailed case studies to reinforce Cobalt’s position as an emerging and then leading player in the industry. Further down the funnel, we offered valuable white papers in exchange for email addresses.
Creating webinars
As part of our effort to build industry credibility, we began a series of webinars with leading experts in the industry. These proved especially popular during the pandemic, as professionals sought virtual ways to network with their peers.
WHAT WE ACCOMPLISHED
360-degree messaging
We renovated every public touch point for the company to reinforce its business strategy. We designed a fresh new logo. We restructured the Cobalt website to put the spotlight on its technology—and its refocused audience. And we supported the company’s internal staff to incorporate key messages in all their communications.
Polishing the pitch deck
As the strategy succeeded and the company grew, it started receiving inquiries from potential investors. We worked with leadership to hone their management presentation and investment pitch.
OUR RESULTS
- Lead generation: The funnel and content strategy we constructed for Cobalt substantially increased the number of qualified leads for the salesforce.
- Revenue: Marketing contributed to the 3x increase in Cobalt’s sales from 2018 to 2021.
- Acquisition: After evaluating several strategic options, Cobalt agreed to be acquired by FactSet, a major financial data company, for $50 million in October 2021.
OUR WORK
SALES ENABLEMENT
Sales decks followed a “show don’t tell” strategy, including simplified, results-first messaging. One-pagers were kept to just that—single pages (whenever possible) that highlighted major feature releases and, critically, drew a bright line between feature/function and remarkable results for Cobalt’s client base.
CASE STUDIES
Case studies were written to be skimmable, conversational, and relatable to our target demographics.
CONTENT
Cobalt content has run the gamut from wonky (to showcase data management) to timely. We issued a steady stream of partnership and new client announcements to push our ‘culture of winning’ strategy, and focused on bite-sized content that leveraged a smart and tight team while speaking to a knowledgeable audience’s interests.
WEBSITE
Before: Multiple audiences and vague messaging hindered cold prospect engagement farther down-funnel.
After: Crisp messaging states what the company does, for whom, and the value they get, right up front.
WHAT THE CLIENT SAYS
“ 100 YARDS isn’t an agency. They became embedded partners not only to me but also to my broader functional leadership team. I came to count on them as my partner in driving growth. Their commitment to accountability and transparency, through reporting and results helped us tackle mission-critical initiatives. The 100 YARDS team feels more like full-time employees.” —Jason Weinstein CEO, Cobalt (a FactSet Company) SVP, Senior Director, Head of Private Equity and Venture Capital Business Unit, FactSet
WHAT WE SAY
“ Cobalt is the story of a remarkable turnaround in a tight, discerning, and sharp industry keen on being the best while keeping operating costs as low as possible. The mandate was classic for a company in their position: build the play while you fly it. To translate, on the marketing side, success meant raising awareness for the company in a nascent and rapidly-growing niche, while also constructing a rock-solid funnel to feed sales the leads they needed—ASAP.” —Hanna Lamb 100 YARDS