Enumerate Case Study: Wiser Spend, Higher-Quality Leads, and 92% ARR Growth
Wiser Spend, Higher-Quality Leads, and 92% ARR Growth for a B2B SaaS Leader
Client: Enumerate
Industry: B2B SaaS, Prop Tech
Services: Paid Search, Paid Social
B2B (Business-to-Business) lead generation means finding prospects who are ready to become customers. That’s precisely what Enumerate, a SaaS (Software as a Service) for HOAs and property management companies, achieved by rethinking its paid search strategy.
They shifted spending toward higher-intent channels and focused on quality over quantity. This resulted in the company experiencing a dramatic change: stronger leads, scalable growth. They also achieved a standout 92% increase in annual recurring revenue from January to August 2025 compared to the same period in 2024. This focus on qualified lead generation mirrors a larger industry reality: 91% of marketers say generating leads is their most important goal.
The Challenge
In early 2024, Enumerate’s PPC (Pay-Per-Click) lead generation campaigns were producing a high volume of leads, but most weren’t a good fit. Display marketing, for example, had a 93% disqualification rate, meaning nearly all of those leads went nowhere. Money was also being drained on underperforming channels like Display and Bing. At the same time, the sales team needed new opportunities to keep revenue growing.
This situation reflects a frequent struggle in B2B marketing. Across industries, only 2.9% of leads turn into paying customers, with conversion rates in B2B tech dipping as low as 1.7%. Part of the problem comes from targeting too broadly. Remarketing to anyone who lands on a website often produces low-quality leads, and building lookalike audiences from that pool makes the cost per marketing-qualified lead rise fast. For Enumerate, the actual challenge was clear: advertising spend wasn’t turning into sales opportunities or revenue.
The Solution
To get more from their campaigns, Enumerate made a series of paid search optimization moves that put spend where it was most important. First, they cut Display marketing, which had been driving unqualified leads. They shifted the budget from Bing to Google Ads to scale channels with better results. They segmented high-performing regions as well, such as Florida, and set bid adjustments to prioritize audiences like business professionals.
At the same time, Enumerate expanded its keyword targeting beyond branded terms. Adding searches related to accounting solutions and industry-specific platforms lets the campaigns reach people actively looking for what Enumerate offers. These changes concentrated spending on high-intent keywords and audiences that matched their customer base. The result: ads that worked harder to reach qualified prospects and laid the foundation for stronger lead quality.
Eyeful’s Expert Insight
“The mixed effort of aligning high-intent keywords with precise industry-based audience targeting allows the strategy to focus spend & optimizations towards quality leads while limiting wasted budget on low quality traffic. ”
Key Findings
The changes quickly showed up in the numbers. Disqualified leads dropped 78% year over year, and the overall disqualification rate fell by more than half. At the same time, sales-qualified leads rose 27%, while marketing-qualified leads jumped 53% in HubSpot. Putting more of the budget toward audiences that were a genuine match allowed Enumerate to create a healthier pipeline.
The gains also showed up in cost efficiency. The cost per SQL (Sales-Qualified Lead) fell 21%. More qualified leads meant more actual sales opportunities without adding extra spend. These results line up with industry benchmarks, where MQL (Marketing-Qualified Lead) to SQL conversion rates typically sit between 13% and 21%. Top performers, however, reach as high as 40% through more sophisticated lead scoring and quick follow-up. On LinkedIn alone, the average rate is 35.82%. Enumerate’s improvements show the value of narrowing targeting and putting ad dollars toward quality.
The Results
Focusing on B2B SaaS lead generation that prioritized quality over volume, Enumerate saw meaningful growth across the board. Closed/Won leads increased 60% year over year, while annual recurring revenue rose 92%. On top of that, the average ARR (Annual Recurring Revenue) per Closed/Won deal climbed 20%.
The impact went beyond revenue. Return on ad spend (ROAS) nearly doubled, up 92%. For a SaaS company, where the median ROAS on Google Ads is only 1.29 (129%) as of April 2025, that kind of lift is impressive. These results showed that shifting the budget toward high-intent channels and audiences didn’t just cut wasted spending; it created a scalable path for future growth.
How Could This Work For You?
Enumerate’s story shows how paid search optimization and focused PPC lead generation deliver actual results when quality leads take precedence over raw volume. Adjusting campaigns to match the ideal audience translated spending directly into growth.
Eyeful brings the same approach to every client. We work to refine targeting, adjust budgets, and expand keyword strategies so that ad dollars reach the people most likely to convert.
Want results like this? Start better campaigns and partner with Eyeful today.