Cave Bits: Uncovering Website Analytics

SaaStrophe Series: The Case of the Phantom Leads by James Gregg @ Search Click Boom

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🚀 Key Takeaways:

  • Why not all leads are created equal—and how to avoid chasing the wrong ones
  • The importance of aligning ad campaigns with real business outcomes
  • How an audit can uncover costly targeting mistakes before it’s too late

Tune in for a cautionary tale that underscores the importance of measuring what matters—because no one wants to spend tens of thousands of dollars on leads that lead nowhere.

🎙️ $72k for Zero Customers: The Cost of Misguided PPC Campaigns

In this episode, I share the jaw-dropping story of a small B2B SaaS company that thought they were winning the paid search game—until the hard truth came out. After spending $72k on Google Ads and generating 900 leads over the course of a year, they asked me to audit their campaign to see how many of those leads turned into paying customers. The result? Zero. Not a single one.

What went wrong? They weren’t targeting the right audience. This story dives into the dangers of focusing on leads without aligning them to revenue, the pitfalls of poor targeting, and the messy reality of attribution in B2B marketing.

The Case of the Phantom Leads, a story by James Gregg

Picture this: A small B2B SaaS working really hard on paid search — pouring money into campaigns, tweaking every detail, and actually getting what marketers dream of: leads.

At some point, they wanted to understand how many customers came from the 900 leads they got through the search ads over the previous year. So, they asked me to audit their Google Ads account.

I dive in, and what do I find? They had spent $72k in that period. OK. Their cost per conversion was around $80 — sounds reasonable for B2B, right?

But as I dug deeper into those leads and their quality, the team and I realized something shocking: they hadn’t been targeting the right users at all.

And that $72k? It had resulted in… precisely zero customers. That’s right. Not one. Safe to say they were pissed.

Look, attribution can be messy, I know, but the bottom line is this: you have to understand how your marketing efforts affect actual results—revenue.

The sooner you get a clear picture, the better, because no one wants to blow tens of thousands of dollars on leads that vanish into thin air.