Overview
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. With 1,500 employees supporting 6,000 customers across North America, AvidXchange processes over $140 billion transactions annually across its network of more than 680,000 suppliers.
When AvidXchange and 5W's partnership began, the company had a very minimal media presence with lofty goals - it wanted to be on par with or even more recognizable in the automated AP space than competitors. 5W was tasked with building AvidXchange's media presence, increasing company share of voice amongst competitors and positioning the company as the foremost leader in automated accounts payable technology for the middle market. The team was also charged with building a media strategy to meet the agreed upon KPIs - which included a share of voice metric at or above 20 percent among competitors.
Strategy
The campaign goal was to position the company and its executives as go-to sources for all things accounting, technology and fintech. In the initial phases of the campaign, 5W primarily focused on securing thought leadership commentary in order to build a media footprint for AvidXchange, and to make reporters aware of the company and its exhaustive bench of executive thought leaders. The aim was to build AvidXchange's credibility, brand recognition and overall media presence. The team held multiple brainstorm sessions with executives from across the organization - from the security and IT side of things to the HR and finance departments - to build out a multi-pronged thought leadership campaign that spanned many verticals and types of publications.
Once a solid foundation was built for the company and executives with the media, the team was able to easily secure feature articles in both top tier and trade publications around major company announcements, including several funding rounds, acquisitions and partnerships.
Results
5W successfully built AvidXchange into a well-recognized and respected fintech player, and one of the leading AP tech companies in the market. Throughout the duration of the partnership, the team has built up AvidXchange's SOV to an impressive 27%. Due to 5W's outreach and relationship building, AvidXchange and its executives are often quoted in strategic trades and tier one publications as leaders in their particular area of expertise. The team also brought a series of survey campaigns to light, and handled executing the ideation of survey topics, drafting questions, deploying the survey, analyzing results, and handling the media outreach. To date, 5W has completed five separate survey campaigns, which resulted in major wins with strategic trades for AvidXchange, including Accounting Today, CFO Dive, PaymentsSource and more. 5W also met and exceeded the campaign KPIs, securing 123 industry-targeted news articles, with over 318 million unique impressions.
