Praxis Instruments (name changed) manufactures high-precision measurement sensors and calibration equipment for pharmaceutical, semiconductor, and aerospace applications globally. With sales in India, Europe, and North America, their marketing team ran a mix of trade show exhibitions, LinkedIn advertising, Google Ads, and content marketing.
For 3 years, the CMO had a recurring argument with the Sales Director: "Our LinkedIn campaigns are generating high-quality leads." "LinkedIn leads are all students and consultants." Neither had data. VynDeal ended the argument — with data that surprised both of them.
Setting Up Attribution Tracking
The implementation required two changes: UTM parameters on all digital campaigns, and mandatory source + campaign tagging at lead creation for offline channels (exhibitions, referrals, cold calls).
After 12 months of clean data collection, the first complete attribution report was generated. The results were unexpected.
The Surprising Finding
Exhibitions were generating ₹2.3 Cr in revenue — but costing ₹1.1 Cr to run (booth, travel, collateral). That's ₹0.48 per ₹1 of revenue, or roughly a 2× ROI.
LinkedIn ads were generating ₹4.1 Cr in revenue — with a total spend of ₹4.9 Lakhs. That's ₹0.12 per ₹1 of revenue, or an 8.4× ROI.
Referrals were the best channel — ₹4.5 Cr at near-zero spend — but referrals can't be easily scaled. LinkedIn could be scaled immediately.
"We thought exhibitions were our cornerstone. The data said LinkedIn was our superpower. We'd been dramatically underinvesting in our best channel for 3 years." — CMO, Praxis Instruments
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The Budget Reallocation
Based on the attribution data, Praxis reduced exhibition frequency from 6 to 3 shows per year (keeping the highest-ROI shows), saving ₹22L. This was reallocated to LinkedIn (₹12L additional) and referral programme incentives (₹5L) and content creation (₹5L).
Global Applicability
The same attribution pattern — LinkedIn outperforming exhibitions in revenue-per-rupee — has been observed across Praxis's European and North American markets. LinkedIn Campaign Manager's engineering and procurement targeting is remarkably effective for B2B technical products globally. The 12-month attribution window is essential: LinkedIn leads in manufacturing typically take 8–14 months to close, and a 30-day or 90-day window would incorrectly show LinkedIn as underperforming.
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