07.9.2024 Digital BIAS
It goes without saying that HubSpot is a tool designed for the sole purpose of helping businesses increase their revenue and grow exponentially.
With its comprehensive suite of tools and remarkable flexibility for integrating other solutions, HubSpot stands out as the ultimate all-in-one solution for businesses. Whether you’re in the tech industry or operate in a different vertical, HubSpot offers industry-agnostic marketing, sales and service solutions.
However, despite an ever-growing tool base, many businesses under utilise the full potential HubSpot offers. One possible reason for this is due to the initial complexity of the tool and the abundance of options it presents, leaving businesses overwhelmed when trying to leverage its power.
In this article, we address why businesses can feel this way - and shed light on how HubSpot enables business growth and can increase your bottom line.
A Brief History
HubSpot was founded on the principles of inbound marketing, which has quickly become the norm across marketing circles. As Brian Halligan, the Co-Founder and CEO of HubSpot stated, “The way consumers buy has completely changed, so the way you sell has to completely change.” With this ethos at its core, Hubspot encourages businesses to create a digital value exchange with prospects and customers.
With this in mind, HubSpot was/is focused on delivering a tool that could perform that for its user base. These tools allowed businesses to attract, engage and delight their target audience members by providing them with thought-provoking journeys and valuable content.
However, HubSpot didn’t stop there. Recognising the need for a comprehensive solution, they expanded their offerings into various suites designed to address different aspects of business growth.
Enter Sales Hub - providing a centralised platform for managing sales processes, pipelines and leads more efficiently. This was joined by the CRM solution, giving companies a holistic view of their contacts and business touchpoints to enhance relationship management. To cater for businesses that are service or ticketing-based, HubSpot then introduced Service Hub. This suite facilitated the development of robust customer service solutions, allowing businesses to deliver better support and resolve customer issues quickly.
Finally, and most recently, HubSpot has introduced its Operations Hub. This focuses on optimising business operations and working alongside the automation within its marketing suite. The Hub enables businesses to have a seamless data flow and better processes so that teams can be more collaborative and efficient.
Their commitment to fostering better business-to-person relationships leads them to continue developing new products on an almost weekly basis. New iterations of existing products show that HubSpot is continuing to help businesses reach and engage their customers in new and innovative ways to keep up with demand.
But why does this matter to you?
If you’re reading this article, chances are you fall into one of two categories:
- You are someone who already has HubSpot but is struggling to derive an ROI using it
- You are considering HubSpot and want to ensure it’s a revenue-driven decision for your business
It’s important to note that HubSpot was specifically created as a tool for improving your bottom line. If you’re not experiencing the expected value, there’s likely a gap in how you’re utilising the available tools.
Fortunately, every tool you can use has the potential to generate a clear ROI for your business and, ultimately, increase your revenue,
If you find yourself in the former group, consider requesting a HubSpot Portal audit with our expert team. During the audit, our team will analyse how you’re using HubSpot suites, diving into its configuration and usage. We will then produce a GAP analysis where we provide actionable insight into how you can start unlocking the potential of the solution.
Below, we list four ways in which HubSpot can increase your revenue in 2023 and detail how you can go about actioning this in your portal straight away.
4 Ways HubSpot Can Increase Your Revenue
- Visibility of contacts
- Automation of sales outreach
- Streamlined marketing tech stack
- Reduction of sales lifecycle
Visibility of Contacts
HubSpot’s CRM suite offers an unrivalled view of all contacts, enabling data teams to see all touchpoints they have with your company. This feature not only allows for effective attribution tracking but also empowers you to understand where prospects are within the sales cycle.
While this may sound like a basic and expected function of a modern CRM, it’s crucial to consider the alternative to not having a CRM like HubSpot.
Without a CRM, businesses often rely on manual data entry using spreadsheets. This means they’re prone to human error and aren’t efficient. In contrast, an automated CRM like Hubspot ensures that data is updated in real-time, providing the most accurate information on all contacts. This automation streamlines the data entry process, freeing up valuable time for teams to focus on other tasks.
Additionally, HubSpot’s CRM offers a wide range of customisable properties, allowing you to display and gather the right information for your needs. This flexibility allows the CRM to align with your unique processes and requirements. Whether it’s capturing essential contact details or tracking customer interactions, HubSpot’s CRM empowers you to engage your contacts more effectively.
The ability to centralise and visualise contact touchpoints with HubSpot helps directly influence your revenue by understanding how your prospect has communicated with your business, and what services/features you can offer to ensure a conversion.
Where we often see a gap in effectiveness is with teams who don’t understand the value of this data - and fail to consistently input. This has a negative domino effect on other HubSpot tools, insights and dashboards.
Sales Outreach Automation
While having a comprehensive CRM with all your contact data is beneficial, actively prospecting and finding new customers is equally important for new business growth. HubSpot’s Sales Hub offers a range of powerful features to support your prospecting efforts and drive sales outcomes.
Within HubSpot, you can leverage the tools to set up templates, snippets, documents, cheat sheets and more. These sales enablement resources enable you to streamline your sales communication and provide consistent, personalised messages to your prospects.
The standout tool of the suite is Sales Sequencing. This powers sales teams with automated reminders for them to email prospects. Equally, you can send prospects direct, automated emails straight from the system using your aforementioned snippets and templates. The automation ensures that no opportunity slips through the cracks and that you maintain consistent follow-up and communication with your leads.
A new feature of the suite is the prospecting dashboard, which further enhances the sales process by providing a centralised hub for managing prospecting tasks. This dashboard lets your sales team see what tasks, emails and calls they have to complete for the day, creating an efficient approach to sales outreach.
All of the above, if applied correctly, can help you drive revenue and increase generated leads for your business.
Streamlined Marketing Tech Stack
Once you have sales and data strategies in place, the next essential step is to tackle marketing.
Marketing is HubSpot’s bread and butter and the platform provides all the tools to enhance and optimise your marketing efforts across a range of marketing channels.
HubSpot offers a comprehensive suite of marketing tools that enable you to optimise your website’s performance, create engaging email campaigns and manage paid Google and social media ads. These tools empower you to enhance your marketing activities and deliver targeted experiences with your prospects and customers.
One significant benefit of using HubSpot’s Marketing Hub is the ability to measure performance across all channels. From within the platform, you can track key metrics, from top-level website performance to attributing marketing efforts to revenue targets. This approach allows you to gain valuable insights into the effectiveness of your marketing strategy to see whether it’s successful or not. It shows you what you should tweak and where you should shift some budget.
Furthermore, as HubSpot is an all-in-one platform, it reduces your need to expand your tech stack across multiple platforms. By consolidating your marketing tools into one platform, you can streamline your marketing spend and increase your margins.
Reduction of Sales Pipeline Time
Finally, HubSpot’s Sales suite provides valuable insights into the effectiveness of your sales pipeline, ensuring it’s fit for purpose and drives successful outcomes. Post-building your pipeline in HubSpot, you can leverage the reporting capabilities to gain visibility into the average time prospects spend in each stage of your pipeline.
The reporting of functionality enables you to identify potential bottlenecks or areas where prospects may be getting stuck in the sales process. Armed with this information, you can take proactive measures to optimise your pipeline and streamline the buyer's journey, ultimately improving conversion rates and accelerating sales cycles.
In addition to monitoring and reporting on sales opportunities, HubSpot allows you to implement automated actions to nudge prospects towards completing the conversion. By leveraging the native automation capabilities, you can set up automated reminders or notifications to prompt prospects and keep deals moving seamlessly through the pipeline.
To go one step further, HubSpot’s workflows feature enables you to trigger the movement of deals based on specific criteria, such as tasks to be completed by sales reps or actions that customers need to take. By setting up these automated workflows, you can ensure that deals progress through the pipeline without interference from a sales representative, improving the efficiency of your sales process.
Next Steps
Are you looking to optimise your HubSpot portal to improve your bottom line?
BIAS Digital are HubSpot Gold Partners and have extensive experience in unlocking its full potential for SaaS and services. Get in touch with us today to find out more.
