HubSpot's evolution into a comprehensive CRM platform responds to the growing complexities in the B2B market. As companies expand, they face challenges like forecasting revenue, enhancing reporting infrastructure, and streamlining workflows across functions. HubSpot, transcending its inbound marketing origins, addresses these needs with its Customer Platform, including Marketing, Sales, Services, CMS, Operations, and Commerce Hubs.
Implementing HubSpot can revolutionize how revenue teams streamline RevOps, connect with customers, and drive revenue at scale. However, the key to truly capitalizing on the platform is in strategic implementation for long-term ROI. Insights from our State of HubSpot report shed light on three pivotal strategies to enhance the ROI of HubSpot implementation.
Read on to learn about:
- HubSpot's Market Response and Migration Trends
- Key Features Driving HubSpot Adoption
- Challenges in Adopting HubSpot
- How to Increase ROI of HubSpot Implementation
- The Full State of HubSpot Report
Market Response and Migration Trends
As of this year, HubSpot CRM has 100,000+ users across startups and enterprises in more than 120 countries. The brand's strong global market position among enterprise CRM providers like Salesforce is undeniable. We analyzed survey results from over 1,000+ HubSpot and Salesforce users to compare the platforms. The shift towards HubSpot signifies a trend towards integrated, efficient CRM solutions, as highlighted by:
- 84% of HubSpot users agree that HubSpot meets their CRM needs compared to Salesforce users' feedback on their platform (76%).
- Fewer HubSpot users (60%) need third-party apps for functionality compared to Salesforce users (67%).
Companies are increasingly recognizing the value HubSpot brings to their operations. In fact, 4 in 5 non-HubSpot users are considering migrating to HubSpot within six months, particularly Marketing and Sales Hubs.
Operations Hub also sees significant traction, with 94% of users experiencing increased Customer Acquisition Cost (CAC) rates and revenue growth post-implementation.
Key Features Driving HubSpot Adoption
HubSpot's impact on core revenue metrics is undeniable: 80% of users experience a decrease in CAC and an increase in bookings and revenue after implementing the platform. This highlights HubSpot's significant role in driving key outcomes, making it an essential tool for revenue-focused teams.
Outside of revenue-specific KPIs, the adoption trend is driven by several other key impacts of HubSpot, including:
Cross-Functional Alignment and Collaboration
87% of organizations report facing alignment issues between sales, marketing, and CX teams. This creates a pressing need for a tool like HubSpot, which can effectively address these collaboration issues and improve overall organizational alignment and coordination. In fact:
- 97% of revenue leaders recognize the tangible benefits, such as increased revenue and customer satisfaction from this alignment, while
- 82% agree that a centralized platform for sales and marketing like HubSpot fosters better collaboration and contributes to revenue growth.
This ability to address internal challenges and break down silos within organizations underscores HubSpot's effectiveness in improving overall organizational efficiency and coordination.
Scalability and Enterprise Adoption
Following the theme of organizational efficiency, another key factor in HubSpot's widespread adoption is its scalability and suitability for enterprise-level use:
- 88% of respondents affirm HubSpot's capability to meet the complex needs of larger organizations, indicating its robustness as an enterprise-grade CRM solution.
- With nearly half of the respondents expecting CRM systems to integrate AI, HubSpot leads this trend. Announcements at INBOUND this year showcased its commitment to incorporating advanced tech like AI.
The ongoing expansion of functionalities and integration capabilities demonstrates HubSpot's adaptability and alignment with evolving operational and technological needs.
Comprehensive CRM Suite and User Experience
The impact of HubSpot in driving profitable and efficient growth is clearly demonstrated by the many ways in which users actively engage with its features:
- User-Favorite Features: The platform's robust "Marketing and Sales Analytics" and a "User-Friendly Interface" are cited as favorite user features. "HubSpot's Efficiency" and "Customization Capabilities" also stand out, allowing teams to tailor the platform and workflows to their operational needs.
- Data-Driven Insights and Performance Tracking: Nearly half of all users rank the "Data for Making Informed Decisions" and "Performance Tracking" as their #1 ways to drive profitable and efficient growth in HubSpot.
- Enhancing Operational Efficiency: Around one-third of all users use HubSpot for "System Consolidation" to centralize customer information, "Automation Features" to streamline marketing and sales processes, and "Custom Integrations" to extend and integrate their CRM with other tools.
These highlights from HubSpot's Customer Platform showcase the platform's adaptability, advanced features, and ability to enhance operational efficiency through customization and integrations.
Top Challenges in Adopting HubSpot
Despite these advantages, some businesses face hesitations in adopting HubSpot:
- Concerns about the complexity and effort required to migrate data and processes.
- Worries about how seamlessly HubSpot will integrate with existing technology stacks.
- Doubts on whether HubSpot's functionality can be customized to meet unique business needs.
- Perceived limitations in supporting detailed revenue reporting requirements in specialized industries.
However, the effectiveness of any tool is as good as its implementation. Let's take a look at the implementation playbook of top-performing companies, as defined by companies reporting 100%+ in revenue growth in 2023.
3 Ways to Increase ROI of HubSpot Implementation
Drawing insights from the 'State of HubSpot' report, strategies to increase the ROI of implementation include:
- External support: 87% of respondents who used external support, such as Solution Partners, with HubSpot implementation reported improved customer acquisition rates.
- Process adaptation: Nearly 90% improved new customer acquisition rates by adapting their processes to HubSpot functionality.
- Training sessions: 83% of those who conducted HubSpot training also reported improved acquisition.
1. Leverage External Expertise and Skilled Professionals
One of the most striking findings from the report is the value of expertise in HubSpot. In fact, we found that expertise in HubSpot is not just desirable but essential to making the platform tic.
- 67% of respondents emphasized the necessity of hiring talent with at least one to two years of HubSpot proficiency.
- 87% of businesses that engaged with external HubSpot experts saw significant growth in customer acquisition rates. This underscores the importance of leveraging specialized knowledge for customizing and optimizing HubSpot to fit unique operational needs at scale.
Solutions Partners, which can be found in the Partner Directory, have certified HubSpot expertise to tailor the platform, aligning every feature, tool, and cross-functional team process to revenue-generating activities, maximizing the efficiency and effectiveness of your CRM investment.
2. Adapt Processes to HubSpot's Capabilities
Adapting your business processes to align with HubSpot’s functionalities is another critical strategy for enhancing ROI. In fact, 86% of businesses reported improved customer acquisition rates after process adaptation. The key here is to integrate HubSpot deeply into your cross-functional workflows:
- Surveyed participants who implemented "System Consolidation" with HubSpot say they successfully merged their software data into HubSpot, centralizing customer information. This strategic consolidation empowers businesses with deeper insights and enables them to develop more targeted and effective strategies.
- Similarly, businesses that leveraged HubSpot’s "Process Automation" to streamline operations improved operational efficiency and paved the way for a more data-driven approach to customer relationships.
3. Invest in Comprehensive Training
Finally, the significance of training cannot be overstated. Over 83% of businesses that conducted comprehensive training sessions observed improvements in customer acquisition rates. Effective training ensures that your team is familiar with HubSpot's functionalities and can utilize them to their full potential. The training should cover the spectrum of HubSpot's capabilities, including:
- Performance Tracking (used by 49% of users)
- Data-Driven Strategies (45%)
- System Consolidation (43%)
- Process Automation (42%)
- Custom Integration (42%)
Continuous learning and staying updated with new features and best practices are equally important. This helps keep the team adept at using the platform and adapting to evolving business needs and market trends.
Access the Full State of HubSpot Report
Implementing HubSpot is just the first step. The real value comes from how effectively it's integrated into your business processes, the expertise of the people handling it, and the continuous efforts put into training and adapting to its features. By focusing on these three key areas—leveraging external expertise, adapting business processes, and investing in training—you can significantly enhance the ROI of your HubSpot implementation, turning it into a powerful tool for scalable revenue growth and customer connections.
For a deeper understanding of how HubSpot can revolutionize your business operations and to explore more insights like these, access the full 'State of HubSpot' report here. This comprehensive report provides valuable data, trends, and actionable strategies to help you make the most of your HubSpot investment.
