Using HubSpot To Kill Revenue Drains

HubSpot is one of the world's most popular customer relationship management (CRM) tools. Once your business starts using this software, it's not difficult to see why. It can do all sorts of things from highlighting lost leads to identifying poor data quality.

The purpose of this post is to look at some of the ways that HubSpot can kill revenue drains and eliminate unnecessary costs. Obviously, this software is for businesses, so we will be discussing the benefits of the tool in a commercial context.

Ultimately, we think of HubSpot as a unified platform that includes a sales hub, a service hub, a marketing hub, and an operations hub. For us, it is more like a command center that provides exceptional visibility and automation for companies across the board.

Align teams to generate maximum revenue

One of the most powerful features of HubSpot is its ability to function as a single source of truth. When everybody in the organization is using a shared playbook, it reduces the risk of siloing. Marketing, sales, and service arms of your business can all communicate with each other and work on the same workflows. Therefore, our recommendation is to use HubSpot for unified reporting. You can leverage it to avoid manual reconciliations, cutting down on the amount of leakage you experience at your start-up or early-stage firm substantially.

Spot bottlenecks

Another way to use HubSpot is to leverage it for spotting bottlenecks in your sales funnel. Sometimes, these can be hard to perceive, but if you have the proper reporting in place, you can determine exactly where things are going wrong.

The first step is to fully segment your sales funnel according to your business or industry's specific sales cycle. Once you've done this, you can determine whether you have problems at the upper, middle, or lower stages of the sales funnel. For benchmarks, use industry averages for conversion rates.

Then compare these to how your firm is performing. See where the bottlenecks are occurring and then take action using CRM tools in HubSpot to correct them. Once you do this, you should find that issues can no longer compound even if you have the best conversion rate at the lower end of your sales funnel. Problems at the awareness stage can severely hamper your efforts.

Automate your follow-ups and task management

We also recommend automating your follow-ups and task management in HubSpot. This reduces the risk of lost deals. The CRM lets you build sequences and workflows to nurture prospective clients. You can also include special instructions for agents on what they should do next. If they feel like they are losing a lead, when this happens and you implement it correctly, it can maintain momentum and keep customers moving through the sales funnel.

If you don't know how to use this, it is well worth approaching a HubSpot consultancy like Incremental. These professional services assist with all aspects of using HubSpot to improve your business and revenue.

One of the things you might want to work through with them is the type of tasks you should be automating using the tools available inside HubSpot. These investments eventually become a standard part of your workflow for months and years to come so they’re well worth it.

Use attribution insights

Another less well-known way to use HubSpot to drive revenue and success in your business is to use attribution insights tools. The goal of these is to show which aspects of your marketing and outreach are working. You want to know which are driving your success and which aren't.

This is important because some marketing efforts are expensive but have low return on investment. At the same time, though, they can be challenging to identify. When you have a tool like HubSpot working for you, you can crunch the numbers and determine where things are going wrong. Ideally, you want to use the CRM to focus only on high converting paths that require minimal resources. If you can do this, then you can maximize your path to success and your ROI.

Track recurring revenue

If you have a subscription model, you should also use HubSpot to track your recurring revenue. The tool is ideal if you're worried about failed payments or missed renewals, or even silent downgrades. HubSpot contains a revenue analytics module that allows you to track key metrics like lost MRR/ARR, ratios, expansion, contraction, and new signups. These are handy when you want to learn how you are performing now and into the future.

If you can, you also want to set up automated reminders. These are useful when customers are backsliding, and you want to keep them in the game. You can also measure the success of these tools, A/B test, and determine which options are the best for retaining customers and revenue streams.

Check and monitor stale deals

HubSpot can also enable you to monitor and check deals that may have lost their potential. Retaining these longer than is absolutely necessary can lead to poorer performance overall. Plus, sometimes customers simply don't take advantage of these deals. If there has been no activity for the last 30 days, it's a sign that it needs to be changed.

HubSpot includes tools like quick revenue analyzers and custom dashboards that can highlight these failed campaigns. You can then use these to quickly remove anything that isn't serving you and replace it with something better.

Clean up bad data

Finally, you can use HubSpot to clean up various forms of bad data. It can deal with:

• Duplicates
• Misattributed data
• Incomplete data entries

HubSpot has various data quality features in the Operations Hub that you can run through. Whenever you apply these, make sure you understand what the operation is doing and don't do anything that's going to reduce the quality of your data or eliminate it from analysis. If you can use the AI tools for suggestions on how to boost data quality.

So there you have it - how you can use HubSpot to eliminate revenue drains in your business.