When it comes to measuring marketing efforts, a lot businesses have a really hard time with this. Understanding how your industry works, coming up with a good marketing strategy and being able to measure its performance are all completely different things.
Using a marketing automation software like HubSpot is great when trying to speed up and automate those small, yet important and time consuming steps, but calculating the ROI of your software can be complicated. It’s more so with HubSpot, since it isn’t exactly cheap and not knowing whether it’s useful for you or not, can lead to disturbing thoughts.
Luckily, there are few things to take into account when trying to calculate your ROI that most businesses might be missing out. It’s of course impossible to measure the ROI with 100% accuracy, but having a pretty close estimate should be good enough to settle the matter. Here are four reasons that could most likely be holding you back from getting the desired ROI.
1. Not utilizing lead intelligence to its full potential
HubSpot is a tool and as much as it makes your life easier as a marketer, it simply can’t do everything in your stead. To really make use of it and come out on top of your invested resources, you need to use all the features correctly.
The lead intelligence system offered by HubSpot gives the ability to gather all the information possible about your leads in a single place and understand what works and what does not. To make this work though, you really need to create the right lists of leads and define your MQL and SQL properties correspondingly.
When everything is set right, you can see pretty much everything - how many leads were generated from a particular offer or campaign, understand which content drives traffic and which doesn’t, compare everything smartly, learn your top performing channels and focus on those more heavily and also find the possible gaps in your content strategy.
Lead intelligence is one of the main features of HubSpot, which makes the core part of your marketing efforts. Not using this effectively can be one of the reasons for negative ROI.
2. Not using smart content
Smart content is a unique HubSpot feature, which is unavailable on other platforms, that offers marketers a very powerful way to convert more leads. A lot of businesses know about this, but when it comes to actually using it, they use only the smart forms at most, skipping smart content and smart CTAs.
Smart content can be very powerful when combined with lead intelligence. When you have enough information about your leads and know exactly what is it that they want, you have the option to present the exact information needed on your every website page.
This opens up pretty much endless opportunities: If a lead has the budget and cares for high quality service, you can change your services page to display higher rates for that specific lead, since you already know that he or she is willing to pay a higher price.
If you are a marketing agency and the lead is interested in a specific topic, for example lead generation, then you could show the lead all the content available to you concerning the specific topic so that the person won’t waste time on finding it.
Lots of people think that this is a minor thing and if a lead is really interested in something, he or she will explore your website until they find what’s needed. This isn’t always true and even if it is, saving precious time is a sure way to increase your conversion chances.
3. Disregarding analytics
Ok this is very important. Regardless of what you think or what your intuition tells you or whatever else of this sort, not using analytics is the worst possible thing you can do to your business. Numbers don’t lie. Even if you think something should go well, if the numbers tell you “NO” then you should change and adapt.
HubSpot offers the most in depth analytics available, with very detailed data on each point: the pages that brought most traffic, offers that generated most leads, where are the leads in the buyer’s journey, how is each stage’s content performing and more.
Not taking into account the analytics provided is one of the biggest mistakes that can lead to disastrous consequences. Every marketer has been taught to be creative and test everything, which is all very good surely, but sometimes it’s just not worth it. You would rather get the desired results with proven tactics, than test stuff all the time.
Following what data tells you to do is one of the easiest and most stable ways to improve your revenue and measure the ROI of your marketing platform. This is exactly what HubSpot was designed for after all – to give the most precise and detailed analysis of the situation possible.
4. Not utilizing the all-in-one feature
You might think that this not your case, but don’t be in a rush to skip this point. Using the all-in-one automation to its full potential isn’t just about social media scheduling, blog posting, follow-up emails or even workflows.
You may be using all these features, but the real strength of the “all-in-one” lies in the ability to gather data from every source and combine it together to save up even more time and gather even more information. The comfort of doing everything from the same account isn’t all that HubSpot is about, it’s more than that.
Using complex workflows, smart lists, smart content and analytics together is the key to improving your marketing efforts dramatically. It’s not about using the separate features, it’s about the combined result and data that you can salvage which will really make a difference. Take a look back and think about what you are doing with your software and I am sure you will find a lot of gaps in your work.
Gaps are created to be filled, just like mistakes are made to learn from them. If you aren’t seeing the desired ROI from your HubSpot license, it’s not that the software is bad or you are a bad marketer: The real point rests with the ability to understand what you do wrong and fix it ASAP. Do this for each issue that you find, and you will notice your ROI increasing, maybe not overnight, but at least at a steady pace. Keep your spirits up!