Goal setting is the most critical and frequently botched task with HubSpot onboarding.
It may not seem important when you're just getting started with HubSpot and mostly focused on importing contacts and connecting apps, but hear me out.
The goal you set, and how you decided, will have a major impact on ROI when your campaign gets underway.
It's not just about choosing a dollar figure, putting it in the company’s growth plan.
I am referring to the process of setting a realistic, impactful objective and backing out the mini-goals your team needs to reach to get there.
Here are the questions that will help you map out a path to success after completing HubSpot onboarding.
What Revenue Gap Are You Are Trying to Fill?
Let’s get to brass tacks right away. How much revenue are you charged with bringing in over the next 12 months?
Notice I didn’t say, “How much this year?”
You are about to embark on an exciting journey that will pay dividends if you put in the time, effort, and planning, but unless your goal is very small, you aren’t likely to hit it in just a few months.
Your revenue goal should be realistic, and that includes giving your team enough time to make it happen.
Most companies find their sweet spot by setting a goal of 15-25% growth. That is an achievable benchmark that will make a real impact on the bottom line.
Regardless of the number your senior team is happy with, it’s a good idea to think about what the current pace of business will deliver.
If You Did No New Marketing, How Much Revenue Will Your Company Earn?
Let’s say your business brought in five-million dollars last year, and the goal is to increase that to $6.2 million.
Before you start planning your new marketing strategy around that number, take a look at what the sales team is projecting today. Take stock of the what the monthly average looks like, as well as any pending deals that are likely to close.
A conservative estimate might project a $300,000 increase in business today, which means the gap your HubSpot marketing plan needs to fill is a bit less.
Call it $900,000.
Related Content: HubSpot Onboarding: How to Work With Your Agency Partner
How Many Customers Will You Need?
With the budget gap determined, we can now start breaking down the KPIs that will get you there.
Calculate how much an average new customer will spend in 12 months and divide the revenue gap by that number. If the average is $25,000, you will need 36 customers.
Now, we can start to zero in on the number of leads you will need to reach your goal.
"When it comes to marketing goals, there should always be a clearly defined finish line that says you’ve done your job and done it well.
Without that finish line, you are running a race with no possibility of ever knowing how you did."
What Is Your Closing Rate?
Whether your sales team is comprised of one person or one hundred, every organization should know what its closing rate is.
Many businesses have a high closing rate when the prospect is a good-fit, some as high as 80-percent or more.
If your company has a high closing rate, and each customer takes a considerable amount of time to onboard, you may want to focus less on generating a high volume of leads and more on qualifying the right ones.
If the closing rate is lower, and the health of your business depends more on a quantity of sales, your marketing team will need to focus on filling that pipeline and less time on lead qualification.
How Many Leads Will You Need?
This is the million dollar question, and you won’t find the right answer until you start executing your HubSpot marketing campaign.
The reason why it’s difficult to calculate the number of leads is because there are different lifecycle stages in the buyer’s journey. These are critical for zeroing in on good prospects, and keeping Sales from wasting time on the bad ones.
Still, you can project the number of opportunities and sales qualified leads you will need, based on your company’s average closing rate. I find that it’s best to keep doubling the number as you move back through the sales pipeline:
Customers: 36
Opportunities: 72
Sales Qualified Leads: 144
Marketing Qualified Leads: 288
Total Leads: 576
Once the campaign picks up momentum and processes get tighter, most businesses find they need far fewer leads to reach their goals than what you see above.
For now, you can figure about five-percent of your total leads will convert into customers.
How Much Website Traffic Do You Get Today?
This last number is very important for setting inbound marketing goals, and one that’s easily missed.
Most leads will come from your company’s website, so traffic has a big impact on results.
Most companies should strive for a one-percent session-to-contact rate on their websites after onboarding with HubSpot. This means one-percent of the total visits to your website (new visitors and returning ones) will convert into a lead.
You will be able to track this metric from your marketing dashboard in HubSpot.
It’s not uncommon to start with a smaller conversion rate, so it’s critical to make sure your website is growing on a steady and rapid pace. The best way to do this is by:
- Aggressively creating educational content your buyers are searching for – blogs, videos, guides, and other resources
- Boosting brand content through paid advertising on Google and social media (including account-based targeting)
- Collaborating with known influencers in your niche industry
Building traffic while improving conversion paths on your website are the two most critical tasks on the road to success at HubSpot marketing.
Using the metrics we outlined earlier though, you should shoot for 57,600 sessions over the next 12 months.
Determine How Much Work It Will Take to Nail the Objective
After establishing the milestones above, you have a good roadmap that will guide your company in the right direction.
Sure, you may need to make a few adjustments along the way. You might need fewer leads than your analysis predicted, or new customer spending may change.
By starting with conservative numbers, your team should be able to outpace your performance metrics and fine tune as they go.
The biggest mistake every company makes with HubSpot onboarding is neglecting the process of finalizing not only the right goal, but the right path to get there.
By following the process outlined above, your marketing team will have the insights they need to optimize the campaign every step of the way.
When it comes to marketing goals, there should always be a clearly defined finish line that says you’ve done your job and done it well. Without the finish line, you are running a race with no possibility of ever knowing how you did.
There is a better way.
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Jul 12, 2021 1:25:04 PM
