April 21, 2020
Evaluating HubSpot for Startups? 4 Questions to Consider
Two things we love here at Lake One. Startups and HubSpot. Startup marketing has a special place in our heart. Most of our team has had a stint in a funded startup at some point, so we know the culture and mindset that drives startups. We team up with venture funds and accelerators here in the midwest to share marketing insights with startups every year. Many of those startups, through their venture fund or accelerator, get access to a special perk known as the HubSpot for Startups program. We’ve worked with many startups through this program and want to share some of the essential questions we’ve helped organizations consider when evaluating HubSpot for startups.
What is HubSpot for Startups
HubSpot for Startups is a special program for startups who are members of or alumni of more than 2,000 approved HubSpot for Startup Partners. These partners are incubators, accelerators or Venture Capital firms all over the world. Additionally, there are revenue guidelines that apply to your startup. If you’re eligible, startups earn significant discounts on HubSpot Growth Suite subscriptions and gain access to startup specific resources. You can learn more about the program and see if you’re eligible for it here.
Is My Startup Ready for HubSpot?
One of the first questions to consider when thinking about onboarding with the HubSpot for Startups program – is your startup ready for a platform like HubSpot? There’s a couple of different ways to think about this.
Would inbound marketing for your startup work? Not every startup is a great fit and those resources might be better served somewhere else.
How do you know if you’re a good fit? If you answer yes to some of these questions for example:
- Do you sell your product or service direct to your end-user?
- Do you have a long, complex sales process?
- Is your good or service a considered buying process, in other words, does it require multiple decision-makers and/or a lot of research?
Does your startup have some initial traction? This is important because traction indicates some semblance of process. When you adopt marketing and sales tech, data governance around your CRM and thinking critically about logic for workflows is a key part of the success you’ll have with your technology. That’s not to say you have to have everything figured out, but if you’re expecting the tool or an agency partner to make your startup launch, you’re probably not ready for this investment of money and time yet.
Which Hubs Should I Leverage From HubSpot?
Let’s assume you’ve made the decision that the timing is right. The discount is awesome from HubSpot – does that mean it’s worth signing up for all three hubs of the Growth Suite? Not necessarily.
Just like not every startup will lend itself well to inbound, or your maturity level might not have the traction needed for a platform like HubSpot, every Hub may not be immediately valuable to you.
Reflect on your most pressing needs with your startup.
- Are you looking to scale and define sales processes?
- Do you want to better report on your pipeline and have the ability to forecast?
- Are you looking to automate certain aspects of your sales process like prospecting and outreach?
- Do you need one source of truth for your CRM that supports both sales and marketing activity?
Sales Hub is worth a look.
- Do you have a long sales cycle with a complex product with prospects that need educating?
- Do you have manual processes dragging down your team?
- Do you want to be able to launch rapid tests with landing pages, emails and other creative?
- Do you want to be able to send segmented and personalized email content?
- Do you want a tool to launch lead capture without needing IT?
Marketing Hub is worth a look.
- Are you drowning in support tickets?
- Wish you could just send people links to commonly asked questions so they can help themselves?
- Is customer service a top priority for your brand?
Service Hub is worth a look.
You may find you want to go all-in right away, but know you can always add on over time as well. Take one Hub, implement it and get it operational. As a HubSpot partner, we’ve seen a lot of abandoned Hubs where teams just got overwhelmed.
How Long Should I Expect to Implement HubSpot?
Implementation time will be directly related to the complexity of your business and it’s processes. On the low end give yourself 4-6 weeks. It can scale up dramatically if you’re dealing with large amounts of existing customer data, integrations with third-party tools or your own product.
How Long Should I Expect to Get an ROI?
Technology is not a strategy. So the ROI will be contingent on how effective your strategy is within the platform. Whether it’s lead gen and conversion or customer experience improvements. That said, some rules of thumb, for example, are a lead gen program from inbound can take anywhere from 6 – 18 months to start building momentum. Also, give yourself time to continue to apply learnings around lead quality. It takes time to build the momentum around driving high quality traffic at volume.