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HubSpot Utilization Research Uncovers Important Areas to Focus On

Thumbnail-HS-Research-FindingsCompanies are spending more money than ever before on technology applications (and that doesn’t even account for the “free” software that’s been installed). Our Martech Advisory Services group has had a front-row seat from multiple perspectives:

  • Designing, building and maintaining our tech stack
  • Advising companies on the design of their tech stack
  • Deep implementation with a variety of companies to help them drive greater sales velocity

Over the last three years, we’ve seen an explosion in both the choices and active demand for Martech. Three years ago we had to “push” the tech utilization conversation to our clients. We had to demonstrate the business for considering the use of new technology before we could talk about anything specific. Today, we’re getting “pulled” into the conversation.

On one hand, this is good news (at least for us). Businesses, more than ever, understand the need to optimize and accelerate their processes and they understand that new technology is often required to do so.

On the other hand, we started to see that there was some bad news about this as well. Increasingly, organizations viewed technology as “the” solution to a problem. What’s more, in the tech stack analysis we did, we often saw that companies had bigger stacks than ever and were often not utilizing the existing apps they had appropriately and/or were considering new apps to solve problems that their existing tools could solve if they were using them better.

These observations led to a growing hypothesis we wanted to test. The hypothesis is that while there is growing (exploding) demand for new technology, most companies would be better served by improving how they’re implementing their existing tech stacks and processes before adding new tech.

To test this hypothesis we decided to look at how mid-market companies are utilizing a core part of any growth tech stack - their marketing automation platform. So, over the last two months we conducted a fairly in-depth research project. 

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The Most Comprehensive Review of HubSpot Sales Enterprise

HubSpot-SalesThe biggest news among the product announcements made by HubSpot at Inbound 2018 was the addition of an Enterprise level product for the HubSpot Sales tool. Over the last four years, HubSpot has been invested more time, energy, focus and money to make their sales product the equivalent (for both revenue and capability) of their core marketing product.

Sales technology is gaining more and more momentum, as growth-focused companies are investing in their capabilities to enhance sales performance, and to do for sales much of what marketing automation has done for lead generation and marketing efforts.

There is no question that sales needs a transformation when you consider the following:

  • Customer acquisition costs continue to increase at faster rates than revenue growth rates do
  • The percentage of sales reps that consistently hit quotas continues its multi-decade trend of decline
  • The same is true for the percentage of time sales reps are spending actually selling (of course, this trend may be the cause of the first two)

HubSpot’s announcements about their sales products not only reiterates their continued commitment to addressing the sales side, it also is a clear indication that HubSpot is aiming to become indispensable for larger companies and larger sales teams.

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Modern Lead Generation is Failing. 5 Critical Factors to Drive High-Velocity Customer Acquisition

Imagine_Speed-Velocity Graph with TitleA couple of weeks ago, I introduced a chronic problem plaguing the growth efforts of companies, large and small alike. Lead Activation Syndrome occurs when the successful results of lead generation efforts aren’t translating to greater velocity of quality sales, opportunity creation, or new customer acquisition.

Companies can still drive growth--often at a very high rate--but the costs of such efforts grow at a faster rate than growth. As a result, the systems and people supporting growth must run at a faster, often non-sustainable, pace.

The cause of this problem is typically weak, or nonexistent, middles. The attention paid to lead generation and inbound marketing has greatly strengthened the top of the funnel, but little to no attention is paid to constructing a strong middle.

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Conversations Don’t Happen by Accident: The 6 Strategies to Creating a Strong Chat Experience

CAPBot ChatYesterday, Drift announced the latest enhancement to their conversational marketing platform, called Leadbot 2.0. Leadbot 2.0 increases the power available to marketers and salespeople utilizing chat while also drastically improving the user interface and ease in building out strong chat experiences.

This news, combined with the leaps HubSpot has made with their soon-to-be-released update to their chat product, Messenger (I’ve had beta access to the product for the last month), means that the momentum behind Chat and Conversational Marketing isn’t going to slow down anytime soon.

And for good reason. I’ve always believed that the mantra of the modern demand generation executive is “Solve for the customer!” Done properly, chat is a powerful tool to empower both the seller and the buyer, enabling them to have meaningful conversations in the most effective and efficient way possible. I’ve made no secret that I don’t believe Chat means the end of other demand generation tactics, but the compelling use cases for Chat continues to increase every day.

However, Chat is by no means an easy or “quick fix” solution. It’s not as simple as throwing some code onto your site, assigning sales reps to manage it, and then waiting for the people to ask you if you will let them buy your product/service. Make no mistake, there are far more bad chat experiences than there are good ones.

Implementing chat requires a commitment of time, money, and a solid effort to develop the strategies, plumbing, and training to make it work. There’s no question it’s a great opportunity to create leverage and lower costs, if - IF - you do it right.

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5 Keys to The Effective Use of Technology

hire-technologyLast week I was talking with Jess, our Director of Operations, about the inordinate impact that technology has had on the sales and marketing function. I told her about my first “CRM.” As a new hire with Alamo Rent-A-Car, I was assigned 624 travel agencies in my territory. A couple days after I started, I got a thick envelope with 104 pages of cards (there were 6 cards per page) printed on a dot matrix printer. I separated my cards, placed them into a file box and went to work.

Sales and marketing technology (or, the growth stack) has moved from being a complement to the work that needs to be done, to being at the core of virtually everything that happens.

The Role of Technology in Sales & Marketing

Consider the following:

  • The average company is spending almost $5,000/sales rep/year on sales technology. (source: Gartner CEB)
  • The Marketing Technology Ecosystem had just 120 names when it started in 2011. Today, there are more than 5,000 technology alternatives (and growing). (source: ChiefMarTec)
  • Investment in sales technology over the last two years tops $10 billion. (source: VentureBeat)

What’s clear is the mushrooming growth and impact of technology in demand generation and sales. Equally clear is that despite all of these investments, users are not seeing the returns they expected.

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HubSpot Sales Pro Sales Enablement Tool Review

hubspotsalesad

Over the last three years, HubSpot has continued their commitment to the sales stack, while reinforcing their core marketing product. For those considering building out and enhancing your sales tech stack, here is my review of HubSpot’s new Sales Professional tool.

[NOTE: To future readers, this review was created nearly three months after its late 2017 rollout, so things will certainly change going forward.]

The role of technology continues to grow its importance in the daily lives of salespeople and executives. Gartner CEB recently shared that companies are spending almost $5,000 more per sales rep, per year on sales enablement technology. The strong use of technology is increasingly becoming a “ticket to play,” for sales organizations.

The launch of an enhanced version of HubSpot’s sales enablement app Sales Professional was among the big product announcements at Inbound17. As HubSpot’s headline indicates, the promise is big.

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5 Essential Components of a High Sales Growth Tech Stack

tech-stack.jpgThe game is getting real folks. Every day it seems a new challenge is emerging that makes the traditional growth playbook ineffective. Several weeks ago I shared the results of a deep analysis we completed that focuses on how the very best growth companies build their demand generation program. In The Five Levels of Demand Generation, one of our central observations was the growing role of technology. While companies at all levels are using more technology, the difference between the best and the average was in how they used, integrated and aligned technology in their approach to growth.

Recent research from CEB highlights that companies are spending, on average, almost $5,000 per sales rep more on technology today than they did two years ago. Despite that investment, the results companies are seeing decreases in the results they're seeking. This frustrating conundrum is a great description of where growth-focused companies find themselves when managing the technology landscape.

Sales and marketing technology is no longer optional. Today, it's a ticket to play in the game. As we regularly advise our clients, technology will never be the reason your sales growth strategy succeeds, but it will increasingly be a reason that it fails. Three years ago I would regularly ask, "Is the issue we're trying to solve a people problem or a process problem?" Today, the dominant question is, "Is this a people, process or technology problem?"  

It is for this reason that you must pay attention to the technology you're using and how you're using it, and regularly consider how you can or should use technology in the future. "The Tech Stack" is a term and conversation that needs ongoing attention to ensure a strong competitive foundation.

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