SEO, PPC, and creative website design is essential for running a successful digital marketing strategy, but without the ability to track direct revenue, manage and nurture sales qualified leads (not just people who click on your offering) and keep a tight hold on the retention reigns, you are missing the mark if you aren’t investing in the growth stack concept.
Inbound 2017 is a HubSpot organized event that promotes a methodology that humanizes the way we communicate with buyers and clients through a marketing automation system that sends the right people, the right content, at the right time. Yesterday was Partner Day–a time when HubSpot partner agencies learn the new things to come (we can’t talk about it or they said they would hunt us down with an axe), discover some best practices, look at studies, attend a few sessions, and network with peers; attendees travelled from all over the world to be here, and there are more than 20,000 attending with Michelle Obama giving the keynote on Wednesday. As WEBITMD is a top inbound driven digital marketing agency in Los Angeles, our CEO and management team invested in the opportunity to further our on-going education and learn how we can better serve our clients.
For those you missed the opportunity to head over to Boston and attend this amazing conference, here are my takeaways from Partner Day on growth stack importance and the questions agencies need to be asking themselves.
Influencing Your Entire Revenue Funnel with the Growth Stack
Hubspot’s growth stack has a number of tools to help marketers leverage the various inbound steps to garner revenue. The data presented in the morning session on revenue influence was an eye-opener. In short, sales technology has doubled in size over the last two years. Venture capitalists alone have invested in more than 10 billion dollars over the last 10 years.
But’s here’s the head-scratcher. There has been a 200% growth in sales technology from 2010 to 2017, yet client conversion rates are down by -12%. Does this mean the investment is paying off even if the numbers seem to show a massive fail? After all, people keep investing in CRM technologies, and interest keeps growing in Sales enablement, according to Google search volume.
It’s All Worth It
Hubspot’s platform is designed to help marketers will where others dropped the ball. Workflows, predictive lead scoring, smart notifications, reporting and product-based deal objects. A comprehensive marketing automation solution with task management and rules-based lead scoring will increase engagement and so that companies don’t just get a lot of form submissions and guide downloads; they get visitors who convert. Data shows that the average business spends 15K a month on sales technology, so if you can show them the value, they will invest.
When agencies start fueling their engines with premium gas, they need premium motors. This means the CEO or upper management needs to step to one side and empower others to engage a full funnel management change while focusing on your core services as a strategic blueprint is laid out to convert the right people into full inbound clients. In the meantime, upper management can advise on revenue solutions. Just be sure to identify what your agency’s reason is for being while managing any friction that comes between buyer and seller friction through the process. This is a hard thing for CEOs to so; when one moves to one side they lose control. This is why hiring the right people is key to change.
So What is the Growth Stack?
The growth stack allows you to attract more customers by creating content and tactics that people will love while marketers simplify the sales process, and build better relationships with clients. Some questions to ask yourself include:
- What is our agency’s reason for being? What makes us significantly better than other agencies?
- To what degree does offering sales services align with our agency’s long-term goals (think aquisition, pure growth, leave to employees, etc).
- Does our agency have a clear understanding of the problems and needs we are trying to address?
- What steps are required to make truly help our clients make that transformation they desire?
- Do we even have the talent to offer an end-to-end sales transformation solution?
Sales enablement technology is blowing up, and your clients are taking notice because they are spending thousands a month on this investment. However, all the noise in this space can be very confusing to clients. Determine what role you can, and want to perform in this space, and operate at a high level.
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