Recap: HubSpot's Head of Global Business Dev on filling your pipeline

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Today, we’re summarizing the insightful tips Tom Murdock, HubSpot’s Head of Global Business Development, shared last week in our live AMA on filling your lead pipeline in these challenging times.

You can watch the recording here.

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Q: Since everyone’s been forced to pivot to digital lead gen methods, there is a ton of content circulating on the internet and in people’s inboxes. HubSpot’s research into its customer base showed this to be true - average marketing email volume increased 29% the week of March 16, while open rates increased by 53% the same week. Although open rates are up, they’re decreasing week over week (source). Power User Brandon frames it as “a time of deafening noise in email and content marketing.” How can businesses combat this problem of overload, and where is the next frontier to cultivate inbound-style lead generation?

A: Lean on Community (capital C) as a key pillar for your business. We’re going to continue seeing the rise of Community as a critical factor in growing a business. For example, you’re all part of a Community of our most sophisticated users. More broadly, we’ve built the INBOUND community (though mainly focused on the broader movement of inbound marketing), which helps HubSpot continue to grow.

Look at Salesforce - they have a massive ecosystem and community of users that partake in meetings. What can you bring to market that pulls together your like-minded prospects and customers into a Community setting to discuss common challenges that will

  1. a) have you viewed as a trusted advisor
  2. b) make you break away from the noise and
  3. c) give you access to the problems your prospects are facing and tip you off on who might be in the right mode to continue buying from you?

Tom’s Framework: Bucket your prospects into Survive / Adapt / Grow. Is a given prospect focused on surviving right now (e.g. a restaurant), adapting their solution/offering to the times (e.g. consulting, but maybe forced to move all in-person operations virtual), or capitalizing on the changes that are happening in society (e.g. Zoom)?

Q: Cesare noted in his question that his business really relied on field marketing and in-person events. Now that everything is digital, what lead gen channels do you recommend leaning into to replace the interactive, personal feel of field marketing?

A: Video. It’s equally as interactive and personal. Lean into the video offerings within HubSpot or other offerings out in the market. It’s been very powerful for us -- but don’t tell anyone! :slightly_smiling_face: It’s a differentiator until everyone starts doing it…

Q: Let’s say you’ve already got a number of high-quality leads you’ve been nurturing for a long time. What trends have you been noticing when it comes to sales cycle length in this challenging economic environment?

A: We’ll certainly see these cycles elongate and the average discount percentage go up. Think through cash flow and whether or not you can justify taking on work at cost or even a small loss in the short term to lock in a higher margin job down the road. Make it clear to the prospect that’s what you’re doing and try to lock in the future work in 3-6 months at a better margin, getting your average margin on the account back in respectable territory. What loss leaders can you use now that will get you ‘stuck’ with this customer? It’s certainly a bet/investment for the longer haul, but if you can swing it from a cash flow perspective, it can keep you moving.

Also, for your customers, are their creative financing options available for them? Can you finance these or does your bank have an offering or relationships with credit providers who would finance this for a fee?

Q: Our Power User Rebecca noted that she works with customers who are now delaying projects due to insufficient funds or uncertainties. If a project must be delayed, what are some sales tactics that can keep them in the sales cycle and in contact with your business?

A: See above as it relates to loss leaders, creative financing, and community-based nurturing. Video nurturing for sure. Tell them how you’re surviving in the trenches - give your peer in that business new ideas and tips. Help them survive and they’ll help you. It’s a natural instinct for humans!

Q: Another Power User noted that his business has a high average order value (AOV) and is now facing reduced purchases. How would you approach this situation to ensure you’re still bringing in enough revenue to keep the business moving?

A: If you’re at the CEO level, is there any way to break apart your offering? To further strip apart your offering into smaller products to drive down the AOV and later upsell/cross-sell additional offerings? For example, with HubSpot’s Free/Starter/Pro/Enterprise model - We’re seeing a big uptick in free product signups and usage (record month) along with Starter customers. In the short term, freemium is expensive, but in the long term, we can use that free offering to get people stuck into our products until they need to grow and use more of our offering when things resume.

Q: What are your top 3 tips for filling your lead pipeline in the current environment?

A: Focus on Customer > Company > Team.

  • Customer: Re-think your ICP. Bucket by Survive, Adapt, Grow and adjust your positioning statements accordingly

  • Company: Over communicate to all your stakeholders, internal and external. Internally, if you aren’t hearing “there is too much communication about this. Can we streamline?” you aren’t communicating enough

    1. Also, communicate your thought process on all of this internally -- let people see how you think through problems, if you’re a leader, it will improve your team’s problem solving and critical thinking skills. If you’re an individual contributor, it’ll help your boss see how you’re thinking and help you continue to grow (and hopefully see how indispensable you are!)
  • Team: As a leader, your playbook for getting the best out of your employees will need to flip since their working environment has most certainly flipped.
      1. For example, rethink how you’ve been working with introverts v. extroverts. Introverts may now be cranking along and crushing it without the distraction of the office. How can you pour fuel on this fire? At the same time, how can you make sure you’re pulling them into your team discussions and making sure to get their input -- it’s even harder in remote working environments to include folks who might normally be introverted to begin with in the office. Be mindful of this and give these folks a heads up ahead of a meeting that you really value their input and want to hear from them during the meeting.
      2. For your extroverts, they get energy from being around people and interacting with others. Not doing so is as exhausting for them as it is for someone introverted to be surrounded by people all day long. Make sure you’re finding ways to get them engaged and pulled into group discussions virtually while at the same time ensuring they aren’t dominating the conversation and not allowing your introverts to communicate.
      3. As a leader, you own the success of your team regardless of any external or internal factors. Time to adapt and help them thrive in this new world!