Hub Spot: Inbound Marketing and Web 2.0 – Case Study Example
Inbound Marketing Inbound Marketing With the ever increasing dynamics in our society, our ways of doing things are bound to change to cope up and survive. The climate of new trends compels people from all walks of life to adjust on how they carry out their activities to conform to the changes in our society. Ways of doing business have completely been revolutionised in the current century. We have witnessed the demise of various companies and organisations unable to cope up with the emerging trends. Some of the traditional strategies have been rendered less effective if not completely ineffective. It’s a common resonance in the society today in reference to the vintage scholar Einstein’s view that doing the same things over and over and expecting different results is never the best. Blending and conforming to the emerging dynamics and making concrete well thought decisions that coincide with these trends in business have proved successful (Porter, 2001).
Our history clearly demonstrates these changes chronologically. For instant, some centuries back we had the Agrarian Revolution stage. In this stage Agriculture was the main point of focus. Later on there was The Industrial Revolution stage. Apparently, the current trend that is suffocating the society is quests for information hence it can be stated with finality that we are in the information age stage. This has been made possible by the advancement of technology (Porter, 2001).
The highly regarded and competitive companies have embraced the use of technology. Consequently, this is being reflected on their performance. The marketing arena is so much advanced and unpredictable that businesses of late are aligning themselves with the aim of increasing their customer basket and reaping huge profits from the alignments (Porter, 2001).
The use of internet media has earned some companies dividends and competitive age over others. The traditional method also known as outbound marketing is a method of prospecting for customers with the sole aim of closing sales is gradually being rendered redundant. That method has so many disadvantages such as prospecting clients to buy product or services without having any knowledge on their need analysis. On the other hand, the emerging prospecting method that has proved significant success is the inbound marketing method. The method makes good use of the internet. Prospective clients can access information on products or services on the various company web profiles, social media account, podcast, blogs and YouTube among many others. In addition, the companies can effectively monitor their customers’ reactions and adjust appropriately to meet their expectation. These companies have perfected the strategies by using very attractive nutritious compelling content words, images and videos while marketing. However, companies can blend the inbound marketing strategy with others depending on status and situations at hand (Porter, 2001).
In reference to HubSpot Company, this paper seeks to give insights on inbound marketing. Within a short period of time HubSpot have harnessed quite a number of customers. The company had harnessed a wide range of perspective customers that they were in a dilemma whether to device an avenue of weeding out some of them depending on the rating of the probability and chances of closing sales. Customers with high probability were given higher priority. The customers were from all sectors including B2B (business selling to other businesses) and B2C (business selling to customers). The company however divided the customers into two: Owner Ollie and Market Mary. Owner Ollie refers to small business owner customer while the latter refers to the marketing professional customer. To maximize profits emanating from the customers, the company should not set a specific customer target. This will enable it to have an identity that is appealing and welcoming to all kind of customers. Since a greater percentage of the customers are Owner Ollie (73%), HubSpot should thrive to maintain that group and help them grow into big ventures so that they transform from Owner Ollie to Market Mary giving room to other emerging small business owners. On the other hand maintaining the Market Mary too will help in profit maximization. Despite the smaller percentage (27%) of Market Mary, the charges of the product offered to them are quite high compared to the other.For Owner Ollie, the charges are slightly lower but the number is huge hence high revenue can be generated by the company (Porter, 2001).
If HubSpot remains diverse in terms of customer funnel width then other companies that have specific target customers may have competitive age over it. In the business world today providing products and services to all kinds of diverse prospective customers has proved to be very vital. In addition to that, already established firms and the starting firms will continue growing. As these companies grow HubSpot being a start-up company with promising prospects will build a rich business profile history that will enhance positive public perception and trust. Since the public is making comparison of HubSpot products to other companies offering the same products that is an indication of how the company has been offering competition.
Porter, M. (2001).Strategy and the Internet. Harvard Business Review, 79(3). ). (UMUC Library)