For many credit unions, HubSpot is an investment that simplifies their everyday workflows and expedites their digital transformation. When properly adopted for credit union use cases, the platform easily leads to a much higher return on your investment. However, there are some best practices that can affect whether or not your business reaches its ROI goals. To help you ensure you’re maximizing ROI for your credit union, we put together a budgeting for HubSpot guide for you to keep in mind.
Why Invest in HubSpot?
If you’re looking for long-term profitability, purchasing HubSpot is a strategic move for your organization. By consolidating marketing, sales, and service operations into one platform, you can streamline processes, reduce costs, and enhance data-driven decision-making. With a complete view of member interactions across all departments, your organization also gains valuable insights that allow you to continuously improve member experience.
Reduced Costs through Operational Efficiency
By consolidating functions into one platform, credit unions reduce the need for multiple vendors, resulting in fewer logins, a single system to learn, and one UI. Automation can help weed out repetitive processes, saving both time and money. By adopting HubSpot for use cases currently handled by other solutions, credit unions can consolidate their tech stack, keep data connected and achieve significant cost savings.
Optimized Resource Allocation
HubSpot provides insights that help credit unions allocate resources wisely by tracking loan and account applications, allowing sales teams to focus on promising leads. It identifies organic traffic journeys on websites and landing pages, helping refine marketing strategies. Teams can access reports on Contact and Deal journeys, email open and click-through rates, CTA clicks, and form submissions, just to name a few.
Additionally, HubSpot improves conversion rates with tools like lead scoring, optimized landing pages, and A/B testing, guiding credit unions on where to invest time and funds effectively.
Key Features to Budget For
To maximize ROI, credit unions should invest in essential HubSpot features, and opt for Enterprise where possible. The interconnected Hubs – Marketing, Sales, Service, Content, and Operations – work together seamlessly. Here’s a breakdown of how each of the Hubs adds value to your organization:
Marketing Hub
With Marketing Hub, you have access to top-tier marketing automation tools. You can increase website traffic, segment and nurture contacts, and create more meaningful relationships with members.
Sales Hub
If you’re looking to replace an outdated CRM and better integrate with marketing operations, you’ll want to add Sales Hub into your mix. Your sales team can work more efficiently, with more advanced insights and revenue predictability.
Service Hub
With this Hub, you cut the need for expensive survey platforms, and enhance member self-service. It simplifies member interactions for your service team by making it easier to handle tickets and keep track of issues.
Content Hub
Centralize and access tools that help accelerate your content creation efforts, boosting productivity. You can also more easily personalize your content based on member data and interactions.
Operations Hub
With Operations Hub, maintain a high quality of data by managing complex data architectures and reporting. This Hub boosts efficiency through expanded automations and simple integrations with Custom Code Actions – eliminating the need for IT or another external automation service.
UI Extensions
UI Extensions interact with both HubSpot and external platforms, making it possible to use information from third-party platforms without the need to integrate sensitive data.
Ancillary Services
Beyond the software, credit unions should consider the costs of onboarding, training, and integration with other business tools. There are certain considerations to keep in mind as you’re tailoring the platform to fit the needs of a credit union.
You’ll need to ensure HubSpot is properly connected with other platforms, like your banking core, LOS, and online banking. That said, a partnership with an accredited and certified HubSpot partner who specializes in the financial industry is well worth the investment.
An expert partner can also walk your credit union through onboarding and training – ensuring a successful adoption. If it’s not feasible to train your entire team, you can select a team of HubSpot champions to adopt the platform first. By starting with a pilot group, you can verify that HubSpot is set up to meet your organization's needs before rolling it out to other team members.
Measuring Your ROI
How can you assess the ROI your credit union is receiving from HubSpot? To truly see the value the platform is delivering to your team, you’ll want to understand how your goals are aligning with its capabilities. There are several key metrics to keep an eye on:
Adoption Metrics
- Active Users: Monitor the number of team members actively using HubSpot to ensure the platform is being used effectively.
- Workflow Enrollments: Track how many workflows are being used to automate processes and improve efficiency.
- Email Sends: Measure the amount of emails sent through HubSpot to gauge engagement and outreach efforts.
Marketing Campaigns
- Influenced Contacts & Deals: Understand the impact of your marketing efforts by assessing their impact on contacts and deals.
- ROI: Calculate the direct return on investment from marketing campaigns to determine their financial success.
- New Contacts: Count the number of new contacts generated to assess lead generation effectiveness.
Sales Outreach
- Playbook Usage: Check how often sales playbooks are used to ensure consistent and effective sales strategies.
- Logged Activities: Review the number of activities logged by sales teams to measure productivity and engagement.
Loan and Deposit Applications
- Abandoned Application Count: Track the number and value of abandoned applications to identify potential issues in the application process.
- Application Conversion Rate: Measure the rate at which applications are completed and approved to understand and optimize the journey.
Service Tickets
- SLA Goals: Monitor service level agreement goals to ensure timely and effective customer support.
- Self-Service Topic Volume: Analyze the amount of self-service topics accessed to understand customer preferences for self-help.
- CSAT (Customer Satisfaction Score): Measure customer satisfaction through surveys to gauge service quality.
- CES (Customer Effort Score): Evaluate how easy it is for customers to get their issues resolved, aiming for a low effort score.
By focusing on these metrics, credit unions can gain valuable insights into both the effectiveness and profitability of their HubSpot investment.
Make the Most of Your Investment
As you’re aiming to maximize ROI through your HubSpot investment, balancing cost and functionality will be key. There are some purchasing methods that may help reduce your cost – like buying in bulk or choosing a longer contract. However, the best way to make your purchase work for you is to make an informed decision on your combination of Hubs, their tiers, and additional services.
Working with a knowledgeable partner allows for seamless integration and training, as they can work with your HubSpot Growth Specialist to point you to the services your credit union should prioritize. Partnering with an agency can also help secure the best discounts and ensure a worthwhile investment. In fact, GreenHouse has helped clients secure HubSpot at a major discount. Looking for expert guidance on the platform? Reach out to our team today.
November 19, 2024
