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Zak Pines | April 11, 2017

How Do I Do Closed-Loop Reporting in HubSpot, Really?

Closed loop reporting is a key value proposition of HubSpot. HubSpot users, like all modern marketers, are looking to connect marketing activities to the follow-on sales results including opportunities, pipeline and closed won deals.

But what’s possible? What can you do? How does it work? And how does Bedrock Data help enable closed loop reporting in HubSpot for those using HubSpot along with third party CRMs?

Common third party CRMs we see connected to HubSpot CRM in this manner include Microsoft Dynamics, NetSuite and ConnectWise, as well as SugarCRM, Zoho CRM and Pipedrive.

Here’s what you need to know.

#1 - The Heart of Your Closed Loop Reporting Uses HubSpot's Lifecycle Stage Field

HubSpot’s lifecycle stage field is key for enabling closed loop reporting in HubSpot. There are standard values for this field in HubSpot: Subscriber, Lead, Marketing Qualified Lead, Sales Qualified Lead, Opportunity, Customer & Evangelist.

For more on HubSpot’s closed loop reporting, check out this HubSpot Knowledge Base article on “How to Use Lifecycle Stages.”

#2 - Through Bedrock Data, You Can Set Up Triggers That Advance This Lifecycle Stage 

This way this typically works:

  • Subscribers live in HubSpot only
  • When Subscribers become Marketing Qualified Leads - Bedrock Data will use this as a trigger to push the lead from HubSpot to the third party CRM.
  • Bedrock Data has the advantage of a multi-directional sync, such that if a lead/contact is entered directly into the CRM by sales (say, an inbound phone call) and that same person is in HubSpot as a Subscriber, Bedrock Data will reach into HubSpot and connect the Subscriber record to the CRM record. This helps ensure you avoid duplicates and keeps closed loop reporting in tact for records that first go directly into your CRM.
  • Bedrock Data triggers are set up to read opportunity data from the connected CRM to trigger updates to the lifecycle stage to Opportunity (when an Opportunity is created) and to Customer (when an Opportunity moves to Closed Won). These lifecycle stage updates are key for closed loop reporting.

#3 - You Have the Option to Advance the Lifecycle Stage for All Contacts on a Company 

There’s a setting in HubSpot under Sales > Settings > Companies, which controls how changes in lifecycle stages impact contacts -- specifically the option to advance the lifecycle stage of all contacts on an account as opportunities are created and deals are won.

The specific setting option that you can enable is labeled “When a company’s lifecycle stage changes, sync this lifecycle change to all associated contacts.”

This will also change the stage to Opportunity if there’s a new Deal tied to the Company and it’s the first time a Deal has been set up for the company.

Most customers enable this setting so that all contacts that are part of the account will have consistently tagged lifecycle stages.

lifecycle-stage-sync-contacts-companies.png

For more on this, see the HubSpot Knowledge Base article “How does the Lifecycle stage setting work?

#4 - HubSpot reports referencing Customers will populate with live data

There are several HubSpot reports that reference Customers which help answer the question “How many Customers have resulted from these leads?”  

Based on your setup in #2 & 3 above for tracking a lead through to opportunity and win, these reports will populate with live data. An example of this is HubSpot’s Sources report under Reports >> Sources. This gives you a breakdown of lead sources generating website visitors, net new contacts and ultimately new customers, broken down by Organic Search, Website Referrals, Social Media, Email Marketing, Paid Search, Direct Traffic & Other Campaigns - with drill down by each.

Here’s an example of what that report looks like:

HubSpot-Full-Funnel-Reports.png

 

Here’s more information from HubSpot on how to use the HubSpot sources reports.

#5 - Use HubSpot's Reporting Add-on to Analyze Your Funnel

For those looking to go deeper than standard reports such as the Sources report, more advanced closed loop reports are available through HubSpot’s Reporting Add-On.

Typical questions marketers are looking to answer include:

  • How are leads from a specific program comparing to my benchmarks for conversion rate to opportunity and customer?
  • How are leads who fill out a specific form comparing to my benchmarks for conversion rate to opportunity and customer?
  • How do conversion rates vary by region or country?
  • We have multiple tiers of leads. How do the conversion rates vary?
  • We segment our leads direct vs. partner. How do the conversion rates vary?

These answers will come from using the offer-specific contact funnel, seen here (Source: HubSpot Reporting Add-On Tips & Tricks)

HubSpot Funnel Screenshot.png

 

Use Type = Contacts Funnel to get a view of your funnel conversion rates across your HubSpot lifecycle stages.

Choose Lifecycle Stage = Funnel, to get a picture of how people are progressing through the stages of the funnel during your select timeframe. If you choose Lifecycle Stage = Pipeline, this will give you a summary of all people that were part of the stages during that timeframe, regardless if they moved through it sequentially.

Then, you have the option to filter this using any list from your HubSpot marketing lists. This gives you the flexibility to choose any criteria you’d like to make your selections. You can build marketing lists based on any contact property (Region, Country, or any data value you may be managing on leads such as a Tiering). You also can choose leads that have filled out a specific form as part of a list.

For more information on the options with these reports, see these HubSpot knowledge base articles:

And that's how HubSpot and Bedrock Data combine to deliver closed loop reporting.

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