HubSpot’s New Offline Conversion Tracking is a B2B Gamechanger
HubSpot’s newly launched integration allows you to pass the value of a closed-won deal back into Google and Facebook’s advertising platforms. Now, you can directly attribute return on investment (including those garnered from offline conversions) to advertising campaigns and the specific creative — matching them up with the exact sales value they have generated.
For B2B businesses that generate leads from their website, the following process is fairly typical. The lead fills out a form on the website and the source of the lead can be attributed to its referring marketing channel (if there is one). As marketers, we have typically optimized our advertising campaigns for this basic conversion and we may or may not assign it a value.
With this new HubSpot functionality, we can dynamically track the future lead stages like marketing qualified leads (MQLs) and sales qualified leads (SQLs). A value can be assigned to these lead stages based on your business math and a greater return on investment (ROI) in your advertising spend can be calculated.
Offline Conversion Tracking Process
Once this inbound lead passes the necessary qualification typically B2B businesses generate a quote or proposal for the prospect. The sales process happens over a period of time — days, weeks, months — and, historically, it’s nearly impossible to attribute the offline sale back to its specific originating advertising source. This is, to say the least, has been extremely frustrating for B2B marketers.
Not any more! Now you can pass the information automatically to Google and Facebook via HubSpot’s new Ads Optimization events integration.
In the following 10-minute video, Chris Breikss, founding partner of Major Tom, explains why this is such a significant update for B2B marketers and business owners. Within the video, Chris provides a demo of how to set up conversion events in both Google and Facebook using this new integration.
This new integration requires that you have the HubSpot Marketing Professional or Enterprise level license. If you are a B2B business and you do not have this functionality in your current license or you are currently evaluating HubSpot, this is a product feature that you should thoroughly explore. For us, this is the most exciting product update that we have seen in the last 5 years. For more information watch the webinar Break Through the Noise with CRM-Powered Advertising hosted by HubSpot and Google. The slide deck can also be found here.
However, it was not until the October 2020 Product Spotlight that it caught our attention and we realized that they built this awesome integration — the one we have been waiting for for years.
In early November 2020, Katriona Heaslip from HubSpot published a detailed summary explaining the “Why” behind this product integration, the blog post is titled “What’s New in HubSpot Ads? The Complete 2020 Roundup.” Katriona is a Senior Product Marketing Manager for HubSpot Marketing Hub and is, undoubtedly, the leading expert in her field. Her articles are worth a read as she’s included screenshots and other exciting new HubSpot marketing enhancements centered around customer journeys and ad sequences.
If you require assistance with getting offline conversion tracking working for you please do not hesitate to reach out directly. We are a HubSpot Gold Partner that helps B2B businesses like yours scale with content marketing and advertising.