HubSpot is taking an important step this week. The company Brian Halligan and Dharmesh Shah founded over 14 years ago has just welcomed its 100,000e client and exceed $ 1 billion in annual recurring revenue. Inbound marketing has come a long way, but the story of HubSpot is just beginning.
Right now, it sometimes seems that everything is just beginning, or rather, everything has to be reinvented. The events of 2020 have transformed entire sectors of activity, revolutionized the world of work, and transformed human behavior in unprecedented ways. The technologies and new habits adopted during the pandemic will not go away with the coronavirus. Rather, they will tend to define a new normal.
This is perhaps the most defining consequence of this period: businesses, and the products and services they provide, have more impact than ever on human behavior.
When gyms reopen, consumers will continue to exercise at home with fitness apps. When the offices reopen, employees will continue to telework with the help of communication and productivity tools. When performance venues reopen, audiences will continue to watch concerts and movies at home with the streaming services.
Without these products and services, some of which have gone from innovative to essential in just a year, everyday life during a pandemic would have taken a very different turn. A return to habits would also have been more likely.
Instead, scores of companies have taken a radical turn to meet the changing needs of their customers. They innovated, adapted and rethought their offer.
The flexibility and inventiveness of thousands of HubSpot customers facing uncertainty has been a source of inspiration, while being instrumental in shaping new ways of living, traveling, working and envisioning the world. to come up.
Mindfulness for all
The example of meditation applications shows that one of the consequences of this troubled time is the emphasis on psychological well-being. Over the past year, HubSpot customers like Calm, Talkspace and Headspace, previously perceived as practical tools for people seeking to practice meditation, have become indispensable services, on which millions of users rely on daily.
When Headspace launched in 2010, at a time when meditation still seemed exclusive to religious or spiritual organizations, the main challenge that the founders of the app wanted to raise to summer to bring meditation where it is not expected. A decade later, the brand represents a multimedia organization with a podcast division, a partnership with Sesame Street, and a series broadcast on Netflix.
This progress would not have been possible without the acceleration the company has experienced over the past 12 months. On the eve of the pandemic in February 2020, the application had reached the two million paying subscribers and its download rate has since increased by 20%. Data from the first weeks of containment in the United States shows downloads have increased by 100% compared to pre-Covid.
Headspace was growing steadily before the pandemic, but this deeply anxiety-provoking period has heightened the need for its services to meet. Faithful to its commitment, the company has been able to meet the expectations of a growing clientele and help make mindfulness meditation accessible to as many people as possible.
New tools for new ways of working
With the development of teleworking, online productivity tools are on the way to become essentials in professional life, where, a few months ago, they were still only practical accessories.
Many HubSpot customers have played a central role in this transition: Trello at helped parents to manage school at home, SurveyMonkey allowed to orchestrate nearly 250,000 coronavirus investigations, and G2 at helped companies finding new software solutions, recording a 1,100% increase in queries for online education tools and 550% more searches for webinar tools in the weeks following the start of the epidemic.
Another HubSpot customer, Monday.com, collaborative project management software, was growing rapidly in the years leading up to the pandemic, with $ 120 million in recurring annual revenue announced in February 2020. When online collaboration became a critical issue for businesses, the brand has modified its product roadmap to meet the sudden change in customer needs.
In particular, it prioritized the features likely to bring immediate added value to customers, such as the integration of Zoom meetings, digital whiteboards and image annotation. These changes have had a significant impact. Between April and June 2020, Monday.com not only recruited 27% more employees, but also announced a new valuation up to 2.7 billions of dollars. The brand was even recognized by Fast Company for its remarkably smooth transition to telecommuting.
Working methods have definitely changed, and this mutation continues to affect many sectors of activity, affecting property prices, triggering massive population movements, and reducing our carbon footprint in proportion to daily trips.
Companies like Monday.com thus find themselves propelled at the forefront of large-scale societal developments, assuming the status of essential tools, and helping to accelerate behavioral transformations of a historical nature.
Not only has the pandemic assigned entire populations to homes, it has also transformed the way people travel. The brand Airstream, a HubSpot customer, found herself in the spotlight.
For decades, Airstream caravans have established themselves as an American classic in the travel imagination. With the pandemic, the company quickly began to produce resources on themes as innovative as they were relevant, such as how to keep fit in a small space, or how learn and to work remotely. As’Explain Bob Wheeler, CEO of Airstream, “These virtual products were nothing like the vehicles we are used to making.” However, by adapting to new habits and new interests of its customers, Airstream has recorded 45% more sales in May, and 100% in June.
Indeed, the pandemic freed the work of geography and gave a new temporality to leisure. Many professionals can now travel while working and go on adventures without having to take long vacations. By demonstrating strategic responsiveness to this new dynamic, Airstream has been able to transform a means of transport into a destination in its own right.
Even once the pandemic is under control, economic uncertainty and fears of a resurgence of the virus will likely fuel reluctance to undertake international travel. As a result, home vacations and small-scale itinerant travel will experience a lasting resurgence in popularity. By repositioning its value proposition in line with the new habits of its customers, Airstream is helping to accelerate the changes triggered by the pandemic, while pursuing its international growth.
For successful development, in line with societal values
While the coronavirus required everyone to confine themselves, racial discrimination has called on many people to take to the streets to demonstrate against the structural inequalities that weaken our society. Over the past year, consumers have become increasingly demanding about the ethical impact of businesses.
The example of Lemonade, a HubSpot customer insurance company, shows how businesses can meet customer expectations for social responsibility, while growing rapidly.
Lemonade is a responsible company certified by B Lab, which pays his surplus contributions to associations selected by its clients. As mentioned the website of the company, “Lemonade’s mission is to transform the insurance of a necessary evil into a social good”.
In response to the pandemic, Lemonade allowed customers who were experiencing financial difficulties to defer their contributions, as its contracts are otherwise terminable and refundable at any time. The company has also allowed its customers to change their beneficiary association to favor organizations involved in the fight against the coronavirus, an option that tens of thousands of them have privileged. Finally, at the end of 2020, Daniel Schreiber, CEO of Lemonade, invited companies to encourage the vaccination of employees.
While deploying its influence in the service of the fight against the virus, Lemonade has also provided support to artists facing financial difficulties by launching an Instagram campaign highlighting works commissioned by the brand.
Although the insurance company had to shoulder the economic pressure exerted by the health crisis, the year 2020 remained marked by remarkable growth. In December, after only four and a half years in business, the company announced that it had exceeded one million customers. Just weeks later, its stock price hit an all-time high. These commercial exploits were accompanied by $ 1.1 million in donations to nonprofit organizations, like ACLU, March For Our Lives and 350.org.
According to Trust Barometer Edelman 2021, companies are now ahead of the government, the media and NGOs in terms of the trust placed in institutions. As Lemonade grows its business while having a positive impact on the world, the brand is helping to redefine the role of companies within society, which must now combine profitability and ethics.
This new requirement brings both responsibilities and opportunities for companies, invited to take an active role in building a better future for all within a redefined normality.
Preparing for the new normal
The past 12 months seem to have brought more changes than the past 12 years. However today, by welcoming the 100,000e customer and celebrating the first billion dollars in revenue, HubSpot is looking to the future.
The new normal will not look like 2019 or 2020. It will be unique in both trends and opportunities. HubSpot’s mission is to help existing and future customers seize these opportunities, while continuing to support the growth of companies like Headspace, Monday.com and Lemonade, which are helping to transform behaviors and habits.
HubSpot intends to achieve this by listening to its customers, and using their feedback to deploy a leading CRM platform capable of addressing the unique challenges of our time and accelerating business growth for years to come.
HubSpot thanks all of its customers and engages alongside millions of businesses for successful growth. While a significant milestone for the business has just been taken, the new normal has only just begun, and so has HubSpot’s story.
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