Create a market if it doesn’t exist, the story of HubSpot
One of the most popular marketing strategies that we know today ‘Inbound marketing’ never existed until 2004, then HubSpot happened.
Earlier marketing teams predominantly used push approach, whether you liked it or not. TV, billboards, Google adwords, etc were some of the popular ones where cost per click was an expensive deal.
HubSpot turned the marketing concept on its head and created a platform that allowed companies to write blogs posts, eBooks and share them with their audience. The thought process was that if you create relevant content then your target customers would read them and more likely to trust you with their purchase and improve retention.
Like I said, market for this never existed. So HubSpot had to prove that this concept works. They applied the same concept to market their company and within no time they started seeing results.
Technically HubSpot became HubSpot's first customer and showed the world that this works.
While if some businesses were to figure out a new concept like this, I am pretty sure that it would be used to apply internally. But HubSpot chose to monetise this approach and as a result built a $23 Bn company and roughly a $71Bn marketing automation market.
Leave a comment if you know a company with similar strategy.
#strategy #marketing #hubspot #innovation #leadership #startups