So we’ve covered HubSpot more than any other SaaS leader on this 5 Interesting Learnings series, in part because so many of us use HubSpot ourselves, and in part because its metrics and use cases are so like many of the apps we build and sell ourselves.
They recently did an Analyst day though that had some more great data that I thought was super interesting, and worth a deep dive.
5 More Interesting Learnings then:
#1. 75% of Customers Are Onboarded By Partners
Partners don’t just matter in the enterprise. Agencies and other shops are repsonsible for onboarding a stunning 75% of all HubSpot customers.
#2. Sales Hub, i.e Sales Hub, Growing Almost Twice as Fast as Marketing Hub
HubSpot really has become a CRM company even more than a marketing one. Although they are of course highly linked.
#3. 71% of Customers Buy 2 Products, 50% Buy 3+ Products
HubSpot truly is a multi-product platform.
#4. Starter Customers More Important Than Ever, Now 47% of Customer Base
This data is super interesting, and a challenge to some conventional thinking in terms of how to go upmarket. HubSpot has gone upmarket over the past years, while also remaining even more SMB-focused. Because it’s also redoubled its efforts at the low end and with its Starter edition. It’s worked, and it’s also a key reasons its ACVs haven’t increased much past $10k even as many customers pay more. Because even more start smaller than ever. Go long!
#5. $36K+ Deals Also Increased to 28% of the Base
Shopify has seen something somewhat similar, as both have gone upmarket, growth in SMB and smaller customers have still kept up. At HubSpot, it has more and more smaller customers as part of its Starter plan. Yet, its $36k+ ARR customers are now 28% of its base, up from 15% in 2019.
And a few other interesting learnings:
#6. A Per Seat Model is Key to Expansion at HubSpot
Long live per-seat pricing! It still works, when it works.
#7. 3+ Product (Hub) Customers Worth 2.7x More, Pay $44k ACV on Average
The math makes sense, but it’s helpful to see it clearly shown here. 3+ Hub customers pay $44k, vs. $16k for those with less than 3 products. It’s not always true that if you triple your product count, you triple your revenue.  But it is at HubSpot.
#8. Went Multi-Product at $100m ARR
An interesting update to a slide we’ve seen before, in terms of timing on going multi-product. HubSpot launched CRM at $100m ARR — which in 2024, might be late. ServiceHub came around $350m, and CMS Hub not until closer to $750m ARR. I think for many today, this would be late. But helpful to see.
We did a great deep dive on the timing here with co-founder and CTO Dharmesh Shah:
Some really great data here for all of us to learn from!
And a great classic SaaStr deep dive with CEO Yamini Rangan here:
