In the massive CRM market – estimated to be worth $145BN by 2027 – Oracle and HubSpot are prominent players
Today, organizations want to manage contacts, track interactions, and automate workflow. As such, CRM systems are becoming a cornerstone enterprise technology.
These systems centralize customer information in one place, connecting different channels, journey phases, product portfolios, and departments.
CRM systems are primarily cloud-based to increase the ease of integration with other software, enabling businesses to drive more value from their data.
As CX becomes more data-oriented, the CRM market is growing quickly. Fortune Business Insights predicts that the space will be worth over $145 million by 2027.
Yet, the market is crowded, with many vendors and solutions. Two that stand out include Oracle NetSuite and HubSpot.
Currently owned by Oracle, Netsuite is a comprehensive business management software with features extending far beyond the realm of CRM. These include accounting, business process management, human capital management (HCM), and more.
However, many users may opt for only the CRM component that facilitates the creation of a unified perspective across multiple stakeholders — prospective consumers, existing clients, partners, and suppliers.
Also, the solution aims to offer real-time data to marketing, sales, and customer support teams to enhance CX, increase sales, and enable analytics strategies.
NetSuite is especially suitable for businesses that intend to manage both day-to-day operations and customer connections via a single solution.
HubSpot is a cloud-based CRM solution that assists companies in integrating and empowering sales activities while also improving inbound marketing strategies.
It offers a single pane of glass across multiple functions and units, enabling a unified view of individual customers and segments.
With several modules or “hubs,” companies can combine marketing, sales, customer care, and support functions. Depending on the requirements of the organization, each of these hubs is accessible individually or as a packaged offering.
Unlike NetSuite, CRM is HubSpot’s primary focus. It bills itself as an easy-to-use CRM, featuring modules for sales, marketing, customer support, and content management (CMS).
The convergence of CRM and web page creation using HubSpot’s CMS is one of its key features.
To improve productivity and teamwork, NetSuite offers a consolidated source of data on customers, products, pricing information, rebates, taxation, and more. It also provides views of prospective clients and existing customers, assisting marketing and sales.
Nevertheless, its extensive feature bundle may delay system functionalities in the absence of enterprise-grade infrastructure. Further, this wide array of features may result in a slightly slower learning curve.
HubSpot’s most basic tech bundle is its ‘Growth Suite,’ which unites a company’s sales, marketing, and customer service units. These solutions simplify shifting a contact from the marketing arm to the sales division without needing to sync data, and employees can develop reports that track consumers across their entire purchasing journey.
However – while HubSpot is a user-centric, fast-learning solution – particular organizations may want a more configurable CRM to gather more data.
Fortunately, there are hundreds of training programs and certifications available via the HubSpot Academy to assist users in understanding how to leverage each component of the platform.
HubSpot’s marketing CRM includes analytics. This allows users to monitor website traffic, specific page activity, and sales funnel patterns.
Its analytics tools also assist businesses in tracking brand engagement and comparing various consumer demographics.
Meanwhile, NetSuite Analytics is a standalone application that provides insights and analytics for its CRM, ERP, as well as other elements of the enormous NetSuite universe.
Its analytics capabilities are next-level. However, the necessity to implement a separate CRM analytics platform will increase total expenditures.
HubSpot notifies users when leads interact via email and other marketing materials, allowing teams to engage quickly and contextually with customers. Users may also develop templates based on the emails that received the most responses.
NetSuite enables the management of end-to-end email marketing campaigns with database management, segmentation, personalization, and auto-unsubscribe features.
NetSuite’s forecasting tool also features a three-tiered probability framework for assessing the possibility of possible sales. As such, sales teams may change forecast parameters to make them more accurate.
As is typical with NetSuite, several customization alternatives are available. HubSpot, too, has a robust feature set for sales forecasting, sales funnel management, and customer acquisition.
NetSuite, on the other hand, focuses more squarely on customization.
NetSuite CRM’s pricing structure is perhaps a little intimidating as it is personalized for each Oracle client. Additional fees apply for training, customer support, and other services.
Yet, although it is a significant financial outlay, it is not prohibitively expensive for all businesses. Its efficacy depends on how a company wishes to modify its systems and scale.
HubSpot offers a “free forever” membership for small companies, allowing anybody to get a free entry into the site and get to grips with how things function.
From there, one may work their way up. Packages such as “Free”, “Starter, Professional”, and “Enterprise” offer varying degrees of access and capabilities.
Of course, the free version is basic. Indeed, it does not contain workflow automation or custom reporting, two features that typically distinguish HubSpot.
A modern CRM solution gathers, saves, organizes, and maintains contacts, helping businesses to trace the purchasing journey of each customer it works with. Such features enable companies to operate successful marketing programs that attract and retain customers.
At its core, Oracle NetSuite leans more towards ERP, while HubSpot has its strengths in marketing automation.
A decision to choose one or the other will come down to four factors:
To learn more about the top CRMs available today, in addition to NetSuite and HubSpot, read our most popular CRM solution reviews for 2022.