The lack of a tight alignment between sales and marketing teams is a growing concern for businesses all over the globe. One of the main causes for this is that the gap between the marketing outreach and the actual purchase process is wide. The current era of digital technology driven business models open many possibilities where these two areas can deliver a strong impact via close data-driven messaging and co-ordination. Let’s look at what today’s marketers need to tackle to achieve Smart Marketing or Smarketing for efficient maximization of business goals.
A warm hand-off from Marketing to Sales
Almost all businesses need constant lead generation. Studies show that typically only 15 to 20% of the leads actually move further in the conversion funnel. One of the key reasons for this is a gap between the marketing messaging and the sales team’s close synchronization with marketing. An ideal state, one could say, would be to have a very tightly integrated Marketing and Sales process which almost always does not have any lead to fall through the cracks. But in reality, what could work is a data-driven approach where the marketer’s run specific targeted campaigns and the data generated from such campaigns is passed to the Sales teams in a well-structured manner so as to empower them to approach the prospects (leads) with the same targeted message and many cases with the expected (from the lead’s perspective) product.
Importance of Smarketing
Smarketing is the process of integrating the sales and marketing aspects of a business to have a common integrated approach. Studies show that there are several advantages of adopting such an approach for businesses today. Some of the advantages of an integrated Smarketing approach are:
- 208% boost in revenue
- High brand awareness
- 38 percent higher winning rates
- High customer retention rates
- High average deal size
- 36 percent more customers
Some companies have even adopted smarketing strategies to build a stronger and richer content roadmap for their potential clients since the sales had a first-hand understanding of potential objections from prospects. Better and relevant content helps increase brand value and stickiness for the clients and thus acts as a major contributor to increased Lead to Conversion ratios.
Risks of misaligned Sales & Marketing
Do you know more than 90 percent of the buyers check reviews before buying a product? Did you know only 10 percent of the prospects get serious only after receiving a cold call from a busines? Andwould you be surprised to know that 64% of the customers prefer experience over price? It is not just that the businesses have evolved over time, consumers have followed suite too. Modern consumers are very well aware of their specific needs and wants. They have a natural appreciation and higher loyalty to a brand that relates to such needs in clear and specific terms. For instance, take the lingerie business; what was once considered a single line of business has today evolved into multiple streams and there are businesses catering specifically to the needs of plus-size women and tackling a very relevant consumer demand.
A misaligned state of Sales and Marketing functions is just like blind-folded back seat driving. The front of the funnel covered by Marketing sees a view of the customer that the back of the funnel covered by Sales. In fact Sales teams could eventually be concluding that most of the marketing leads are not relevant at all and potentially loose many potential customers in the process. With the right data getting tracked, measured and analyzed, this challenge in today’s businesses can be overcome and drive strong efficiencies in customer acquisition and retention.
How Sales & Marketing Alignment Gives Your Company A Deeper Knowledge of the Customer Base
When Sales & Marketing align around a target audience and targeted messaging by researching together, the chances of getting successful campaigns increase many-fold. If marketing and sales, both are chasing various set of audiences, then the result may not turn out to the desired satisfaction. Both the teams should be aware of how customers react, feel, engage, attract, or even convert.. Here are a few leading take-aways when Sales and Marketing teams work in union:
Almost accurate identification of potential customers and creation of “Buyer Personas”
When the sales and marketing teams enter into the same room, in-depth identification of their targeted customers becomes a possibility. They together find necessary details about the customers such as their preferences, interests, pain points, opinions, behavior, etc. and map it with the product or service being offered. As a result, the business achieves promising potential clients. Sales & Marketing team members jointly discuss and identify their customer’s pressing needs, source of coming in, desires, last provider, demographics, and psychographics. These areas can be evaluated using data to support and a fairly well defined “Buyer Persona” can be formed.
Joining forces to achieve more
It may not be possible for a single team to identify all the pain points of customers. Such hybridization of skills helps the owner to gain the maximum profit. The marketing team can take care of the back-end work and innovative strategies while the sales team can prospect, approach, introduce, and support at the front-end. This indicates that the sales and marketing teams sum up as a whole and strike with the right solutions, at the right pain points, at the right
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