The most crucial goal of every business is to increase revenue through marketing and sales. Marketing is the process of creating awareness of the company’s product or brand to the consumer. On the other hand, sales involve talking to customers and steering them towards making a purchase.
Though these functions may sound different, having a solid alignment between them (Commonly known as Smarketing) is a business necessity in today’s competitive business world. In fact, according to a study by the Aberdeen Group, companies with strong marketing and sales alignment achieve at least 20% of annual revenue. Contrastingly, their aligned competitors see a revenue decline of 4%.
Continue reading to find out why both marketing and sales need each other for revenue growth in your company.
- It improves lead generation.
In most companies, the marketing and sales teams work separately. The marketing team generates leads while the sales team aims to convert the obtained leads into sales. However, the truth is that the process of lead generation should neither be marketing nor a sales task. It needs both teams to work together for relevant and consistent leads.
The teams not working together slow down the company’s growth and wastes the company’s resources on unproductive leads. Additionally, it leads to a shift of blame between the two teams. Your sales teams will blame the marketing team for using the wrong lead generation approach, while the sales will claim that the marketing team isn’t producing the right marketing content.
When the two teams work together, they can agree on what works for the customers they are targeting, leading to better revenue generation for your company. For example, your sales team will advise the marketing team on the content that will attract the target audience based on the feedback they have received from the customers, leading to more sales.
- Leads to better understanding of the customer
Understanding your customer is very critical for any business endeavor. It helps you know your customers’ wants and the perfect way of making your service or product available to them. In addition, it helps you meet their expectations and needs perfectly.
Your marketing and sales teams have different and unique expertise when it comes to understanding the customers. For instance, your marketing experts may understand the customer’s pain points and what will make them choose your company over your competitor. On the other hand, the sales representatives may know how various features in your product or service will meet these pain points and benefit the client. Now imagine the impact combining these two forces will have on your business!
- Better integrated customer feedback
Direct feedback from your customers, also called the voice of customer data, is very powerful and helpful. Both sales and marketing teams obtain it during sales calls or when serving a customer. It does your business great good when both teams come together and analyze it.
From this feedback, the salespeople can better understand your customers’ needs and their motivation to buy your service or product. On the other hand, the marketing team can use the feedback from the salespeople to create customer targeted messages and phrases. Besides, you can use the information to understand what highlights your product or service needs based on your customers’ likes.
- Helps be ahead of the competition
Analyzing what the competitor is doing in the market is done by many marketing teams. The analysis includes the competitors:
- Blog posts
- Website appearance
- Social media feedback
- Marketing strategies
- Strengths and weakness
After this analysis, your marketing team can inform the sales team of the competitors’ techniques. The sales team can then position themselves appropriately and use suitable approaches for more sales. Also, it will allow them to strategically explain to your customers why your product or services are more superior to those of your competition.
- Increases revenue production
The lack of integrating sales and marketing is failing about 60% of the companies in the world today. In fact, according to a report by hubSpot, this misalignment costs businesses more than one trillion dollars every year. It is the lead reason why numerous companies across the globe stagnate or, even worse, fail.
Combining these two teams will lead to more valuable leads, better marketing strategies, and a better customer approach leading to growth in revenue for your company. Besides, it leads to new business opportunities for your company, especially if the teams critically analyze the needs and pain points of the customers.
It’s no lie; combining your sales and marketing team is one of the most remarkable ways to grow your business. Move your sales and marketing into a single “Smarketing” department today and you won’t regret. You can be assured of optimized marketing strategies and sales leading to the growth of your business or company.