Sales and marketing. Two departments, each approaching similar goals with different tactics. At many organizations, they function in silos, often acting independently of one another.
However, most forward-thinking business leaders recognize the need for their sales and marketing departments to work together closely to accomplish shared goals. This cooperative approach doesn’t just promote greater teamwork and resolve conflict. Research suggests that “highly aligned B2B organizations achieve 19% faster revenue growth and 15% higher profitability” than those where sales and marketing don’t align.
In this article, we’ll examine four different strategies that sales and marketing teams can use to improve workplace communications, uncover bigger opportunities, and increase overall revenue by working together. These strategies will help regardless of your industry or the size of your business.
Let’s get started.
1. Recognize the synergistic relationship between sales and marketing
Don't underestimate the value of a great sales team, particularly in regard to its immediate impact on your bottom line. But without marketing, sales won’t prosper.
Years ago, a qualitative model constructed for a Forbes study yielded insights regarding how marketing support (or the lack of) directly impacts sales. For one company lacking marketing activity, product consideration rates lagged 40% behind those of the leading competitor. By bolstering its marketing efforts, this same company raised its consideration rates by 16%. Considering that each 1% difference represented 20 new opportunities, this kind of change is significant.
Here are some basic ways to create synergy between your sales and marketing teams:
- Set aside marketing dollars for awareness campaigns.
- Target current clients for your best promotional offers.
- Create landing pages specific to each product launch.
- Split test digital ads regularly to optimize performance.
Every marketing dollar has the potential to enhance sales growth. For most businesses, a strong revenue-to-cost ratio is 5:1, meaning that for every $1 of marketing spend, you should expect a $5 return in sales revenue. Higher ratios are possible, but not typical.
2. Address any conflicts or misunderstandings that hinder cooperation
Marketing teams create ad campaigns and promote brand awareness. For sales teams, the primary role of marketing is to provide them with a high quantity of quality leads so they can close deals.
When a sales team doesn’t make their quota, it’s often the leads (and by association, the marketing team) that they blame. In turn, the marketing team questions if sales really engaged the leads they provided with the timing and frequency they deserved.
Without trust, the two teams can't cooperate. When marketing doesn’t offer enough leads, sales reverts to the numbers game, wasting too much time prospecting or contacting old leads. But if marketing sends all leads, even if they aren't qualified, sales will waste their time on prospects that never pan out.
By planning ahead, problematic leads can be a thing of the past. Steps to take include:
- Deciding on the criteria for a quality lead (e.g., contact info, expressed interest)
- Agreeing on desired lead flow and contact cadence
- Determining the optimal stage for marketing to hands leads off to sales
When marketing and sales cooperate, marketing will send sales enough of the right kind of leads, and the odds drop substantially of sales contacting leads before they are ready, or storing and forgetting them within the company's CRM.