Sales and marketing teams must have a common vision, common goals, and common KPIs. According to Wheelhouse Advisors, alignment can result in a 208% increase in revenue. Businesses in the United States lose $1 trillion each year as a result of misaligned sales and marketing tactics. Every team must use effective feedback loops to drive informed processes. These feedback loops can only occur when people communicate. Communication occurs only when everyone has access to the same lead/prospect data.
A clear, shared vision allows both sides to keep on track and ensure that the other team's goals are in line with their own. This enables teams to contribute successfully to the work of the whole while benefiting from the insights, expertise, and talents of others.
Tim Ball's case studies in The Triple Crown Formula for Building a Strong Relationship Marketing Model demonstrated the need for alignment. When an early adopter of the concept aligned sales and marketing under a single, unified umbrella, its marketing efficiency jumped from 9 to 26 percent.
Salespeople and marketers are frequently overly focused on their tasks. Too often, the sales team sees the sales function as a collection of discreet, segregated tasks with no synergistic links between team members and other departments.
Many companies also view their marketing department as a separate entity inside the company that just creates brand awareness and education, while sales does all the heavy lifting.
That is far from the case with a truly ROI-based marketing department consolidated under a growth and revenue umbrella. A common issue with siloed departments is when one hand does not know what the other does.
Case in point: a lead reached out to marketing and sales to address different questions as they move through the sales process. If there is no integration with sales or marketing, then sales won’t know what marketing did and vice versa. The lack of visibility and tracking where everyone could see what was going on and where that lead was in the process could easily cause confusion for the lead. This is also a problem with customer success.
For example imagine your sales department had closed a prospect and turned them into a customer. Typically, a company will have a value ladder where a customer can purchase more and higher value solutions.
If a customer has problems or questions that need to be addressed, it's critical for sales and marketing to know what is going on to make sure that customer has the highest level experience with your company. Satisfied customers stay. Unhappy customers leave. Reach out if you have any questions on marketing metrics, KPIs, growth, or revenue- always happy to share insights and information.