Check Out these 5 ways marketing and sales teams are collaborating for better lead generation. And feel free to contact us for a complementary Lead Generation Quality Assessment.
More and better data, lead scoring and segmentation tools means your Marketing efforts are expected to work harder than ever to bring in qualified Sales leads. However, the process often breaks down in most companies because of misalignment between Marketing and Sales teams.
This mistrust and miscommunication can act like an anchor on your company’s growth rate. According to a 2010 study by the Aberdeen Group, organizations with good alignment between Sales and Marketing teams achieved 20% annual revenue growth. In contrast, companies with poor alignment saw revenues decline by 4%.
The good news is that savvy organizations are finding increasingly effective ways for Marketing and Sales team to work better together. Technology has played an empowering role with CRM and marketing automation platforms, but technology alone is not enough. Here are five specific marketing and sales initiatives that will lead to more effective lead generation and conversions.
(1) Set Goals by Working Backwards from a Sales Number
Sales is inherently a numbers driven function. Marketing, as we all know, sometimes is not. But the first step in alignment is to agree on a sales goal that marketing will support. For example, if Company “A’ has a revenue goal of $2mm and the average deal size is $100,000, it will take 20 new customers to help achieve this goal. Assuming a Lead to Customer conversion rate of 2%, this means Marketing should agree to provide Sales with 1000 qualified leads.
(2) Align Marketing Content with Sales Lifecycle Stages
Sales and Marketing might have very different ideas of the funnel, the number of stages, terminology for each stage etc. But in an organization where Marketing and Sales are aligned, there is no room for disagreement around the types of content produced and how they should be used to drive new leads. The role of content in the Buyer’s Journey must align with with Sales’ defined Lifecycle Stages. Ultimately, you’ll want to have agreement on what in fact constitutes a ‘sales-ready’ lead.
(3) Unify Sales and Marketing Buyer Persona
Sales and Marketing may often have different takes on Buyer Personas, driven by how they interact with these individuals. For example, a Marketing-led Persona may focus on how the individual consumes media, while a Sales-led Persona may be focused on the fact they hate interruptions. Uniting Buyer Personas provides a focused context for productive discussions and collaboration.
(4) Define ‘Sales-Ready’ Leads
It is amazing how many organizations do not have alignment across Marketing and Sales about what constitutes a Sales-Ready Lead. At its most basic level, a Sales-Ready Lead is one that is a good fit for your business that has demonstrated a high level of interest around your company’s product or service. Examples could be a contact who:
- Downloaded an ebook on lead gen, company is 200-1,000 employees and in North America;
- Works at a company in the US who filled out the form to request a sales demo or started a trial;
- Employed at a company whose role makes him/her a decision maker, e.g. a VP or Director.
(5) Embrace Closed-Loop Reporting
Closed-Loop Reporting completes the feedback loop between Marketing and Sales. Empowered by web, email and CRM analytics, Closed Loop Reporting allows companies to better understand what content and initiatives play a role in driving, nurturing and closing leads. It helps Marketing by providing up-to-date information on initiatives which initiatives are working and which aren’t. It helps Sales prioritize Leads and make warmer calls.
Get More Quality Leads for Your Company
Over the past six years, Budding Culture has built a strong practice helping our customers align Sales and Marketing goals with inbound marketing approaches that bring in better qualified leads. Feel free to contact us for a complimentary lead generation quality assessment. We’ll give you a non-nonsense appraisal of how to optimize your efforts, including how to best align sales and marketing goals to drive results. Simply fill out the form on this page, and we promise to get back to you within two business days to get going.