Every business should strive to reach true sales and marketing alignment. When these critical teams aren’t aligned, climbing to the top of the telecom and IT markets – or just rising above the crowd – is a costly challenge. Organizations worldwide lose a whopping $1 trillion each year due to misalignment, according to HubSpot.1
We know that’s a scary number, but what might be even scarier is that 79% of leads generated by marketing efforts never convert to sales – and 73% are never even contacted. So, how do you get your sales and marketing teams on the same page? Read on to find out.
Overcoming the Deadly Sins of Sales and Marketing Alignment
Mojenta’s founder and CEO, Angela Leavitt, discussed how businesses can overcome the 7 Deadly Sins of Sales and Marketing Alignment at Channel Partners Expo 2021. Here are a few insights from her presentation:
1. B2B Buyer Behavior Is Changing – Adapt Accordingly
Failing to understand the modern B2B buyer is one of the biggest marketing mistakes a business can make. Many modern buyers make their purchase decisions before ever contacting a sales representative, so any efforts to align your teams might be wasted without a firm grasp of your target audience’s buying behaviors.
According to Gartner,2 B2B buyers considering a purchase only spend about 17% of their time meeting with a sales rep – and that number drops to only 5-6% if they’re considering multiple providers. Getting your sales and marketing efforts on the same page can help your team develop marketing content that captures prospective customers’ attention – and entices them to reach out to your sales team.
2. Sales and Marketing Are Scientific – Follow the Data
Do you know your conversion rates? If you don’t, you’re lacking the visibility you need to get real results from your marketing strategy. Sales and marketing are highly data-driven, so if you’re tracking the right numbers, you’ll know exactly where to focus your efforts to capture your target audience.
A few more numbers you should track include:
- Lifetime Value (LTV) - The average monthly revenue per customer multiplied by the customer lifetime in months
- Cost of Acquisition (COA) - Your total sales and marketing expenses divided by the number of new customers you’ve acquired
- LTV:COA Ratio - Informs how much you should be spending on sales and marketing
3. Communication Is Key – Ensure Your Teams Collaborate
Your sales team has critical insight into what is and isn’t working for customers. Are they sharing these insights with your marketing team so they can create better, more effective assets? And similarly, your marketing team should share the knowledge, research, and assets they’ve worked so hard to build with your sales team.
Benefits of Sales and Marketing Alignment
Align your sales and marketing teams, and you’ll be well on your way to solid business growth. Businesses with good alignment not only achieve 27% faster three-year profit growth, but also close 38% more deals and earn 208% higher marketing revenue than those with misaligned teams.1
Interested in learning more? Check out Angela’s full presentation below to discover how to overcome the biggest sales and marketing alignment no-nos. Reach out to our experts if you have any questions about growing your business with better marketing!