How to increase the annual business revenue by 20% using Smarketing?
August 9th, 2017
Do you know how Smarketing works for a business? If not, then you are losing a huge market share. Smarketing can actually help your business generate 20% more annual business revenue. You must be wondering what it means? So, here we go!
Sales + Marketing = Smarketing
Smarketing is the process of balancing the Sales and Marketing team together by aligning the common goals of the business. In most organizations sales and marketing teams are isolated, but that’s the pain point. These teams are collectively called revenue generating teams; they should be aware of their mutual benefits of working together. Great collaboration between these teams can generate more business.
So, how can the marketing team and sales team work together to be one team, known as Smarketing. It’s a critical factor for the success of inbound processes. Smarketing plays an important role in the process of closing the deal by converting prospects into customers. In thisprocess the marketing team provides qualified leads to the sales team. It helps save the time to decide which could be the potential customer.
What are the best practices to maximize the business revenue?
There have to be common organizational goals for both the teams.
Sales and marketing should get compensated on the basis of service level agreements (SLA) and shared sales quotas.
Sales and marketing teams contradict each other most of the time, but in reality, they are the two halves of the same circle. The visibility of the goals should be higher.
Communication is the most important factor in business. Inter-team communication can help sales and marketing teams to measure the performance of the sales qualified leads (SQL) and marketing qualified leads (MQL).
Don’t forget about your personas. A clear understanding of audience personas generates high quality leads.
There has to be a bottom up approach where sales team can share the sales goals of marketing. After that, marketing team can create the goals accordingly to deliver a sales quota.
How to implement Smarketing in your organization?
Language: People can misinterpret what you say if your message is not delivered properly. So, the usage the same terminology by both the teams can help you create a strong foundation.
Service level agreement(SLA): Sales and marketing teams are committed to achieving a shared revenue goal mentioned in the SLA. Sales and marketing teams are committed to achieving a shared revenue goal mentioned in the SLA. It’s a mutual agreement between the teams. According to this Marketing team will report Sales teams about the quality leads they generated and Sales team will report about a timely lead follow-up.
Closed loop reporting: It’s the additional information the marketing team provides to sales so that the sales team can deliver meaningful information to the clients. It helps sales team to define the useful efforts made by teams to get potential customers. It helps to enhance the quality of the leads, sources, conversion rate etc.
Open communication: Regular interactions between the teams are really important.
Marketing is responsible for the top of the funnel and sales is responsible for the bottom of the funnel. By collaboration, they can deliver excellent customers to the organization and accelerate the annual business revenue by 20%. It cannot be done by a single person, it’s a team effort. The top management and the stakeholders needs be involved in the process of implementing Smarketing in your organization. It will be a tough but a great step for organizational growth. Every organization should try it!
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Richa Pathak is a product marketing consultant having 5+ years of industry experience. She has contributed more than 25 firms around the world, & advised ahandful of startups to grow. She writes about product marketing, event promotion, digital marketing, social media, content marketing, email marketing, and advertising. You can connect with her on the Facebook, Twitter, and LinkedIn.
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Richa founded the SEMupdates blog in 2017 to share latest marketing updates. Richa is the digital marketing consultant, helps clients generate leads. She is contributing guest author in top SEO magazines like Social Media Today, Search Engine People, MarketingProfs and more