Businesses with "tightly connected" sales and marketing divisions achieve 24% speedier revenue growth and 27% faster profit growth. When sales and marketing work together, magic may happen.
Firms' development may rocket when these two tasks work in unison. Yet, too frequently, mismatched - or unclear - goals and expectations cause these two income sources to work separately and become unproductive.
Many professionals get tangled up attempting to achieve both at the same time. Thus, knowing the aim of each is critical to a successful accounting firm's growth strategy:
Marketing: As a one-to-many activity, marketing magnifies your message to raise brand recognition and create new leads.
Business Development: As the front line of revenue production, business developers cultivate connections with leads created by marketing and referral initiatives.
How To Align Business Development And Marketing Strategy?
Ensure Open Collab:
Teams can only align once they collaborate. Sales and marketing executives and teams should meet regularly to track agreed goals and freely talk about processes, problems, and successes. Leadership inside and outside departments may develop a collaborative environment rather than an us-versus-them attitude.
Align Sales And Marketing Strategies:
Your marketing and sales departments are both aware that recruiting new clients is critical to your company's health. Aligning your sales and marketing strategy begins with identifying the existing strategies used by each team. The teams should then discuss their plans. Then, they may synchronize their efforts and minimize inefficiencies to obtain better results.
Return Leads To The Marketing Team:
Leads need to go in a straight line in a solid marketing and sales process. A business advisor said, “leads, even those deemed unworthy by sales at the time, should not be discarded.” Reintroducing them to marketing allows teams to:
Constant communication ensures that lead processes are continually strengthened.
Save time by learning from or revising leads that did not make the first cut.
Harmonize The Goals:
Both teams want to increase the company's sales. Still, their functional goals and KPIs must be set and coordinated to achieve the larger vision. Business plans that emerge following the alignment are more likely to succeed.
Use Real-Time Visibility Into The Funnel:
Once you've designed and implemented all of the communication and workflow tools, create a dashboard for real-time reporting on all levels of marketing and sales activities. A clear view of your funnel enables you to make data-driven decisions, increasing sales and ensuring long-term success.
What Are The Benefits Of Aligning Marketing And Business Development?
The Following Are Some Significant Benefits Of Aligning Sales And Marketing:
It Improves Customer Journey Mapping
Get Feedback That Is Clearer And More Productive
It Enhances Revenue Growth
It Avoids The Blame On Game
It Increases Marketing Efficiency
Looking At The Numbers:
Customer retention rates are 36% higher in organizations with strongly connected sales and marketing activities.
Nurtured leads generate 47% more purchases than non-nurtured leads.
According to sales and marketing alignment statistics, 56% of aligned businesses achieve revenue targets.
Companies with coordinated sales and marketing teams had 36% higher client retention.
According to sales and marketing data, when both teams collaborate, organizations see a 27% increase in profit growth.
Support And Grow Together:
Marketing and business development are well-positioned to enhance revenue considerably. It is critical not to duplicate actions and to continually complement each other's efforts, which necessitates flawless communication between the two teams.
While marketing and business development initiatives occasionally overlap, they are more likely to succeed independently if open communication is maintained. To identify the best answer for the corporation, it is generally advisable to employ a business coach or a growth consultant.
A business growth advisor can provide an impartial viewpoint because they do not have a vested interest in the company. Their years of experience and knowledge assist you in developing long-term procedures.