For 74% of companies, converting leads into customers is a top priority, according to Hubspot. The same study, however, shows that just 32% are concerned with sales enablement. These statistics show the dreadful gap between marketing and sales that is costing companies all over the world money they never even knew they could have.
An integrated strategy that combines your marketing campaign with your sales efforts can help to bridge this gap, and convert more leads that your marketing team collects into clients your sales team can effectively work with. Read on to find out more about how smarketing can benefit your business.
Why Do I Need to Change Up My Strategy?
No matter what kind of marketing strategy your company has in place, it only represents half of the battle when it comes to converting leads into sales. Common current practises essentially involve a marketing team who brings in potential clients, then sends them over to the sales team without a second glance. But when your marketing efforts and sales efforts are separate, you lose a valuable opportunity to really engage the leads you have found.
Now more than ever, people expect a social experience when they choose to engage with your company. But the social connection they developed when your marketing team first connected with them is often completely lost when they get shipped over to sales; now, they have to re-establish a connection with your brand, and your sales team has to re-do a lot of the work your marketing team has already accomplished to try to close the deal. For many potential clients, it's much easier to stick with the supplier or provider that they already use, or go to a company that is more intentional about their client engagement.
Generating Quality Leads is Still Not Quite Enough to Bridge the Gap
Lead generation software can bring your marketing and sales efforts closer. After all, when your marketing team is targeting the right audience at the right time, the leads they send over to your sales team are more likely to convert.
Despite this, B2B Marketing Technology Community reports that only 5% to 10% of quality leads actually convert to buyers in the B2B sector. Even more staggering, a full 25% of marketers don't even know what their conversion rates are. Clearly, marketing and sales need to align completely to raise these numbers.
Does Smarketing Really Work?
In short, yes. The statistics speak for themselves:
- B2B companies who don't or can't align their marketing and sales efforts lose 10% or more of their revenue potential every year.
- At least half of companies who adopt smarketing strategies increase their conversion rates by 10%, while half of the remaining companies see an increase of 20% or more.
- As much as 60% of top organizations closely align their marketing and sales teams; and 85% of these reach or exceed their sales quota.
Even outside of the numbers, consider what could happen when your marketing team works alongside your sales team:
- Quality feedback. Instead of pointing fingers and complaining that marketing isn't generating enough leads or sales isn't closing enough deals, the teams can share data on what is and isn't working. Marketing can help sales understand what drew the leads to the company in the first place, and sales can help marketing understand what potential clients are really looking for.
- Seamless customer experience. A potential client who feels like the email he received was written by a totally different person than the guy he's talking to on the phone won't feel valued and respected. When the business persona that your marketing team has created is carried through to your sales reps' strategies, the client's transition from curious lead to actively engaged consumer is seamless.
- Objective clarity. Instead of setting separate goals for each team, develop a set of specific objectives that the teams can both work to achieve. Your smarketing team will no longer be in competition if their goals are clearly the same.
- Valuable content. High-quality content is your marketing team's most valuable asset, both for generating leads and retaining clients; and your sales team can be an indispensible fount of knowledge on what customers really want in their content.
If you are ready to find out how to turn leads into sales with a strong smarketing strategy, read our eBook, "Joining Forces: How to Combine Marketing and Sales to Strengthen Business Strategy."