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Smarketing - Sales and Marketing Cooperation is Doable and Powerful
The document discusses the concept of 'smarketing,' emphasizing the need for alignment between sales and marketing teams for enhanced revenue growth. It identifies critical components for successful smarketing, including developing mutual understanding, shared strategy and metrics, and mutual accountability. Additionally, it highlights the importance of embracing new roles in a data-driven context to ensure both teams work effectively towards common goals.
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Smarketing - Sales and Marketing Cooperation is Doable and Powerful
- 1. CAN YOU SAY “SMARKETING”? SALESAND MARKETING COOPERATION IS POWERFUL AND DOABLE
- 3. CAN YOU SAY“SMARKETING”? If you were an alien and observed how sales and marketing teams are structured today, you’d say:
- 4. CAN YOU SAY“SMARKETING”? WTF?
- 5. SALES AND MARKETINGSING THE SAME SONG, DIFFERENT WAYS ➤They aren’t so different, but they are different enough that a lot gets lots in translation ➤They don’t really understand each other but they are forced to work together day-to-day like an arrange marriage, with expense reports ➤They sing the same song in different ways ➤Here’s how sales sings the song: straightforward, linear, classic:
- 6. SALES AND MARKETINGSING THE SAME SONG, DIFFERENT WAYS ➤And here’s how marketing sings the same song: experimental, buzz-worthy, and by wasting money on costumes:
- 7. A LACK OF SHARED UNDERSTANDING BREEDS CONTEMPT
- 8. “87% of theterms sales and marketing use to describe each other are negative. -Corporate Executive Board
- 9. WHAT IF SALESAND MARKETING WERE ON THE SAME PAGE?
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- 12. “Aligned sales andmarketing teams show 400% higher annual revenue growth compared to teams that are not aligned (20% vs. 4%). -Aberdeen Group
- 13. THE 5 CRITICALCOMPONENTS OF SUCCESSFUL SMARKETING
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- 15. DEVELOP MUTUAL UNDERSTANDING1:1 ➤Lunch Buddies (pair up sales and marketing for monthly 1:1 lunches) ➤Marketing Shadow Day (sales people sit with marketers for a day, at their desks) ➤Sales Ride Alongs (marketers go to sales appointments or listen in on sales calls)
- 16. DEVELOP MUTUAL UNDERSTANDING ➤Cross-functionalexperience is key. The best marketers have also been in sales.
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- 18. DEVELOP MUTUAL UNDERSTANDINGIN GROUPS ➤Weekly Smarketing meetings to check progress and find problems ➤Monthly executive sessions with sales and marketing leadership
- 19. CAN YOU DOTHIS?
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- 21. SHARE STRATEGY, METRICS AND REPORTING 2
- 22. SHARED STRATEGY ➤Agree ontarget audiences and personas ➤Agree on funnel steps and stages ➤Agree on handoff processes
- 23. SHARED DEFINITIONS ➤What isa “lead” ➤What is a “good” lead? ➤What is a “qualified” lead? ➤If there is a zebra in your office but one team insists on calling it a “striped horse” you’re eventually going to have issues
- 24. “45% of businesseshave a company-wide definition of a sales-ready lead. -MarketingSherpa
- 25. SHARED REPORTING ➤Use thesame system ➤Does marketing know what happens to leads? ➤Are duplicate leads flagged and discussed? ➤Can marketing determine revenue at the specific program level? If you can’t the “I know 50% of my marketing is wasted, but I don’t know which half” will come true
- 26. COMMIT TO MUTUAL ACCOUNTABILITY 3
- 27. MUTUAL ACCOUNTABILITY ➤Sales hasto stop blaming marketing for lead quality ➤Marketing has to stop blaming sales for inability to close leads
- 28. MUTUAL ACCOUNTABILITY: HOWTO ➤First, determine the activities and ratios necessary to hit company-wide objectives: ➤Leads > Qualified Leads > Lead Conversion Rate > Average Revenue Per New Customer + Contingency = Total Leads Necessary to Hit Objectives
- 29. MUTUAL ACCOUNTABILITY HOWTO: ➤Next, commit in writing to how your team will contribute to this formula: ➤“Marketing will deliver 75 qualified leads per month, per sales person” ➤“Sales will follow up with ALL new leads within 4 hours, and will make 5 closing attempts within 21 days of lead receipt”
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- 31. SELF-SERVE INFORMATION ➤Customers arealways online, and have more information than ever at their fingertips ➤Zero Moment of Truth means customers need more information pre-purchase ➤Help your leads find you, instead of you finding the leads
- 32. WHEN THEY’RE READY,THEY’RE READY Average customer reads 105 pages before contacting the company
- 33. SELF-SERVE INFORMATION (WILLINCREASE OVER TIME) ➤Old marketing works less ➤Content marketing works more ➤Marketing is educating early-funnel customers in a way that used to be sales’ responsibility
- 34. “I started mycareer as a sales guy in the nineties, when the funnel was controlled by the sales rep, who had all the information the prospect wanted, including pricing and discount options. Now 90 percent of it has swung to marketing. The game has changed a lot. -Brian Halligan, Hubspot
- 35. CUSTOMERS KNOW THEBASICS (AND THEN SOME) ➤There are countless sources of information prospects can use to research purchases: ➤Company-created content ➤Third-party content ➤Ratings and reviews ➤Even customer service and support content on forums and beyond
- 36. WITH THIS MUCHFREE INFO AVAILABLE, WHY FILL OUT A LEAD FORM?
- 37. YOU DON’T FILLOUT A LEAD FORM UNTIL YOU ARE GOOD AND READY, RIGHT?
- 38. SO WHY DOWE TRY TO CONVINCE OUR PROSPECTS TO BECOME A LEAD AT THE TOP OF THE FUNNEL?
- 39. RELATIONSHIPS ARE CREATED WITHINFORMATION FIRST AND PEOPLE SECOND
- 40. STOP GATING CONTENTAT THE FRONT, AND INSTEAD ASK FOR PROSPECT INFORMATION AFTERWARDS, IN EXCHANGE FOR RECOMMENDED NEXT-BEST CONTENT
- 41. Don’t gate contenthere Gate content here
- 42. GATING AT THEEND, NOT THE BEGINNING, REDUCES TOTAL LEADS WHILE INCREASING AVERAGE LEAD QUALITY
- 43. SALES HAS TOUNDERSTAND THAT PROSPECTS ARE MORE EDUCATED, SO WHEN SOMEONE IS READY TO BECOME A LEAD, SALES MUST FOLLOW UP FASTER
- 44. SALES’ JOB SHOULDBE EASIER WITH MORE EDUCATED PROSPECTS Sales’ role now Sales’ role before
- 45. BUT SALES ALSOHAS TO HELP MOVE PROSPECTS THROUGH THE FUNNEL IN NEW WAYS
- 46. SOCIAL INTERACTIONS FROM SALESCAN BE MORE EFFECTIVE THAN CAMPAIGN NURTURING FROM MARKETING
- 47. “When a leadis developed as a trusted relationship of a salesperson in social media, that lead is 7 times more likely to close. -IBM
- 48. MARKETING MUST EMPOWERAND ENABLE SOCIAL SELLING
- 49. MARKETING MUST POWERAND ENABLE SOCIAL SELLING ➤Training and ongoing training ➤Software ID and rollout ➤Ad hoc counsel and support = a marketing-led “social media help desk”
- 50. RELY ON DATA NOT ANECDOTES 5
- 51. ANECDOTES DESCRIBE ONE EXPERIENCE,NOT NECESSARILY A PATTERN OF BEHAVIOR
- 52. WHEN SOMEONE USESAN ANECDOTE TO TRY TO ARGUE FOR AN ACTION OR INACTION, SAY THIS:
- 53. “That’s an interestingstory. How often does it occur?
- 54. SMARKETING IS WORTHIT, BUT IT AIN’T EASY
- 55. YOU HAVE TOWEAR THE “GET ALONG SHIRT” TO MAKE SMARKETING WORK
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- 62. IF YOU LEADTHE SMARKETING INITIATIVE AT YOUR COMPANY YOU’LL FIND ALL OF THESE PEOPLE: HAPPY, CURIOUS, CATATONIC, PSYCHOTIC, AND THOSE THAT WANT TO CHOKE YOU
- 63. BUT NOW YOUKNOW HOW TO MAKE SMARKETING WORK:
- 64. 1.DEVELOP MUTUAL UNDERSTANDING 2.SHARESTRATEGY, METRICS, AND REPORTING 3.COMMIT TO MUTUAL ACCOUNTABILITY 4.EMBRACE NEW ROLES 5.RELY ON DATA, NOT ANECDOTES
- 65. MARKETING HAS TOACT MORE LIKE SALES
- 66. SALES HAS TOACT MORE LIKE MARKETING
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- 68. THAT’S THE POWEROF SMARKETING
- 69. BIG THANKS TOMY FRIENDS AT HUBSPOT FOR POPULARIZING THE SMARKETING CONCEPT, AND CREATING A LOT OF THOUGHT LEADERSHIP THAT INFORMED THIS PRESENTATION