Here's the scenario; your marketing team is hard at work on its strategy. They're creating content that's driving traffic to your website, and furthermore, generating lots of leads.
Sounds like all's well in the world.
Only your sales team isn't happy. Not only is the efforts of your marketing team not delivering the amount of qualified leads they need, they're actually generating a larger volume of unqualified leads.
Why? Simple; your content isn't appealing to your target audience. If your sales and marketing teams were on the same page, the entire company would benefit from a more target approach.
How? Well, by keeping an open line of communication between both teams, sales can convey what kind of leads and prospects they need to close sales, and marketing can execute a campaign focused on creating the type of content needed to generate those types of leads.
Sales knows the following:
What type of content helps to close deals
What makes a prospect qualified
What affects their customers buying behavior
Pretty valuable information for the marketing team to know, right? While it seems obvious, there are a large number of companies who still report having very little sales and marketing alignment, while the companies who do have strong alignment actually generate higher revenue growth. (HubSpot)
When most of our clients come to us, it’s for inbound marketing or sales advice. But what we never anticipated were the number of business owners who were also desperately reaching out and seeking solutions for synchronizing their Sales and Marketing teams. Though logically it makes sense to have both teams work together, oftentimes Sales and Marketing seem to find one another at each other’s throats.
Communication and collaboration are key when it comes to having both teams working together. What’s even more important is backing up any criticism or points with data, something which closed-loop reporting can provide. By involving both teams in the closed-loop reporting process, you’re giving them the opportunity to take a glimpse into one another’s world and see how they can benefit one another in reaching a common goal.
So what exactly is closed-loop reporting? It’s all about sharing insights on the lead and conversion process based on statistical data. For this process to work most effectively, the Sales team reports back to the Marketing team about what happened to the leads that they received – when they became customers or, if they didn’t, at which point a lead left the sales funnel.
The benefit to this is that the Marketing team will then be able to understand which are the best lead sources and which are the worst. Sales will be able to further appreciate and understand Marketing’s role in the customer acquisition process. Ultimately, having a closed-loop reporting process established will allow marketers to associate each lead, customer, and dollar spent on a campaign back to the particular initiative that drove them to you.