As a businessman, would you say that “maximizing” your sales is revenue important? If it is, you need to make certain your sales and marketing folks are “knowledge brokers”.
In my previous post I wrote about the need for your sales team to become “knowledge brokers”. Recent studies have confirmed that buyers today are often 70% of the way through the “buyer’s journey” (http://bit.ly/tvENtn) before they engage the salesperson. This means your marketing process needs to become focused on delivering relevant information, rather than simply creating awareness.
The power of the internet has clearly changed the buyer-seller dynamic and a new approach to sales and marketing is required. The buyer suddenly does not need to rely on the salesperson any longer for much of their information gathering. They simply go to the web and conduct research. They communicate with peers about solutions and ROI. They read informative articles in trade publications. They utilize social media. This means that the marketing effort must extend much further down the sales funnel then ever before.
Up until five years ago, marketing’s role was to create awareness through advertising, PR and other conventional means. Their goal was to find prospects that might fit the customer profile and then pass that contact information to sales. These are still important functions of a well designed marketing process. Today however, the buyers are looking more and more to gathering product and supplier information through an informal research process without contacting the supplier’s sales organization. This means the marketing message needs to be smarter, deeper and more directed at creating the customer relationship. They need to help deliver high quality sales leads.
There is no time or place any longer for internal arguments between sales and marketing and their respective roles. There is no place left for complaining about the quality of the leads (from sales) and the quality of the selling process (from marketing). It is time to become aligned and jointly engaged in the process that delivers a “customer”. This situation also means that management of the process must be shared by the sales manager and the marketing manager and in time we will begin to see the new role of Chief Revenue Officer (CRO) take the place of these two positions.
When I say that marketing needs to become a “knowledge broker”, I am suggesting that the marketing process needs to deliver more and more of the product and service information that the salesperson used to deliver. The marketing team needs to extend their reach. They need to create awareness just like they always have. They need to advertise in less traditional ways (search engines, ads on web pages, etc). They need to publish product and corporate information brochures but more in an electronic form rather than paper. They need to conduct PR campaigns, but cannot limit them to trade and newspaper print media. They need to create highly informative web site content and ease of navigation that will capture the reader’s attention and provide a deeper level of knowledge about products and services. But all of that is what was always done except in a different form and process.
Now product and service information needs to be much more about how the product or service fits into the buyer’s business, how it works for other industry leaders. It is about how to implement it quickly easily and with as little business interruption as possible.
But the real change is how the marketing team engages the buyer on his journey. Marketing needs to develop new ways to track the buyer’s activities, learn more about their needs and more about how (and by whom) decisions are made. The final outcome must be that the sales “lead” that is passed to the salesperson has already become a highly qualified prospect. The lead must include “in depth” information about the buyer’s needs and process and hopefully an established relationship.
In order to accomplish this, management must be willing to extend the marketing budget (some of which may come from the sales budget since the work requirement has shifted). Management must make certain that the sales and marketing teams are fully aligned and understand the corporate strategy. And finally there must be solid agreement on the definition of what constitutes a quality lead. If you have the lead defined properly, you can work backward through the process of delivering knowledge to the prospect that turn him into a customer.
If you want to “maximize” your sales revenue, you can begin by assessing your marketing team’s process based on the discussion above. If you are not sure how to do this or don’t have the time, there are professionals available to guide you through the process, confirm your present impressions and provide a roadmap for change.
Please let me know if I can be of assistance.