Marketing budget, leads generated, deals closed, sales credits. These are the terms normally heard when we talk about Marketing & Sales teams and their contribution towards revenue generation. It’s very important to break down sales & marketing silos for a revenue generating business and co-existence.
At times we see marketing complaining about low lead conversion ratio, lead bucket getting piles up without any sales follow-up, missing key prospects etc. In return Sales could complain about quality of leads being provided by Marketing, dilemma of which leads to follow-up, in-complete information of their prospects. Identifying the credit for deal closures
Few areas to help break silos and align Sales & Marketing:
- Establish common terminologies – What Marketing understands a lead could be completely different than what Sales understand, who are leads? Who are contacts? The definition of a qualified lead.
- Define overlapping business process – It’s important to overlap the existing business process of marketing with the process of sales which would help them collaborate, co-exist and endorse each other.
A well-defined process of conducting marketing campaigns, targeting right suspects / prospects, running right lead scoring from Marketing side could overlap with Lead assignment & qualification from Sales teams.
Regular follow-up from sale , conducting/proceeding through their Sales Cycle & possibility marking (flagging) marketing team for any ongoing Nurture campaigns or sales campaign( if required ) by Sales to push extra step towards sales closure.
- Review & Perform Close Looped Reporting – This helps in identifying the key contributors for revenue generation. Identifying the marketing campaigns run across the financial year and their contribution to conversion in conjunction with Sales team contributions of regular follow-up, going through their sales cycle etc.
For Marketing the ROI could be on different parameters:
- Number of lead generated from campaigns, irrespective of sales conversion
- Amount of traffic generated to company website
- Brand awareness
- Email clicks, opens etc
- The actual revenues generated in terms of deal closures
Review and results of closed loop reporting would help understand the Marketing & Sales touch point for deals from Suspect/Prospects to Customers
Oracle CX application on integrated Marketing & Sales Cloud help flow of information b/w Marketing and Sales with quality MQL to SAL and break silo.
About CRMIT Solutions:
CRMIT Solutions has achieved OPN Specialized status for Oracle Sales Cloud –Oracle Recognizes CRMIT Solutions for Expertise in Implementing Oracle Sales Cloud. CRMIT Solutions Offers A Host of Solutions on Oracle Sales Cloud, Including Consulting, Sales Planning, Social Sales, Customer Data Enrichment, Field Sales Automation, User Adoption, Training, Health Checks and Testing.
CRMIT Solutions also extends Marketing Cloud Automation solutions with Oracle Eloqua. “Marketing automation has been a critical component for our customers and Oracle Eloqua is an ideal fit for modern marketers to power revenue performance,” said Vinod Reddy, Founder & CEO, CRMIT Solutions.“They can transform the way you market in the digital age while delivering an integrated and highly personalized customer experience,” added Vinod.
CRMIT Solutions is committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.
Business Consultant – Industry CRM & CX Solutions.
Writing for CRMIT Solutions