Sales & Marketing
Sales & Marketing
When sales and marketing are not aligned, the business will likely miss its growth targets. This is a top reason why annual revenue stagnates or even declines.
Areas of Focus
• Market Need: Understand the need for your offering in the market.
• Value Analysis: Determine how much value is placed on your offering.
• Differentiation: Know clearly how your offering differs from competitors so that it can enable strong sales and marketing efforts.
Due diligence on the front end will provide a foundation for how your offering should be packaged, presented, priced, and delivered. This will enable the business to carve out its niche in the market.
• Target Audience: A market analysis will help guide the decision for what target audience to focus on.
• Reaching the Client: Analyzing the demographic of the selected target audience will guide the decision for the best way to reach them.
• Message to the Client: Building a strong unique selling proposition (USP) that resonates with what the target audience needs is important. It guides prospective customer conversations and builds up the value of the offering. Even more vital, is developing a process that ensures both marketing and sales align around the USP.
• Key Metrics to Measure: In order to deliver ongoing success, it is important that the actions taken by both marketing and sales are measured.
• Reward the Efforts: Remove the silo reward system and get both departments working together, with marketing providing quality leads that sales can actually close. Align their efforts by providing rewards for new business across departments.
The cost of acquiring new customers is high. Aligning sales and marketing will reduce your overall cost of acquisition. This can be tricky, but when done right, it will bring impactful results that gives leadership confidence in growth forecasts. Wouldn’t it be valuable if you could get new customers for half the cost of what you’re spending today?
• Value Analysis: Understanding the value your customers see in your offering can be an eye-opening experience. If they just see you as a cheaper option, what is keeping them coming back?
• Retention Analysis: Developing a way to learn why your customers leave or stay can be the tipping point for understanding the difference between your ‘satisfied’ and ‘loyal’ customers. It’s important that the voice of the client (VoC) is heard, and creating an avenue where customers can speak openly about their opinion of you and your offering is key to ensuring your customers feel valued.
• Life-cycle Analysis: Documenting your customer life-cycle can be helpful in projecting your number of loyal customers, and can provide insights that increase customer retention with specific actions and measures. This data can also feed back to the marketing team for assessing the ideal audience, and optimizing outreach to them.
Having the tools and knowledge to increase your customer loyalty will unequivocally provide a much stronger business. A key step in accomplishing this is understanding the difference between satisfaction and loyalty. It’s likely bigger than you think.
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