Whenever there’s a lack of continuity between sales and marketing, it can put team members at odds with one another. I can talk about all of the ways this hurts the company, but at the end of the day, it comes down to lost revenue. In fact, “studies show failure to see sales and marketing align around the right processes and technologies costs B2B companies 10 percent or more of revenue per year.”
When these two teams come together though, it can streamline overall operations and increase revenue considerably. More specifically, research has found that “companies where sales and marketing align strongly achieve a 20 percent annual growth rate.”
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Here are some key benefits of a partnership between sales and marketing, and the role CPQ can play in making it happen:
Sales and Marketing Align for Better Customer Understanding
One of the most critical aspects of efficiently moving leads through the sales funnel – and ultimately making conversions – is understanding customer behavior. Owing to each team’s unique professional insights, being totally on the same page means a deeper knowledge of customer behavior. In turn, everyone can speak the customer’s language, take the right marketing approach, offer relevant promotions, etc.
Efficient CPQ integration can be a big help in understanding customers because team members can conveniently access past history, open quotes, and look into service information. This minimizes miscommunication and misunderstandings, and customers can be moved more efficiently through the sales pipeline.
Qualified Leads Can Be Promptly Followed Up
Time is of the essence when following up on leads. Lacking promptness is a surefire way to squander potential sales and send lost leads running to the competition. But when sales and marketing align, marketing does the necessary nurturing to better qualify leads – and sales can quickly swoop in on hot leads to close more deals.
Having this level of efficiency is incredibly important considering that a study by MathMarketing found that “businesses with the greatest degree of alignment close 38 percent more proposals than non-aligned businesses – and they lose 36 percent fewer customers to competitors.”
Greater Customer Personalization Is Possible
Many of today’s customers have grown accustomed to companies bending over backward to provide them with products and services that match their unique needs. Team alignment is advantageous because it ensures that marketing provides leads with relevant promotions/content, and sales provide the right proposals and product/service configurations for a highly personalized experience.
Smart CPQ integration is a valuable tool for providing this level of personalization because it allows for seamless configuration, product visualization, and quote generation. This way, customers can get a tangible idea of what a product’s appearance will be like, ensure that it meets their specifications and know exactly what they can expect to pay.
Sales and Marketing Align for Improved Customer Experience
When you break it all down, when sales and marketing align through an integrated CPQ solution, it yields happier customers. This is obviously a win because it boosts revenue, leads to repeat business, and creates brand loyalty – all essential for sustained growth and long-term success.
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