In this video Owen Scott, Managing Director of Concentrate, discusses three key ways to improve sales for tech companies in 2018.
- Making marketing responsible for delivering sales leads.
- Investing in sales enablement technology.
- Improving sales and marketing alignment.
March marks the end of the year for most Kiwi tech companies, where you review company performance and finalise growth plans for the new year.
To help your planning, Concentrate studied over 300 Kiwi tech companies to find out how their sales and marketing compares to USA tech companies, and to understand what would make a difference to sales.
Let’s step through those recommendations;
1. Making marketing responsible for delivering sales leads
- Marketing’s role is typically increasing market awareness (through activities like advertising and communications), developing sales collateral and managing events.
- This is all valuable activity; however, USA companies use marketing to generate qualified leads for their sales teams.
- By leads I don’t mean more website traffic, or more social media followers. I mean marketing delivering the names of people actively engaged in a buying process and that fit your buyer profile.
- For most b2b businesses, a good target is 40-50 qualified leads every month.
- If marketing is delivering leads, then selling can become much more efficient.
- To get started I suggest marketing and sales meet each month to review sales leads generated by marketing.
2. Investing in sales enablement technology
- Tech companies invest in lots of technology to run their business, but not often technology to help sales staff do their job.
- USA companies are using email automation and tracking, contact data intelligence, pipeline analytics, call recording and conversation analytics, and other tools, like LinkedIn Sales Navigator, that improve productivity of their sales team.
- If marketing is supplying leads and you can improve the productivity of the sales teams, you can increase sales.
3. Improving sales and marketing alignment
- Alignment is having the two roles working together with both focused on achieving sales.
- Alignment is created by using a single sales pipeline and having common definitions for marketing qualified leads and sales qualified leads.
- Marketing and sales should have common goals, which includes a shared lead target and shared sales revenue target.
To grow your business in 2018 sales and marketing need to work together to ensure your sales teams have a better supply of qualified leads and your sales teams are more efficient in their selling.
If you would like to discuss these recommendations further, or any other marketing issue then send me an email or give me a call.