Have you heard the term Smarketing before? If not, then this post is for you and your company. But, before I jump right into the definition of Smarketing let me set the stage, to help you better understand exactly what this post is about. If you're in Marketing you've probably encountered multiple conversations with your sales team about what a qualified lead is, or simply put, defining the handoff process. When should the sales team take over a lead? This is where many companies' marketing and sales teams differ, but if you implement Smarketing, it can solve those issues.
What is the definition of Smarketing?
- Speak the Same Language
- Set Up Closed Loop Reporting
- Implement a Service Level Agreement
- Maintain Open Communication
- Rely on Data
1. Speaking the Same Language: Remember everything you do as a marketer comes down to revenue. Start by setting your shared goal revenue between the two departments.
- What is the Goal?
- Average deal size needed?
- How many customers do we need?
- How many leads are needed to meet those Goals?
These measurements can help you define the handoff process by defining your buying persona to meet those goals.
2. Set up closed loop reporting and avoid these problems.
- Duplicate leads
- Limited lead info
- No feedback from sales
- No ROI Measurement
Closed-loop reporting provides more Quality leads that convert to sales.
- Contact info status updates
- De-duplicate leads
- Import to CRM
- Lead Intelligence
Closed-Loop reporting provides the communication between the two departments and helps them better understand whom they're trying to sell to.
3. Implement a service level agreement; define what is each team commits to accomplishing in order to support the other.
- The number and quality of leads that marketing needs to meet the company's revenue goal.
- Sales time and depth of lead follow-up that makes sense to reach the sale goals.
4. Maintain open communication by having weekly marketing and sales meeting.
- Campaign Communication
- Product Communication
- Lead development Communication
- Sale call Communication
Communication isn't just meetings to go over pain points, it is the sale process between the two departments.
5. Rely on Data and not emotions when things go wrong.
- Set up marketing dashboards
- Track lead by source
- Track lead by campaign
- Track the number of Marketing Qualified Leads
- Monthly Marketing Reporting
Tracking where your leads come from and what they do next helps both departments to make better decisions how to proceed with a campaign and determine who's a qualified lead.
Smarketing may sound a little weird but now that you know what it means, follow these 5 steps provided above and your marketing and sales team will be Smarter. And according to a study done by the Aberdeen Group, companies with strong sales and marketing alignment can get 20% annual revenue growth.