Sales and marketing are two important pillars of any business’s foundation. Regardless of the size, location, and industry of a business, it cannot survive well without having a solid marketing strategy and sales strategy. Both, sales, and marketing have different functions, but they are incomplete without each other. For example, a sales strategy focusses on generating revenue, whereas the marketing business takes on the responsibility of creating demand for the products.
Up until a few years ago, most businesses relied on the sales team to generate and nurture the leads and eventually close a deal; however, in the recent times, the changing buyer needs and demands have shifted the focus to marketing business. One big reason behind this is the move to the digital era, is that the modern buyer does his research and figures out what they want before contacting the vendor’s sales team. This means that the impact of marketing strategy will influence the customer to explore the sales strategy.
What is sales and marketing?
Before we delve into why you need an effective sales and marketing strategy for your business and its importance, let’s look into what these both are.
In simple words, sales is convincing the buyer that your product or service aligns best with their needs. The sales team usually connects with the buyer in a one-on-one manner over email, phone, or in person. Sales strategies comprise of asking the prospect questions to understand their needs and doubts, tackling the objections, and scheduling demos, follow-ups, and meetings to close the sale. The sales team is also responsible for upselling and cross-selling of products.
Marketing, on the other hand, is the process of generating a lead for the sales team and attracting the customer’s attention towards the business or service. Formulation of the marketing strategy focusses on reaching new people and increasing the demand for products or services. A marketer’s interaction with new or old customers is about letting them know about latest products and features and promoting the updates. Marketing business is all about understanding what the customer wants and filling in the gaps, lead generation, and maintaining brand awareness.
Why is sale and marketing so important for your business?
It is not wrong to say that sales and marketing are food and water for the business. These critical functions work together to drive business growth, increase ROI, and maintain lifelong relationships with the customers. By working in perfect sync, marketing and sales strategies ensure that the business not only provides services but also emerges on top in the competitive market. Here are some important benefits of sales and marketing that you cannot ignore:
- Driving Revenue Growth
Without customers buying your product, there will be no revenue to grow the business. Without sales, there is no revenue, and without revenue, there is no business. The primary aim of investing in sale and marketing is to generate revenue. Sales is the lifeblood that closes deals, converts leads into paying customers. Marketing, on the other hand, is the fodder that creates awareness, generates, and creates interests for the potential customers.
Marketing overseas advertising, content marketing, social media campaigns, and other channels to reach a wide audience and drive leads into a sales funnel. The sales team works on strategies to convert them into paying customers. Seamless coordination between the two is necessary for consistent revenue growth. For example, a business can use omnichannel marketing to educate and grab the attention of a potential customer, and the sales team can follow up with the lead to boost revenue. A report from HubSpot has shown that businesses with sales and marketing alignment close 38% more deals and have achieved 27% faster three-year profit growth and 208% higher revenue.
- Brand Awareness and Recognition
An important aspect of marketing strategy is to create and maintain brand awareness and recognition. Marketing a business means your buyers recognize what your company is and what it stands for. It helps the buyer know what your brand offers and if it fits the customer’s needs. Marketing campaigns are crafted through content creation, social media engagements, public relations, etc. The aim is to build familiarity and credibility, which is a great foundation for the sales team to convert leads into customers. For example, most customers, both young and old, remember brands like Nike, Apple, and Rebook with their logs and personalized sales and marketing strategies. Fostering brand recognition, helps in establishing credibility and builds trust with the target audience, leading to an easy movement in the sales funnel.
- Customer Acquisition and lead Generation
Concentrated sales and marketing efforts attract new customers and generate positive leads for the sales team. Without genuine lead generation, the sales team might be just wasting time and resources in pursuing dead leads. Sales and marketing use various strategies, such as SEO and content marketing, and outbound efforts, which include paid advertisements, email campaigns, etc., to aid the sales team. Once the lead is generated, it is the sales team’s job to initiate the sales funnel journey, understand customer needs, and offer solutions to lead to a conversion.
Better customer engagement and stronger relationships
The success of a sales and marketing team depends on the customer reviews and repeat buyers. The prime task is to attract, nurture, satisfy, and the customer to close the deals. Both teams need to be on the same page to generate content, and understand what the customer wants, and ensure a smoother buying experience. This helps enhance the customer relationships. Marketing attracts new customers and sales teams does the job of keeping the customers and presenting sales as a means of service, building long-term loyalty. Another advantage is that the customer data can be used to develop new products or services to keep up with customer needs and the overall value proposition of the business.
- Creating competitive advantage
A good sales and marketing team can put the business ahead of others. Marketing the business helps position your products in a way that to the customer it looks like it is the best solution for their needs and solution to the problem. Marketing strategies for branding, messaging and storytelling can help the business differentiate from competitors and put forward value propositions. Sales team reinforcing this edge by demonstrating the value and pushing direct conversations. This helps the business stand out and win. A competitive edge translates in to a direct boost in revenue for the business.
Sales and marketing teams align products with market needs. This is done by analyzing the customer behavior and addressing the pain points of targets in real times. The businesses need to continuously align to customer needs to stay in for the long run. Strong sales and marketing management skills are needed to build a good and sustainable business.
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