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Integration of sales and marketing teams gives better results for your business, and the research proves it. In fact, every step you take to further integrate sales and marketing should yield positive results for your business.
For example, Outfunnel Revenue Marketing Report 2022 shows that 25% more companies increased rather than decreased revenue when joint sales and marketing team meetings took place, and 33% more companies increased rather than decreased revenue when sales and marketing shared key performance indicators (KPIs).
The integration of sales and marketing is critical to the success of cannabis and cannabis-related businesses, especially as the industry becomes more competitive. Here are five key reasons why companies that integrate these two teams will be winners in the future.
1. Fewer lost leads and sales
Marketing and sales funnels are filled with holes, and the reality is that it’s very difficult to keep every lead in the funnel and move smoothly through the buyer’s journey without abandoning the process of maturing your business. However, when sales and marketing are integrated and an efficient process is in place to move leads up and down the funnel, far fewer leads will drop along the way.
Ultimately, the marketing team will have the ability to identify and nurture leads with the full buy-in of the sales team, and the sales team will have the tools they need to engage and close leads highly qualified.
Open communication, accountability and engaged leadership are essential to integration and the results that flow from it. In fact, many companies are moving from separate sales and marketing executives to a single chief revenue officer or similar role to fully integrate sales and marketing functions.
2. Higher ROI on leads throughout the buying journey
Leads should be nurtured at every stage of the buyer’s journey to try and push them to the next stage and turn them into sales-qualified leads. When sales and marketing teams don’t work closely together to fully understand who their best target audience is throughout the buyer’s journey, prospects won’t get the attention they need to take the next step. next.
Instead, they may be confused or feel ignored. They may even be suspicious of your business because there isn’t the follow-up they expected. As stated in point 1 above, when your sales and marketing teams are not aligned, your business will lose leads and sales.
However, when they work closely together to deliver the content, communications, and experiences that prospects want, need, and expect, the return on investment (ROI) of marketing and sales initiatives will improve.
3. Better understanding of lead definitions
What is the definition of a qualified lead for your sales team, and is it the same as the definition used by the marketing team? These definitions must be synchronized, otherwise no team will be satisfied. Therefore, both teams need to sit down together and come up with definitions for leads throughout the buyer’s journey.
An easy place to start is to categorize leads into information-qualified leads, marketing-qualified leads, and sales-qualified leads. For example, information-qualified leads are at the top of the funnel and in the very early stages of the buyer’s journey (or not in the buyer’s journey at all). Marketing-qualified leads are in the middle stages of the buyer’s journey and should be nurtured to try and push them to the final stages. Sales-qualified leads are in the final stages of the buyer’s journey and are ready to make a purchase decision.
Using these lead categories, sales and marketing teams can agree on behaviors, metrics, and other identifiers to determine which leads should be nurtured with what types of marketing content and experiences and which should be forwarded to the sales team for individual discussion. awareness to close deals.
If the two teams don’t agree on lead definitions, they won’t work in sync. Potential customers will be confused and results will suffer.
4. Improved focus on shared goals and joint performance
Sales and marketing teams should share goals. They should be working towards common goals that drive the business forward or there will always be friction. To this end, sales and marketing budgets can be closely aligned or integrated into a single budget.
Outfunnel research shows that revenue growth is 70% more common among B2B organizations that have closely aligned sales and marketing departments. Integration provides many benefits – from improved customer experience to increased bottom line and everything in between.
5. Improved efficiency and reduced frustrations
Not only do sales and marketing teams need to be integrated to share data, communications, KPIs, and goals, but they also need to be integrated technologically. In other words, your business needs to invest in the right software that allows your sales and marketing teams to work together seamlessly.
Technology integration – including customer relationship management (CRM) software, email marketing tools, etc. – is essential to streamline processes. It saves time and reduces frustration when everyone can connect the dots between projects, data, and results throughout the buyer journey and customer lifecycle.
Key Takeaways on Why Integrating Sales and Marketing is Critical to Successful Cannabis Businesses
The integration of sales and marketing has been shown to generate increased revenue for businesses. The five points above explain some of the reasons why team alignment can be so beneficial. For cannabis and ancillary businesses, now is the time to consider aligning your sales and marketing functions and employees, so that your business is positioned for success in the future.
Did you know that you can integrate sales and marketing initiatives, communications, KPIs, etc. when you subscribe to Cannabiz Media License Database and use it to connect with cannabis and hemp licensees throughout the buying journey and supply chain? Schedule a demo and see how your business can use it to achieve your goals.
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