The Sales & Marketing Alignment Conversation

October 27, 2011

The path to sustained sales and marketing alignment can be a simple one – simple to do, simple to repeat, simple to remember.  All you need is a map.  In that spirit, I attempt here to boil down some alignment opportunities for Sales and Marketing leaders.

The chart below shows the three main focus areas each for Sales and Marketing which, if approached collaboratively, can improve business results and transform the relationship.  Below the chart is a set of definitions, followed by a few examples of how to apply it to your own situation.

Sales and Marketing Alignment topics chart

Sales and Marketing Alignment topics

3 Sales goals – Value, Volume, Velocity

Value.  Since it is almost as costly to close a small sale as it is to close a large sale, Sales professionals would be wise to focus on increasing the potential Value of each sale.  In larger organizations, differently skilled teams manage different sized deals.

Volume.  The more deal flow you can create, the better your chances of growing the customer base and improving the company’s financial ability to innovate and fulfill their evolving needs.

Velocity.  Increasing the speed of deal flow through the pipeline also increases your capacity to sell, grow the customer community, and learn from them to help you innovate and improve.

3 Marketing goals – Content, Community, Conversion

Content.  The more compelling and relevant your content, the more you will attract the audience most likely to benefit from your offerings.

Community.  The more your content resonates within and among audiences, the greater your capacity to build a community and engage in dialogue to improve sales, products, services, and support.

Conversion.  The more effectively you convert sales, the more you can learn from experience about how to improve the conversion process.

Conversations Worth Starting

Using the 3×3 chart above, look at the 9 intersecting boxes and ask the questions implied by the two nouns whose paths cross in each box.

Example 1:  Value + Content.  In the upper left intersecting box, where Value and Content intersect, Marketing might ask: How can we improve our Content to increase the Value of each sale?  Sales might ask:  How can the improved Value of each sale guide us in improving Content?  It’s the same question, asked from different perspectives, that aligns your response.

Example 2:  Conversion + Velocity.  In the bottom right box, where Conversion and Velocity intersect, Marketing might be asking: How can we improve the Conversion process to accelerate the Velocity of Sales?  Sales might ask: What sales accelerators can we use as input for improving the Conversion process?

See how it works?  You may come up with better questions to suit your organization’s culture and challenges.  Now, formulate your own questions using the relevant nouns for each intersecting box, turn those questions loose in your organization, and watch what happens.

Measuring results with analytics, sales CRM and marketing automation solutions can help you measure and manage your improvement.  If you need assistance here, contact us.

How’s it working for you?  What questions would you ask your colleagues to help you get better aligned?  Drop us a comment here; we’d love to hear your feedback!  Visit our Resources page for more free strategy tool downloads.




Social Media ROI, a Case Study (Tech Event)

January 12, 2010

Many of the social media success stories kicking around the interwebs these days are indeed inspirational, yet I get frequent client comments along the lines of: “Oh, sure, Dell and Cisco can do it, but what about my small to mid-size enterprise?  What is realistically achievable? Our experimental budget is limited.”

The following true story may offer some insight as to how one small organization leveraged its existing relationships creatively.  I have withheld names by request, however if you contact me for specifics, I can share more.  It is told from the point of view of my experience with a start-up software company.  In this story, everybody wins, and social media makes it possible.  No, it’s not a multi-million dollar landslide victory, but it’s an important demonstration of how incremental change yields great results.
~

Today’s Featured Post:

Social Media ROI, a Case Study

Case study: Executive Summit event

The Players:  
1. Startup Software company
2. Online community
3. Executive Summit (event management organization)
4. Industry portals

Their needs:
1. Software company – customers, inbound prospects, PR
2. Online community  – affordable professional development
3. Executive Summit – speakers, tuition, attendee satisfaction
4. Industry portals – enrichment, community, reputation

PART 1 – THE CAMPAIGN

Software company purchases speaker/sponsor role at Executive Summit, and negotiates with summit management to discount* sponsor/speaker fee for every attendee the software company recruits.

*Note: discount arrangement was only possible because the Summit management company and the Software company had previously exchanged value by partnering on other successful events that similarly enriched their communities.

PART 2 – THE COMMUNITY

Software company announces Summit registration discount:
– via email to precisely targeted clients and prospects in its enriched database
– on industry portals, professional organization sites, and communities such as LinkedIn, Twitter, etc.

Announcement goes “somewhat” viral – LinkedIn, re-Tweeted, blogged.  Event website, SW firm site and community portals are linked back from those sources – expanding the community’s resources and increasing brand value for all involved web properties.
PART 3 – THE ROI

Discount code announcement combined with viral circulation results in increased event revenue sufficient to WIPE OUT entire speaker/sponsor fee (over ten thousand dollars) for Software company while significantly increasing the value of the event for all.

Community members’ recent referral activity, combined with additional Profiles of affiliations, interests, networks, corporate roles etc., leads to refined lead scoring and fast identification of previously unknown high potential prospects

THE RESULT

Everybody wins – as stated earlier:
1. Software company – customers, prospects, PR
2. Online community – affordable professional development
3. Executive Summit – speakers, tuition, attendee satisfaction
4. Industry portals – enrichment, community, reputation

~

Commentary:

This success story has no precise ending, because we have agreed to continue the partnership.  One thing seems reasonably certain at this juncture: there is no going back.  Heightened audience expectations must be nurtured to keep bringing the mutual benefits to this enriched community.   Once you have built a community, it requires care and feeding to thrive.

How have your community building efforts fared?  Do you have a story to share?  Love to hear your comments.

‘ Til soon,

~Ed

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online marketing: Virtual Trade Shows – worth it?

December 16, 2009

Virtual trade shows combine some interesting elements of both inbound and outbound marketing.

Recently I convinced a firm to participate as a Sponsor for a virtual trade show run by a professional organization serving their industry.

Compared to a live trade show, the virtual version provided some distinct advantages, as well as some eerily similar behavioral analogies.

Firstly, there are obvious cost savings in travel, lodging, meals, shipping, logistics, downtime and dead tree media. 

Beyond that, a number of distinct advantages occurred.  For starters, the price tag was about half the comparable expense for a live in-person event, yet the traffic was higher than any of the dozens of events we had done in the same year.  I suspect the low price is partially due to the reduced production cost, but I can’t help wondering if prices are artificially low and might inflate in the next year or two, as virtual trade shows catch on and sponsorships become more of a premium (the old supply vs. demand conundrum).  I guess time will tell.

Operationally, the virtual event had some distinct characteristics I really liked.  For example, exhibitors had the ability to:

  • post all manner of media – video, white papers, demos, brochureware, available for unlimited download and access, and all without killing any trees.
  • empower virtual booth attendants – the sponsorship package we selected permitted the creation of 3 avatars, each represented in real life by myself and two colleagues, who would take turns “staffing” our virtual exhibit – that is, being online to receive automatically generated alerts each time a visitor accessed our virtual exhibit, and operating a chat window feature provided with the virtual exhibit.
  • track and nurture visitors – Most importantly, exhibit and show traffic was better than any live event over the past year, and it was all visible to us, not only during the event but for up to 90 days after the show dates.  We could see who had accessed each type of content, how long they visited, and any questions they had logged or discussed in chat sessions.   Any time a visitor logged in, we could see what content they were accessing and make some determination about how best to follow up.   Genius!

This last feature is roughly the equivalent of having a dedicated micro-site, laser focused on a specific audience, complete with profiling, analytics,  reporting and live alerts.   All data was stored and accessible in spreadsheet format for easy download and transfer to our in-house CRM software.  All for the same price.
If all this is not sufficient testimonial in favor of virtual trade shows, consider:    the professional organization whose virtual event I sponsored has decided to make their big annual conference a virtual event too. 

Pre-event training offered by the virtual event company was well worth attending; it kept us out of the woods and guided us in attaining successful results.

Have you sponsored or managed a virtual event?  What has your experience been?

~

Author note: since posting this article and linking to it from the MarketingProfs community on LinkedIn, a lively discussion thread has started *over there*.   People are commenting on the importance of face to face communication and networking opportunities afforded by attending a live event.  Others are commenting about the ease and efficiency of managing and qualifying virtual event attendees’ dataflow.  If you are a member of LinkedIn, consider joining the MarketingProfs group.  They are an engaged forum and a wealth of information. 

Or, leave your comments here and I’ll compile and update the article in a few days.  Thanks!  ~Ed


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