At this point, we are all aware that marketing and sales departments don’t always get along the way that they should. Whether for economical or cultural reasons, it’s not unusual for underlying, or even outright, friction to exist between the two functions. Ending the War Between Sales & Marketing states that “this lack of alignment ends up hurting corporate performance,” but how much of an effect does it really have?
According to research by Altify, misalignment between sales and marketing technologies and processes costs B2B companies at least 10% of yearly revenue, that’s $100 million for a billion-dollar company. Let that sink in for a second. Even further, only 30% of CMOs have a clear process to make alignment between sales and marketing a priority.
If companies have the experience and resources to make the necessary improvements and implement effective processes, they have the potential to see major benefits. Those who created integrated marketing and sales processes generated 208% more revenue from marketing efforts. On the sales side of things, companies become 67% better at closing deals when both departments are in sync. In addition, when sales and marketing teams work together, companies see 36% higher customer retention rates and 38% higher sales win rates.
It’s clear from those stats alone that marketing and sales should be working closely together in every organization to drive better results. However, there is the possibility that aligning sales and marketing so closely could lead to blurred job responsibilities and the potential for sales to spend too much time in marketing and vice versa. A helpful solution to implement while working towards alignment could be a swim lane diagram. It can help clarify roles and responsibilities, and explain when and where the two departments should work together or separately.
Understandably it’s easier said than done to completely align the two departments, especially when it comes to shifting an entire company culture, even more so when the reasons for division are economical, but the benefits of sales and marketing teamwork are clear.