While a company may have superior marketing and sales teams that help propel growth within the organization, these important segments of the business may not see eye to eye all of the time. When a company finds that when these two clash over the best way to present its products or services to customers, this could result in fewer sales and create tension between teams. As firms aim to increase cooperation between sales and marketing, they should consider the key performance metrics that could allow them to improve both at the same time:
Here are metrics to align marketing and sales:
Track the number of visits
To ensure their brand message connects with their ideal audience, companies often monitor conversion rates to see how many leads have converted into customers, according to Marketing Land. However, there is more to the conversion rate than just how often people visit a site. Marketing employees need to find out whether their techniques are working to bring in customers and interest them so they learn more about the company and what it offers. Then, salespeople will have to come in and answer any questions and interact with these leads before closing the deal and converting them into customers. Companies could see how effective their sales and marketing teams are in doing their job by comparing visits to conversion rate.
Account for value of transaction
In addition to counting the number of leads or visits to their business, companies should also make sure that they are receiving the cash flow they need to keep their business thriving. According to Forbes, firms could look into the average transaction value whenever a customer buys a product or service. Using sales effectiveness metrics, companies could measure this key performance indicator and determine how much money is coming in with each sale. Accounting for the average value of transactions could give insight into whether their sales and marketing efforts are translating into revenue for the company or whether they need to try a different strategy.
Whether analyzing these or other metrics, companies should consider the future of their sales and marketing and how sales analytics or other solutions could help them meet their goals. Firms could install sales performance software to better record and evaluate all of their data points to create the best strategy for them.