Why You Should Align Your Sales and Marketing in a Recession
Nov 21, 2022 2:15:41 PM
Every business wants its employees to get along and grow the company. Marketing and Sales Alignment is an excellent way to ensure growth even in economic downturns!
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Sales and marketing are the two most crucial building blocks to a company's success. A business may easily continue its development trajectory and meet sales goals when all these factors function flawlessly together. Although most businesses (and their executives) are aware of this, it is uncommon to have such complete harmony.
Even though aligned businesses have 36% better customer retention rates, 67% better deal closing rates, and 20% yearly growth rates, just 8% of businesses claim to have sales and marketing alignment. What's more, the problems your company was addressing a few months ago (pre-COVID-19) don't resemble those you are addressing today (Recession). If that wasn't enough to ask for, you must modify your sales and marketing approach swiftly during this period.
With inbound marketing, you want your consumers to drive your advertising, sales, and customer service by attracting them with high-quality content. However, for the business to succeed, everyone involved must have the same understanding of the ideal client and understand how to translate their interests, beliefs, and requirements into sales. HubSpot and The Insight Studio provide excellent tools to support you in doing it.
This article will outline what sales and marketing alignment is, why it is important and how it can help keep your business alive and relevant in a recessive economy. Let's take a look.
What Is Sales and Marketing Alignment?
Sales and marketing alignment is a common system of communication, strategy, and goals that enables marketing and sales to work as a cohesive unit. Aligned sales and marketing teams may provide high-impact marketing initiatives, increase sales effectiveness, and ultimately increase revenue by working together.
Why Sales and Marketing Alignment Is Important
Aligning the sales and marketing teams often indicates that the business is market-focused. A business culture where everyone is dedicated to continuously generating exceptional value for consumers. But what further advantages can businesses get from aligning their marketing and sales teams?
Increase in Revenue
Revenue rises, the sales cycle shortens, conversion rates increase, and forecast accuracy increases when sales and marketing are in sync. Marketing and sales alignment has gained so much traction in Software-as-a-Service(SaaS) organizations that they have placed it as their third-highest marketing goal after analyzing marketing ROI and lowering acquisition costs.
According to a Hubspot analysis, businesses with strong sales and marketing alignment close 38% more transactions and have 27% quicker three-year profit growth. Additionally, they generate 28% more income than businesses with separate marketing and sales teams.
Additionally, sales and marketing teams in aligned organizations collaborate to identify the characteristics of their ideal client profile or the group most likely to convert. As such, they generate the highest revenue and develop into devoted patrons.
Stronger Team Cohesion
Aligning your sales and marketing teams may result in 208% more revenue produced by marketing, 38% higher sales win rates, and 32% more revenue growth year over year. Not to add, businesses that coordinate their sales and marketing teams see 24% and 27% quicker growth rates over a year. Business performance may be significantly enhanced by alignment.
How Sales and Marketing Alignment Can Power Your Business Through Recession
Everyone faces difficulty during recessions and downturns. The secret is to stick together, develop a team strategy, and adjust and adapt as a whole. Sales and marketing alignment, in particular, can help your business:
Boosting marketing efforts during an economic downturn might result in expansion. However absurd and startling that may seem, it is true. Companies that continuously market during a recession keep themselves relevant to their customers. When customers have money to spend again, they naturally gravitate toward companies that stay top of mind.
Additionally, when you maintain your marketing initiatives despite a recession, you send a message to your audience of resilience, leadership, and strategic thinking—all qualities customers are looking for in these turbulent times.
Stay Ahead of the Competition
If your opponent is reducing marketing expenses, it can provide your company the chance to gain a better market presence following the recession. Even if you are not at your best, your clients and prospects will be drawn to whatever level of dependability you can give. Otherwise, cutting down on marketing during a recession will lessen your online and offline presence, giving plenty of room for rivals to exploit and fill in the holes.
Find Growth Opportunities
During a recession, finding growth opportunities for your business can be difficult. However, it is necessary to look for growth factors. It is crucial that your company functions as a unit and tackle the problems that it faces. Weaknesses become apparent during a crisis that might not otherwise be so obvious.
You will have a better chance of expanding your market share in the future if you can align your sales and marketing teams to find a solution to the market gaps. The secret to success is planning ahead and deciding what to spend more or less of your money on.
Create a Robust Strategy
Recessions are a difficult time to maneuver for any business. As such, it is paramount that the sales and marketing teams are aligned toward a common goal. Businesses that have their sales and marketing departments working together are often strategic and goal-oriented. The business increases the effectiveness of both marketing and sales efforts by preparing for, encouraging, and facilitating alignment.
Together, sales and marketing can create and roll out initiatives to attain that objective when they unite behind a broad understanding of how to produce revenue in a recession.
Enhance the Buyer Experience
In a recession, the buyer experience is critical to the survival of the business as customers are far from each other. Therefore, having an aligned sales and marketing team not only underscores the need to review the market strategy but also find ways to enhance the buyer experience especially when customers want individualized, hyper-relevant involvement from sellers.
Sales and Marketing Alignment for the Win
Alignment is more than simply a trendy term in business. Business success depends on the alignment of sales and marketing. But it doesn't happen instantly. Proper alignment calls for a dedication to continuous development and collaboration. You'll be well-equipped to overcome obstacles and succeed with alignment if you have the correct tools, approaches, and mindset.
Are you having trouble keeping your sales and marketing teams aligned with your company's bottom line? Don't fret any longer. Feel free to schedule a call with us. We will be delighted to serve you.