The Business Impact of Marketing Strategy
If you own or operate a B2B company, it is likely that your customer or client requires a discussion with a member of your sales team before they invest in your product or service. And that makes perfect sense – what you sell probably requires more than a simple sale process where a consumer sees what you offer and buys it. Your business requires a complex sales cycle where your customer needs to build a relationship with your company, more education on your product or service, and a customized sales approach. With this extended buying experience, the function of your sales team is crucial and their responsibilities are many. But did you know that investing in marketing strategy services can not only lighten that load but also accelerate your sales?
Not only do they play an equally important role in reaching your sales goals, but sales and marketing go hand in hand, serving complementary roles in attracting, informing, and retaining customers. When sales and marketing teams work together, research concludes they generate 32% higher revenue, retain 36% more customers, and achieve a 38% higher win rate in closing deals (1).
How Marketing and Branding Services Drive Revenue
According to Bain & Company and Google’s Measurement Maturity Survey, the top 100 businesses with the most mature marketing programs are four times more likely to exceed business goals, increase market share, and boost revenue than the 100 least mature marketers (2). Print and digital marketing strategy clearly has incredible power to increase sales, but why?
Marketing helps bring more of the right people – those that are poised to purchase – to your business. In a complex sales process, education and explanation are essential. They also take a lot of valuable time – it’s a long game that begins before a potential customer or client even interacts with a salesperson.
In marketing, that long game happens through a touch process. How many touch points does it take to make a sale? It takes an average of nine to 13 “touches,” or audience engagements, to make a lasting impact on a consumer. Those touches can be anything from a digital ad to an email or a social media post to a presentation at an industry conference. Where, how, and by whom those touches occur can mean the difference between a highly productive sales team that exceeds sales goals and one that’s struggling to keep up.
For example, suppose your salesperson has capacity for 100 meetings each month. To close a deal, they need roughly 10 engagements with each prospect, which means they can only meet with 10 people that month, at most. However, if eight of those 10 touches were to come from marketing and branding activities and automation, that same salesperson would only have to meet with each prospect twice, bringing the total number of people they could interact with that month to 50 – five times as many!
A “warm lead,” one who already understands your brand, what you have to offer, and how you can help, is extremely valuable, especially in a complex sales environment. Working with warm leads means a salesperson can spend less time closing more deals. Prospects that are more likely to convert to sales will likely have been exposed to a brand multiple times before a salesperson even gets involved. And data supports that premise. According to research by CEB Marketing Leadership Council, B2B buyers are typically 57% on the way to making a buying decision before they actively engage with sales (3).
The benefits of investing in marketing and branding services ripple out from there. Incorporating marketing services into your sales infrastructure produces more closed deals, a shorter sales cycle, and a lower cost per sale. When your sales team is empowered by marketing strategy to talk to the right people with the right message, the customer is more likely to have a positive experience, resulting in repeat business and referrals. Print and digital marketing services support a self-sufficient sales staff that’s meeting their goals, allowing senior leaders to spend less time overseeing day-to-day sales activities and more time building their business and innovating.
Simply put, a well-defined marketing infrastructure built on expert marketing consulting services assures funding, time, and effort are each allocated in a way that optimizes ROI to support revenue growth.
The business value of marketing and branding services is indisputable. If done correctly, marketing is not a nice-to-have; it’s essential to business success. Investing in a marketing function is one of the most profitable decisions a business can make. At Paradigm, we specialize in complex sales and our digital marketing consulting services play a crucial role in increasing the number of quality conversations our clients’ sales teams have with their prospects, shortening their sales cycle by facilitating a successful marketing “touch” process. Please contact us today to get started.