When I was young, I remember my dad mowing the lawn. At times, the mower would barely start and other times, it would sputter and choke. Dad would take the mower into the garage, make a couple of adjustments and get right back out to finish the lawn.
Capital raising works much the same way. At times it feels like the engine is sputtering and about to stall. When capital raising goals aren’t being met, part of, if not the entire problem in my experience, has been a disconnect between sales and marketing.
The Cost of Misalignment
Marketing and sales misalignment costs businesses a significant amount of money in both capital raising and revenue each year. It’s cited as one of the top reasons for declines or stagnation from year to year.
On a morale level, when marketing and sales aren’t aligned, team members from both departments feel like their work is underappreciated and wasted. This makes it difficult for them to generate inspired and quality work – and contributes to inefficiencies between and within both departments.
Small Adjustments Make a Big Difference
Making small changes to marketing and sales alignment can make a big difference. It doesn’t take a major overhaul or expensive software to sync the teams up. Below are three adjustments you can make now to start aligning marketing and sales.
- Communicate. While sales and marketing teams interact with each other daily, they often don’t really communicate. I’ve seen firsthand how improved communication can make a significant difference in sales results.
- Focus, focus, focus. On the right clients and their needs. Which type of advisors or firms are being targeted? Why? What are you trying to communicate? Why? What information do clients need? Why?
- Align goals & share rewards. Keep both teams moving north toward common and well-communicated goals. Structure rewards so both marketing and sales share in success.
Position your firm for stronger capital raising with marketing and sales alignment.
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