Hey there, event marketers! Ready to take your revenue game to the next level? Of course, you are. That's why we're dishing out some juicy tips to help you build a strong revenue team that will rock your events and boost your bottom line.
In the fast-paced world of event marketing, having a team that's not just good but downright phenomenal is crucial. And to achieve this, you need … expansion.
We don't mean a global takeover. This type of expansion is achievable with the resources you have at hand - and maybe seated right beside you.
Yes, we're talking about leveraging your Sales team (eek!) But don't worry; it's not as scary as it sounds. In fact, we drink our own Kool-Aid here at Splash, so we did it first! We've tried it out and detailed all the nitty-gritty details here. But if you want the quick and dirty version - take the next 5 minutes to read below.
Let's dive in and make some revenue magic happen! Shall we?
Know what the biggest difference is between one department and another? It's not necessarily the leadership, the people, or even the responsibilities. Usually, the most significant difference is what the team is striving to achieve - the end goal.
Therefore, the easiest way to make "1 + 1 = 1" is to make sure everyone is working toward a shared goal: revenue generation. This alignment can include targets for sales revenue, new customer acquisition, and revenue contribution from specific products or market segments. Then, individual contributors can determine what their part will be in achieving their goals.
For example, if lead generation is your common goal, typically, event marketers are responsible for generating leads, and sales are responsible for converting those leads into customers. By setting lead generation goals, marketing, and sales can establish clear expectations on the number and quality of leads needed to drive sales growth.
The team should also collaborate to define lead conversion rate goals. Tracking metrics such as lead-to-opportunity and opportunity-to-closed-won conversion rates allows your teams to work together to optimize the sales funnel and improve overall conversion rates.
It's essential for sales and marketing to regularly review and reassess these goals to ensure they remain aligned with the overall business objectives and adapt to changing market dynamics.
While on the topic of alignment, it's essential to ensure everyone speaks the same language, i.e., you're defining a word the same way as your team member.
A common example is understanding the meaning of "qualified leads." Companies and departments often have different meanings of the same word. A shared definition of MQLs and SQLs is crucial for effective alignment, ensuring marketing delivers qualified leads and sales can readily convert into customers.
This alignment eliminates most of the "finger-pointing" when marketing gets blamed for providing "bad leads" and sales get blamed for not nurturing leads enough.
Sales & Marketing team members each have their own areas of expertise, strengths, and even common personality traits.
Salespeople tend to be strong communicators and are primarily customer-facing. While marketers tend to be well-organized, they are usually the ringleaders for all the meetings, calls, event logistics, etc. Acknowledging each other's strengths and recognizing that each plays a vital role in the event planning process is essential.
Promoting a collaborative culture where your entire team actively engages in sh projects at hand builds trust, fostering a cohesive revenue team aligned for success. One great way to achieve this is through regularly scheduled, recurring meetings between sales and marketing teams to discuss goals, strategies, and ongoing campaigns.
These meetings allow teams to share updates, insights, and feedback. Both formal sessions and informal check-ins can ensure continuous success. But remember, come prepared with an agenda; otherwise, the good intention can go south fast. There's nothing worse than coming to a meeting without a purpose. Be efficient and respectful of your team's busy schedule!
If frequent meetings aren't realistic because of the size or location of your team, don't fret. You can still openly communicate without weekly meetings.
For remote teams, try shared tools like project management software like Monday.com or Asana, collaboration platforms like Notion, or instant messaging apps like Slack or Microsoft Teams. These tools allow teams to share information, ideas, and real-time progress updates effortlessly, promoting transparency and collaboration.
Along with encouraging regular meetings and communication, we recommend taking the next, more granular step. Think about it: what good is a meeting or discussion if you don't achieve the desired end result?
That's why asking for constructive feedback between sales and marketing teams is absolutely critical. Sales can provide input to marketing on lead quality, content effectiveness, and customer insights, while marketing can share feedback on sales collateral, lead nurturing efforts, and campaign impact. This feedback loop helps both teams improve their strategies and effectively align their efforts.
To take this even one step further, developing and maintaining a centralized repository of sales enablement resources, including product collateral, customer case studies, competitive insights, and training materials, can strengthen the fuse that holds both teams together. Make these resources easily accessible to both sales and marketing teams to foster knowledge sharing and collaboration.
Remember, fostering open communication requires a culture of trust, respect, and shared goals. Encourage collaboration and celebrate successes that result from effective sales and marketing alignment.
While it may seem impossible, remember that alignment is a journey, not a destination. It will take more than renaming your team or setting up a recurring meeting to reach the desired state. But by putting these top tips into practice, you should experience a dramatic shift in communication, work output, and, ultimately, increased revenue.
And if you need more motivation to make the change, or stay consistent, consider that companies see an average of 19% faster revenue growth and 15% profitability when sales and marketing teams are aligned.
What could that mean for your team? It could be bonus payouts, a chance to add headcount, or another fantastic outcome. Let that be your guiding light, and the possibilities are endless!
