Marketing is one of the biggest drivers of revenue in a business. Oftentimes, when a new CEO steps into a company their first disappointment comes from the marketing department. No matter how great and innovative your product is, you will not make any revenue or profit until and unless you target and reach your potential customers via your marketing department.
Your cutting-edge Marketing function will not operate in a silo. Research has shown conclusively that companies in which marketing and sales are aligned outpace their competitors who are not aligned.
The heads of Marketing and the heads of Sales will meet regularly — formerly and informally. Their cubes and offices will be close together, as well. However, alignment won’t happen just because Sales and Marketing share the same floor and coffee maker. They must share goals, a vocabulary, and a plan.
When the Sales and Marketing plan is completed, it will be crystal clear what marketing skills will be necessary in the organization. Will event marketing be more crucial to demand generation than social media? If so, the Marketing team must be strong in selecting and producing the right sponsored events and trade shows. Knowing how to track and measure social media will be of lesser importance.
In high-growth B2B companies the people in Marketing are compensated differently than their counterparts in lower-growth companies. They aren’t necessarily paid more, but research studies have shown that a portion of their compensation is based on the win rate of closed deal, just like their compatriots in Sales.