Mistrust and miscommunication between sales and marketing can act like an anchor on your insurance company's growth rate. By now I'm sure you understand the importance of not letting the traditional rifts that can occur between sales and marketing be a hindrance to you achieving your business objectives for 2014. With good alignment between sales and marketing teams insurance companies just like yours have achieved 20% annual revenue growth. By contrast, companies with poor alignment have seen revenues decline by 4%, according to a study by the Aberdeen Group.
That's why many insurance companies work hard to generate better communication between sales and marketing - only to see cracks between the two groups re-open over time. The bottom line is that achieving sales and marketing alignment can be tough, but maintaining alignment is even tougher.
Creating a solid, lasting partnership between sales and marketing requires a strategic approach that treats your two teams as a single, revenue-generating organization. At Henderson Robb, we call this organization the "Smarketing" team to recognize the fact that sales and marketing are critical partners - not adversaries. This perspective has helped our client's teams maintain strong ties even as they've grown from a handful of people to more than 100 staff members.
The key to the Smarketing approach for your insurance company is to implement a framework of data-driven tools and practices to help your sales and marketing teams work together. Once hard numbers have defined key stages in your funnel and outlined each team's expectations, there's a lot less room for sales and marketing to argue about each other's performance. The results are plain for everyone to see.
Check out our new ebook if you are interested in the science of sales and marketing alignment to see how to implement the six key elements of the Smarketing framework. The gains you achieve from better collaboration between sales and marketing can last in the long term.