Companies that adopt a closed-loop process connecting marketing and sales report a higher return on marketing investment (ROMI) than those that don’t.
But ROMI just isn’t going to happen if your closed loop is a black hole. And that’s certainly the case at too many organizations judging from the feedback I received at my presentation this week at MarketingSherpa’s B2B Marketing Summit. (If you want more details, Andrew Spoeth with Marketo wrote a good summary of what I had to say over Modern B2B Marketing blog.)
When I asked my audience of mostly marketer, “How many of you have a problem with sales not updating your CRM?” Nearly everyone raised their hands and laughter erupted.
Which perfectly proves my point: depending on a software to close the loop is like a football team using infrequent text messages to communicate plays. You’re not going to communicate quickly enough what you really need to know to get to where you want to go.
That’s why I’m a huge proponent of huddling: face-to-face or voice-to-voice meetings where the marketing and sales teams gather to gauge progress, deal with challenges and opportunities, and celebrate successes.
With effective communication, huddling and CRM tools, the loop will close, you’ll optimize your sales funnel and achieve sales and marketing’s highest objective: increased revenue performance.
Without it, you’re going to be running in circles.
Do you see value in huddling and do you think it’s feasible in your organizations? Why do you suppose, despite our best efforts, many salespeople seemingly avoid or skip updating marketing generated leads, contacts, and notes in CRM databases?