What can World-class Commercial Organizations learn from March Madness?
Focus. Collaboration. Expertise. Leadership.
As March Madness rolls into the Final Four, these are just some of the characteristics we’ve witnessed from the most successful teams this season. But as we scrutinize our brackets, show support for the Cinderella team, or experience that inevitable adrenaline rush as the shot goes in at the buzzer, it’s easy to lose sight that the same traits which make teams successful on the court, are the same ones that enable sales and marketing teams to excel together and beat out the competition.
But what’s the secret to coming out on top? In sports, it’s sometimes referred to as the “x-factor,” the unique chemistry a team shares to reach a common goal without hesitation or interference. In our world, this is known as Commercial Excellence.
The concept of Commercial Excellence and its strategic value isn’t new. The challenge arises however, when organizations shift from conceptualizing the idea to implementing it. Some of the most common questions are: Where should we begin? What areas of the business will be impacted? How should success be measured?
So here it is. The 3 pillars of Commercial Excellence; a high-level game plan that will help to prepare you and your team to come out on top.
Rarely, do teams with disjointed or competing priorities reach their goals, and this is no different for sales and marketing teams today. If marketing is focused over here, but sales is focused over there, how can the business achieve long-term growth? Companies that optimize the marketing/sales relationship grow revenue 32% faster year-over-year, compared to those without such a relationship (LinkedIn Alignment Report). Topics such as product promotions and launches, key customer outreach and new messaging should all be fluid with clear communication, collaboration and transparency between both teams.
Competition is fierce. Expectations are high. As we’re operating in fast-paced, innovative environments, be purposeful in determining what will set you apart – perhaps it’s presenting personalized materials, providing real-time product/industry updates, or offering in-depth ROI calculations. Whatever it may be, buyers are waiting. According to a study done by Forrester, 77% of decision makers claim sellers don’t understand their issues and where they can help. Simply put – there is no longer room for complacency. The sales teams that rise to the top are the ones who continuously sharpen their skills and introduce relevant information to their customers. In doing so, sellers become trusted advisors and earn the right to have deep conversations that lead to more revenue.
For most of us, we’re not competing for a trophy, and there isn’t a title we’ll hold with complementary bragging rights. Instead, sales and marketing teams define success by diving into key metrics such as content adoption within the sales team, content engagement with customers, conversion rates and revenue. When each of these metrics are trending upward, it’s an indicator that teams within the full commercial organization – marketing, sales, training, channel partners and support – are all aligned, exceeding customer expectations and differentiating themselves from the competition. In fact, businesses with the greatest degree of alignment grow faster, close 38% more deals and lose 36% fewer customers (MathMarketing).
Seismic is the only holistic platform that drives results for your entire commercial team. Our platform delivers value to your Marketing, Sales Enablement, and Channel teams that increase productivity and revenue. View the interactive guide below to learn more!