If you read our recent post on the ReachForce blog breaking down everything you need to know about the 2018 martech landscape, then you already know that sales technology — a.k.a. “salestech” — had a big year.
Of the nearly 7,000 technology solutions across 48 different categories in Scott Brinker’s 2018 technology landscape, “Sales Automation, Enablement & Intelligence” was the largest category with 490 individual solutions. Of all the marketing technology trends Brinker highlighted this year, this is the one that has experts asking two big questions:
- Why are so many technology vendors investing in the salestech space now?
- Why is sales technology even included in a marketing technology report?
Interestingly enough, the answer to both questions is the same. Sales and marketing teams are more focused on the same goals today than ever before. As a result, the ability for technology companies to help bridge the gap between the two teams is ripe with opportunity.
At ReachForce, we know that big data has the power to make sales and marketing teams more effective than ever before. But in order to turn that data into action, marketers and salespeople alike need a best-in-class tech stack that aligns with the latest sales and marketing technology trends. Here’s why companies are capitalizing on this emerging trend now:
Why Salestech is the “Next Big Thing” for Marketing Teams
For most companies, the relationship between sales and marketing teams is at an all-time high. Marketers with an eye for history don’t need to look back too far to uncover a time when the two teams were actually quite adversarial. Despite the fact that both teams have always wanted the same thing (to increase revenue), the traditional relationship between sales and marketing is as follows:
Marketing runs a campaign and delivers leads. Sometimes it’s a lot of leads, sometimes it’s just a few. Sometimes they are high-quality, sometimes...not so much. Sales then converts those leads into new customers. Sometimes they do a great job, other times they do not. No matter what happens though, both teams are quick to blame one another for any shortcomings.
That’s the way marketing and sales coexisted in the past. Today, the relationship looks more like this:
Marketing designs a campaign based on inbound data collected in a data management solution and valuable customer insights entered into a CRM by salespeople. Marketing scores leads as they come in based on mutually agreed upon criteria for a “sales-ready” lead and nurtures non-sales-ready leads until they are primed for the sales team. Sales closes deals — often leveraging content created by marketing — and then the two teams work together to upsell and cross-sell the new customer to other products or services.
It’s an abbreviated version, of course, but it highlights exactly why technology vendors want to be involved in salestech right now. Marketing and sales are collaborating in new ways that boost the efficiency and effectiveness of both teams. The more technology vendors are able to streamline that collaboration, the better the ROI.
Take, for example, another popular marketing technology trend: account-based marketing. 90 percent of companies are trying to make ABM work, but for ABM to make any sense, sales and marketing need to align on exactly which accounts to target and how to approach them in a strategic fashion. That means there’s big opportunity for technology vendors to come in and offer a variety of solutions to better facilitate that partnership. Tools that help teams identify target accounts, automate common processes, and boost communication are critical. But as we move into the second half of 2018 and beyond, technology solution providers will undoubtedly get more creative in facilitating a great relationship with sales and marketing.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.
To learn more about how ReachForce can help you optimize demand generation and your impact on revenue: