Because sales and Marketing all lead to getting clients at the end of the day, most companies especially in smaller and mid-sized ones tend to combine sales and marketing as one function. Doing this however is like saying an individual should play both rugby and soccer since they are all sports. The person that would end up failing at one of the roles or both since they may not have the relevant skill sets to work on both sales and marketing.
This article will help you understand the difference between sales and marketing, the difference in roles, analytics and the do's and don'ts of each of the function.
If you would prefer to watch a video, we thought this video best explains the difference between the 2:
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In layman's lingual marketing is simply defined as what are you doing to get people interested in your company's products. Marketing is the process of getting people interested in your company’s product or service. It involves researching, analyzing, and understanding your ideal customer’s needs and preferences, as well as developing and delivering value-based messages that persuade them to buy from you.
In simple terms sales is the process of converting leads to finances. It includes a set of activities that is supposed to move a lead into a customer like initiating sales conversations/ meetings, following up with leads and eventually closing the sales.
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What the difference in Roles is between Sales and Marketing
This is the difference in what the sales and marketing teams are expected to be achieved:
Examples of marketing goals:
Transition cold leads to warm leads
Lower customer/leads acquisition cost
Examples of Sales goals:
Increase monthly revenue
Retain existing customers
Increase profit margin
Lower customer acquisition cost
The Difference in Analytics that should be tracked in sales and Marketing:
Metrics help you understand what is working and what is not working in your sales and marketing. These include both the leading and lagging metrics. These may vary from company to company but these are some of the different metrics you would need to track in sales and marketing:
Number of Leads attained
Sales cycle length
Customer Acquisition cost
Cost per lead
Customer lifetime value
Return on investment
Customer retention rate
Social media engagement
Average revenue per account
What to avoid as a business
It is important that you distinguish between sales and marketing. You team should clearly understand what to do in both sales and marketing and what the metrics of success are in both department. Without clear distinction, it is hard to know what is working and what is not.
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We share a tonne of content one sales and marketing. This article will help you easily distinguish between sales and marketing. Visit monkeypesa.com to know more about how our software can help you scale your business further