Why Sales and Marketing MUST Align

Let’s talk about a sales and marketing problem most companies have struggled with for years. I’m not talking about lead generation, market share, or customer retention, although it does impact each of those things and so much more. I’m talking about the chasm that separates Sales and Marketing.Take a look at a typical day in the life of both Sales and Marketing to see if you can relate…A Day in the Life of a MarketerA marketer works hard to generate leads for her sales team. She optimizes conversion opportunities across her company’s website, delivers email campaigns, builds landing pages and delivers valuable gated content. Her work generates a steady stream of leads, which she immediately passes along to the sales team. Because, after all, more leads is better, right?Our marketer toils away each day to create valuable marketing content and sales support materials. She sends emails to the sales team to notify them each new piece of content as it is finalized. She even uploads each new item to the company’s Dropbox account so everyone can access it.Ah, sweet success!But not for long…Her blood boils when she learns her sales reps haven’t even so much as looked at the leads she has been generating. She shivers with frustration when she finds out most of the sales team is somehow unaware of most of the content she has created. How can this be possible?Marketing feels undervalued and ignored.A Day in the Life of a Sales RepOn the other side of the Grand Sales and Marketing Canyon, a sales rep spends her day responding to urgent prospect requests, traveling from meeting to meeting, communicating with customers, reacting to unexpected changes with buyers – hers is a life of constant chaos and change.She often needs content in order to respond to immediate needs of her prospects. However, this leads to frustration because the materials she has access to are not the materials she needs. They are outdated or – worse yet – they don’t even seem to exist. This often means she ends up creating content on the spot. This requires time she simply doesn’t have. She can’t understand why Marketing doesn’t produce the content she needs.To top it off she receives endless notifications from Marketing about new leads she to follow up with, adding pressure to her already stress-filled day. She doesn’t have time to stay on top of communication with her own prospects, let alone a list of new leads from Marketing. Besides, Marketing leads never seem to be qualified and following up with them always seems to be a waste of her time.Sales feels misunderstood and unsupported by Marketing.Sound familiar? Yeah, I thought so.Unfortunately, this situation is incredibly common. Marketers are not alone in their feelings of being undervalued and ignored. In fact, as much as 80% of marketing leads will never be acted upon by Sales. And according to the American Marketing Association, a whopping 90% of selling content is never actually used in selling.Sales reps, too, are justified in their frustration. The CMO council found that instead of selling, sales people spend upwards of 40% of their time creating their own messaging and tools. Also, according to HubSpot, only 27% of leads sent to sales by marketing are qualified first.Pretty sad statistics, right? So why is it happening? It’s that chasm I mentioned earlier between Sales and Marketing. These two teams are disconnected in a big way and it’s taking a toll on the companies they work for.It’s time to close the gap and align Sales and Marketing once and for all. While you would probably agree, you may not fully understand why it’s so important or what you can do about it.Why Sales and Marketing MUST AlignReason #1: Your Customers See ItAccording to the IDC, as much as 57% of customers feel that salespeople are poorly preparedor not prepared at all for initial meetings.Could it be that these sales reps didn’t have the resources they needed to properly prepare for these initial meetings? After all, these meetings with prospective customers are pretty important to sales reps – they are key milestones in the sales process! The vast majority of sales reps would certainly want to be prepared for them so they could be as successful as possible. They just didn’t have the content they needed to adequately prepare.Sales reps need content to effectively engage prospects and close sales. But not just any content will do. They need content that speaks directly to the needs, challenges and preferences of prospects. And they need to be able to access the most current versions of it whenever they need it.What To DoTake the first step toward Sales and Marketing alignment and talk to the sales reps directly. Work to clearly understand the challenges they face throughout the sales process. Ask them about the gaps they see in your marketing content. Try to understand how they need to access content and when and where they need it most. Attempt to learn what marketing support has worked and what has not – and why. Listen to their feedback and list the ways you can better serve your sales reps.One strategy I like to use is asking sales reps to write down questions they frequently receive from prospects. Then, use this list of FAQs as a list of content you can create to directly support the sales reps the next time they encounter such inquiries.The important takeaway here is that marketers can take the first step toward Sales and Marketing alignment by starting a simple conversation with sales reps. Just ask them what they need and work out a way to deliver it.Reason #2: Lead OverloadWhen Sales and Marketing aren’t aligned, inefficiencies are bound to happen. Like the examples given above, chances are pretty good that Marketing is delivering leads that Sales will never touch. With increasing adoption of marketing automation platforms and their ability to help marketers do more than ever before, marketers are capable of generating a lot of leads. That’s great. What’s not so great is when they just pass them all along to sales.Why is this such a problem? When sales reps are given more leads than they are physically able to follow up with, they become saturated… and those leads get neglected Here’s an example:Let’s say you’ve been striving to reach a lead generation goal of 30 leads per rep per week. That sounds great! That is, until you learn that each rep typically has about two hours per week to follow up with leads and each lead typically requires about 20 minutes of follow up time. You now realize that each rep has the capacity to follow up with just six leads each week. You have been working hard to send them 30.See the problem here? In this scenario, you would be sending them 24 more leads than they can physically handle. Every. Single. Week.What you thought was great marketing success was actually overloading sales. And it was leading to neglected leads.What To DoAs the previous example briefly mentioned, one of the first steps in solving this problem is by talking to your sales reps and Sales leadership directly to understand the realistic number of leads each rep can follow up with each week. Then adjust the number of leads you deliver accordingly.This doesn’t mean you aim try to generate fewer leads. Not at all. Instead, it means you might need to nurture them and better qualify them before handing them off to Sales.More work for marketing? Perhaps. But wouldn’t it be worth it if your work was actually used? By nurturing leads before handing them off to Sales, you increase the chances of the leads you deliver actually becoming customers.On average, according to a Demand Gen Report nurtured leads produce a 20% increase in sales opportunities versus non-nurtured leads. What’s more, companies that excel at lead nurturing generate 50% more leads that are truly sales-ready. Even better – they produce these leads a third of the cost of companies that aren’t so great at lead nurturing.Invest some time in better understanding Sales and each rep’s capacity for following up with leads. Then refine your lead nurturing process to improve the quality and rethink the quantity of leads you deliver to sales.Reason #3: Revenue Gone to WasteWhen sales reps spend time searching for or creating content, this not only duplicates the efforts of marketing, it also pulls them away from important sales opportunities. And those wasted opportunities add up to wasted revenue – lots of it.Consider this: A study by IDC found that by saving a single sales rep just 60 minutes of prep time each week, a company could realize additional revenue generation $300,000 or more per rep! In a company with just 10 reps, that’s $3 million each year. If you’ve got 100 reps, that’s a staggering $300MM per year.If just 60 minutes of prep time can translate into $300,000 in revenue, just imagine how much potential revenue is wasted in your organization as sales reps struggle to find the content they need.What To DoClear out the clutter. As you work to build a better relationship with your sales reps and establish more frequent, meaningful communication, look for ways you can reduce the clutter – in both of your lives.Quite often, technology can help here. There are apps available today to help manage content. Anything from Google Drive to Basecamp, Dropbox to Salesforce – any number of tools can serve as a virtual marketing library for your content. Each one is available anywhere and on any device with an internet connection so sales reps should have no problem getting the content they need whenever they need it.If you can commit to making only the most current versions of content available in this marketing library, ask your sales reps to also make a commitment. Ask them to retrieve these up-to-date versions of content whenever they need to use it – instead of using outdated content stored elsewhere or creating their own.Close the gap between Sales and Marketing. Reach out to Sales to better understand their challenges and needs. Work together to better serve your customers. Sure, it will improve your business and probably increase revenue, but it will also improve your workplace happiness, and can you really put a price on that?

Pharmacy Technician Schooling – Your Ticket To A Successful Career

If you have your eyes set on working in a pharmacy, you will be happy to know that you have many options for obtaining training in your area. A lot of people are starting to become aware of the promising career options that working in a pharmacy entails. According to recent feasibility studies, due to the demand and growing popularity of enrolling in pharmacy tech schools, the number of jobs in this field may double in the next two years. With the emergence of online training, more pharmacy tech aspirants are able to pursue their goal due to the affordability of online schooling.A typical pharmacy degree may take up to six years to complete and comes with a hefty price tag. Due to the amount of time and money required to obtain a full-fledged degree many people opt for the more convenient choice which is to become a technician.What you will learnAs you may already know, the basic role of a pharmacy tech is to assist registered pharmacists by administering medication, providing customer service and doing some clerical work. The appropriate schooling will provide students specific medical training to fulfill their role within a retail pharmacy, hospital pharmacy, nursing home, or other pharmacy environment. Students are taught how to move around in the workplace by performing duties that include preparation of prescriptions by counting, weighing, and occasionally mixing the required medication. They are also taught how to maintain patient files, process medical insurance paperwork and attend to basic clerical duties like answering phone calls.How to find a good pharmacy technician schoolFirst of all, it is important to verify that the courses offered at any pharmacy tech school are accredited by the pharmacist’s boards. These boards can vary according to the country you are in. In the United States for instance, you can verify schools on the American Society of Health System Pharmacists website ( http://www.ashp.org ). Anyhow, scouting for a reputable pharmacy school will be easier if you search online for legitimate pharmacy tech schools in your region. Once you’ve compiled a list, narrow down your results to a few schools that suit your requirements and budget. In fact, you can also opt for online training as a more affordable and convenient option. Online training is ideal for people who are already working but want to start a better career in pharmacy. You can basically study online while maintaining your current full-time job. Just make sure that the school offers quality courses along with their low-priced rates.If you want to get the best value for your money, be sure to do your research well and go for reputable and pocket-friendly pharmacy schools. It is also important to have experienced pharmacists as lecturers so you can get real expectations of the work hurdles that you might face in the future. Once you get started with your training you can look forward to enjoying a rewarding and well-paying job within this exciting field.

Alternative Financing Vs. Venture Capital: Which Option Is Best for Boosting Working Capital?

There are several potential financing options available to cash-strapped businesses that need a healthy dose of working capital. A bank loan or line of credit is often the first option that owners think of – and for businesses that qualify, this may be the best option.

In today’s uncertain business, economic and regulatory environment, qualifying for a bank loan can be difficult – especially for start-up companies and those that have experienced any type of financial difficulty. Sometimes, owners of businesses that don’t qualify for a bank loan decide that seeking venture capital or bringing on equity investors are other viable options.

But are they really? While there are some potential benefits to bringing venture capital and so-called “angel” investors into your business, there are drawbacks as well. Unfortunately, owners sometimes don’t think about these drawbacks until the ink has dried on a contract with a venture capitalist or angel investor – and it’s too late to back out of the deal.

Different Types of Financing

One problem with bringing in equity investors to help provide a working capital boost is that working capital and equity are really two different types of financing.

Working capital – or the money that is used to pay business expenses incurred during the time lag until cash from sales (or accounts receivable) is collected – is short-term in nature, so it should be financed via a short-term financing tool. Equity, however, should generally be used to finance rapid growth, business expansion, acquisitions or the purchase of long-term assets, which are defined as assets that are repaid over more than one 12-month business cycle.

But the biggest drawback to bringing equity investors into your business is a potential loss of control. When you sell equity (or shares) in your business to venture capitalists or angels, you are giving up a percentage of ownership in your business, and you may be doing so at an inopportune time. With this dilution of ownership most often comes a loss of control over some or all of the most important business decisions that must be made.

Sometimes, owners are enticed to sell equity by the fact that there is little (if any) out-of-pocket expense. Unlike debt financing, you don’t usually pay interest with equity financing. The equity investor gains its return via the ownership stake gained in your business. But the long-term “cost” of selling equity is always much higher than the short-term cost of debt, in terms of both actual cash cost as well as soft costs like the loss of control and stewardship of your company and the potential future value of the ownership shares that are sold.

Alternative Financing Solutions

But what if your business needs working capital and you don’t qualify for a bank loan or line of credit? Alternative financing solutions are often appropriate for injecting working capital into businesses in this situation. Three of the most common types of alternative financing used by such businesses are:

1. Full-Service Factoring – Businesses sell outstanding accounts receivable on an ongoing basis to a commercial finance (or factoring) company at a discount. The factoring company then manages the receivable until it is paid. Factoring is a well-established and accepted method of temporary alternative finance that is especially well-suited for rapidly growing companies and those with customer concentrations.

2. Accounts Receivable (A/R) Financing – A/R financing is an ideal solution for companies that are not yet bankable but have a stable financial condition and a more diverse customer base. Here, the business provides details on all accounts receivable and pledges those assets as collateral. The proceeds of those receivables are sent to a lockbox while the finance company calculates a borrowing base to determine the amount the company can borrow. When the borrower needs money, it makes an advance request and the finance company advances money using a percentage of the accounts receivable.

3. Asset-Based Lending (ABL) – This is a credit facility secured by all of a company’s assets, which may include A/R, equipment and inventory. Unlike with factoring, the business continues to manage and collect its own receivables and submits collateral reports on an ongoing basis to the finance company, which will review and periodically audit the reports.

In addition to providing working capital and enabling owners to maintain business control, alternative financing may provide other benefits as well:

It’s easy to determine the exact cost of financing and obtain an increase.
Professional collateral management can be included depending on the facility type and the lender.
Real-time, online interactive reporting is often available.
It may provide the business with access to more capital.
It’s flexible – financing ebbs and flows with the business’ needs.
It’s important to note that there are some circumstances in which equity is a viable and attractive financing solution. This is especially true in cases of business expansion and acquisition and new product launches – these are capital needs that are not generally well suited to debt financing. However, equity is not usually the appropriate financing solution to solve a working capital problem or help plug a cash-flow gap.

A Precious Commodity

Remember that business equity is a precious commodity that should only be considered under the right circumstances and at the right time. When equity financing is sought, ideally this should be done at a time when the company has good growth prospects and a significant cash need for this growth. Ideally, majority ownership (and thus, absolute control) should remain with the company founder(s).

Alternative financing solutions like factoring, A/R financing and ABL can provide the working capital boost many cash-strapped businesses that don’t qualify for bank financing need – without diluting ownership and possibly giving up business control at an inopportune time for the owner. If and when these companies become bankable later, it’s often an easy transition to a traditional bank line of credit. Your banker may be able to refer you to a commercial finance company that can offer the right type of alternative financing solution for your particular situation.

Taking the time to understand all the different financing options available to your business, and the pros and cons of each, is the best way to make sure you choose the best option for your business. The use of alternative financing can help your company grow without diluting your ownership. After all, it’s your business – shouldn’t you keep as much of it as possible?