The alignment of the sales and marketing division continues to be a challenging role in many companies, as once the sales presentation is made, there is always the predicament of keeping the communication lines open, whilst toting up value to the entire process. Many companies today are struggling to bring in the translucency between these two departments. And with consumers becoming more controlling, developing a robust lead-generating process is absolutely essential in sales and marketing to ensure faultless communiqué for converting more leads into sales efficiently.
This is where the concept of “Collaborative Marketing" comes in. This concept aids in controlling results in a constructive way and nurtures both the sales people and consumers, into a trusting, mutual and collaborative relationship.
While the conventional model of collaboration marketing refers to collaborating similar businesses to widen the network of the marketing and sharing the responsibility of marketing with other similar sectors.
Collaborative marketing through internet creates instant awareness towards the products and services offered and are more customers driven marketing than before. Evidently, there is no waste of time in this process.
Is collaborative approach to marketing beneficial?
Collaborative selling is a mutually beneficial process for both the parties involved. This process has the potential benefits of receiving quality service and diminishing the risks by making sure that right resolutions or products are delivered at the right price and safeguards the interests of everyone involved.
How can this be achieved?
Today, the internet medium has revolutionized the way companies do business and helps them stay connected to other businesses and clients. Customers are more connected than ever before, which empowers and creates a shift in the long-established balance of power.
There are many new collaborative marketing policies and practices that have been modified in business run on the internet. Collaborative marketing is also one of these internet marketing techniques.
To achieve this easy and friendly way to communicate, within the context of a business environment using the tools of collaborative marketing and potential benefits needs to be acquired.
Here’s a glance at three ways you can help you achieve a collaborative approach towards marketing and sales today:
Catch the attention, support and connect:
While the traditional marketing techniques survive on capturing the market, slowing down and segregating effective strategies for marketing the product and getting the attention of customers. The collaboration marketing fine-tunes this by focusing more on customer attention. This is an effective move from the traditional aggressive and predatory marketing strategy to a softer marketing technique.
The more straightforward policies make the company vital to its customer, making the customer feel that he needs your services and moves towards you. And by means of collaboration marketing, you can offer specific services to customers because of your awareness to the needs of your clientele.
Connect, give power to clients and demonstrate the potential:
Connecting with the customers through collaborative marketing tools makes the customer feel important, needed and an essential part of the company's success. The key here is to see the impact created with the customer in exchange for their awareness and information.
Thus it is all about being in concert with the customers' experience, operating with the customer and collecting information from them which can be used for the betterment of the business.
Revisiting the information acquired:
In a collaborative marketing strategy how quickly a vendor turns around on the basis of the information obtained and delivers substantially valuable products in return for information from a customer. This is a self-efficient cycle.
A business using social networking sites and websites to deliver collaborative marketing strategies has a comparatively low cost scheme as the free social media marketing channels are utilized here. Hence, the products here are competitively priced.
This when compared to the traditional corporate ways of marketing helps in getting a better grip on the market, increasing relationships and enhancing the brand awareness on the global scenario. This strategy will soon be opted by both small and large businesses.
The essence of the collaborative approach of marketing lies in the value created through connections, and the changes that these connections have brought into businesses. Thus, collaborative marketing makes association with clients an essential part of the company's marketing activities and is developed as an effective marketing tool.
Some common myths about collaborative marketing
1. Myth: marketing is influenced by customers.
Reality: the way customers interact with the brand has evolved immensely, thus engaging in a more positive customer-centric approach.
2. Myth: brands come on to a social platform and make customers contribute in the dialog.
Reality: brands do not engage the consumers in a dialog; they create a brand content which influences the consumers.
Challenges while working together
Despite the fact that there are many benefits achieved through collaborative marketing, there are also challenges that make it difficult to work together. Thus understanding the probable roadblocks and taking collective action can help the group effectively work through these challenging situations.
Lack of a common mission
Lack of shared objectives and common interests are the foundation for most successful collaborative marketing groups.
Barriers on the way to entry and exit
Many CMGs are relying on legally binding supply agreements from their members in order to avoid problems. These are often linked to equity investments in the organization with shares corresponding to delivery rights/ compulsions. When these organizations are very successful, share prices can increase and on the other hand, when they are not successful, it may be difficult for a member who wants to leave the group to find a buyer.
Lack of commitment
Lack of commitment among the team cans the long-term viability of the group's marketing effort. As a result of which, a long-term benefit for the group may be lost.
Overheads of group decision making
The overheads of group decision making gets higher, as the size and diversity of membership of a CMG grow. Though CMGs are generally administrated by democratic principles, maintaining broad consensus has been very important for continuing loyalty from those associated.
What is unique about the collaborative approach in marketing?
Collaborative selling is a procedure which is mutually beneficial to both parties concerned. The potential benefits of this unique process reduce risks, improves the quality of the products and services.
This process has been able to reduce the risks involved and deliver clarity and certainty with regards to the products and services.