Collaboration Isn’t Some New Kind of “Kumbaya” – It’s the Key to Revenue Acceleration
An oft discussed subject here at Marketo and throughout the broader Revenue Performance Management (RPM) sector is sales and marketing alignment. Collaboration surely is not just about having a “kumbaya” moment with your colleagues over in marketing and sales – or, for that matter, in IT, product development, finance, or customer support. In a recent video blog post, I discussed how open, honest and fact-based communication is a big part of the Marketo business and operating culture. We take this same philosophy when working with our customers. For example, as part of the marketing automation and RPM implementation process, we strongly advocate that customers adopt a much more transparent and collaborative approach among their revenue-related departments and functions.
The fact businesses’ have undergone massive changes due to digital technology and especially social media, collaboration has become closely intertwined with pretty much everything companies do – from co-creating products and services with customers and partners, to marketing them, and eventually nurturing customer loyalty over time.
If anyone believes that corporations can just bypass collaboration as they use RPM to increase revenue performance by as much as 40%, they are sorely mistaken. As I said earlier, collaboration is a driving principle behind RPM. It is the connective tissue that ensures RPM’s integrated, holistic approach to managing the revenue cycle for optimal effect.
Collaboration also plays a vital role in accelerating revenue growth. RPM is about bringing all of the key players and elements together in the revenue process – sales, marketing, research, product, IT, behavioral research, social media metrics, etc. – and enabling them to coalesce into a high performance revenue engine. Better collaboration and coordination throughout this process, and across the various participants, can have the powerful effect of shortening the time required to achieve the ultimate objective, which is closing the deal and booking the revenue..
Collaboration Underpins Business Strategy and Innovation
As the new ethos of openness and transparency has taken hold in the global digital and social-driven economy, collaboration has become a cornerstone for business strategy and innovation.
In a recent post on the Harvard Business Review blog network, the author, entrepreneur and social media thought leader Nilofer Merchant discussed her views on how collaboration has become a driving force behind what she calls the “Rules For the Social Era.” Here is a brief excerpt from Ms. Merchant’s insightful commentary on the power of collaboration in the new socially networked economy:
“Collaborating with people through shared purpose creates advantage because it allows everyone to work towards a shared goal…With shared purpose, alignment happens without coordination costs… It allows us to “tear down that wall” between who is “in” or “outside” the firm creating a more permeable organization which unleashes the inherently collaborative nature of work — like a herd of gazelles running leaderlessly, daringly, across a plain. This is the foundational principle of the social era.”
With increased collaboration engendering a sense of shared purpose between sales and marketing teams, you can be sure that the alignment between these two critical business functions will significantly improve. That stronger alignment will in turn have a material impact on revenue performance and results.
By fostering increased collaboration among your key departments and teams, and with your customers, prospects, and partners, you will position your company and brand for even stronger growth and success.
Have you seen improved collaboration making a measurable impact on your company’s business results? Let’s hear about it!