EP43: 91% of All Marketing Dollars are a Waste.

Only 9% of all MQ's (marketing qualified leads) every result in a conversation. Worse than that, you have now stimulated your target audience to explore and investigate your competition. 91% of all marketing dollars are a waste. This is because Sales only contacts a prospect two times, rather than the 6 times requested or required.  That leaves 91% for your competitors to speak to. But the good news is, everyone else is doing the same thing. It may all work out.

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Sales says the lack of reach means low-quality leads. Marketing says good targeting means good quality leads, but without feedback, they'll never know. Marketing says, "You know, those salespeople, they won't talk to our leads!" Sales says, "Your leads suck!" which is translated to "we can't reach them. The best leads are those who are busy and important. The easy ones to reach aren't the best leads, yet sales is asking for precisely that - leads that are easy to reach.

What you really want are the ones that are most likely to need, value, pay fair prices for what you have and work with you and your team to solve their problems.

Don't mistake the dog who comes up and licks your hand with the one who will defend your house. Tune in to this episode to hear a story about single malt whiskey, the mother liquor, and leakage to the distillery across the road.

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The complete transcript of this episode is below:

 

Corey Frank (00:35):

Welcome to another episode of the Market Dominance Guys with Corey Frank and the Sage of sales, Chris Beall with all things market dominant-oriented. So today, Chris, we were chatting a little bit yesterday after your appearance on Sales 3.0, with our friend Gerhard. So we can certainly talk about that, but I think a little piece of peanut butter that was stuck to the roof of our mouth that you and I kind of riffed on before this was this topic of sales and marketing alignment. You're very kind and you let me wax philosophical for a while, a few minutes. You're an excellent listener. And then you very respectfully and gracefully said, "You know, Corey, sales and marketing alignment is a myth." And I said, "Well, that's a topic for our podcast." What do you mean by that, Chris, sales and marketing is a myth? I thought sales and marketing alignment is the goal as the reality companies like serious decisions make a living off of that type of data. So let's start there.

Chris Beall (01:38):

Yeah, it's, it's kind of funny. I mean, sales and marketing alignment as an issue has an assumption. And the assumption is actually the inverse assumption. That is, if sales and marketing were aligned, and by sales and marketing alignment people mean, do they share the same goals, do they have the same metrics, do the metrics interlock? So if marketing does their thing and they do as much of their thing is they have committed to the company to do, and if sales does their thing and they do enough with marketing's leads that they generate, their marketing qualified leads, as they've committed to do, then all good things happen. But there's one good thing that doesn't happen. And that is information flow coming back from sales attempts to turn marketing qualified leads into actual sales opportunities and marketing's attempts to go out and get more marketing qualified leads. That is it's an open loop process. And the reason it's an open loop process is twofold. One is just raw and that is only about 9% at maximum of marketing qualified leads if I'm QL has ever spoken with ever have an actual human conversat