Early last week, I attended FRA’s Mutual Fund Growth Strategy Summit in Boston, MA, a conference with a packed agenda and with panelists full of ideas to share.
The “Strengthening the Distribution & Marketing Relationship” panel particularly struck a chord with me. Panelists from the sales department and the marketing group focused on how to align communications between the groups, and why it’s important to do so. Bottom line? There’s a distinct advantage when the distribution and marketing sides agree on a single clear message that a firm can then “broadcast” to the outside. When the two teams—distribution and marketing—are aligned in this way, sales can expand on marketing efforts and reinforce the brand, and marketing can develop a stronger plan to communicate the message. Without this cooperation, disagreements can lead to massive complications from both a product standpoint and from a branding perspective.
The panel considered the question of how to prevent complications from occurring. They acknowledged that if there is to be a change in the core message, both sides must be allowed to share their opinions. It’s important to always move forward, but only after agreeing to such changes, and collectively deciding how the message will be adjusted and conveyed by both teams.
One way to avoid a buildup of tension is to speak up when a change is first identified. A firm, for example, may notice that an internal wholesaler’s notes differ from the message marketing is pushing. It makes sense to address this issue immediately by having the internal and the marketing groups communicate, collectively decide on one message, and remember that everyone wants the same outcome. So—the panel agreed that the strategy, “Notice the change > Agree on adjustments > Move forward together” builds a stronger brand and helps align sales and marketing so that both departments are more effective.
SalesPage is a firm believer in having marketing and sales work together in a single, fluid environment. We do this by aggregating data into one environment and reporting from various databases. If you would like to learn more about SalesPage, feel free to contact us.