MARKETING AND SALES MANAGEMENT

MARKETING AND SALES MANAGEMENT

INTRODUCTION

We will begin this course by formally defining the major concepts in this study. The purpose is to facilitate a quick understanding of marketing and sales management and related principles.

WHAT IS MARKETING?

The term marketing lends itself to many definitions, marketing can be defined as the action or business of promoting and selling products or services, including market research and advertising.

Marketing also refers to activities a company undertakes to promote the buying or selling of a product, service, or good,it is one of the primary components of business management and commerce.

Finally for the purpose of this course, marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Traditionally, markets were viewed as a place for exchange of goods and services between sellers and buyers to the mutual benefit of both. Today, marketing is exchange of values between the seller and the buyer. Value implies worth related to the goods and services being exchanged. The buyer will be ready to pay for the goods if they have some value for him.

Marketing is the business function that controls the level and composition of demand in the market. It deals with creating and maintaining demand for goods and services of the organization.

 

WHAT IS SALES?

In its simplest form sales is the exchange of a commodity for money; the action of selling something.

In a broader perspective sale is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money. In some cases, other assets are paid to a seller. In the financial markets, a sale can also refer to an agreement that a buyer and seller make regarding the price of a security. Regardless of the context, a sale is essentially a contract between the buyer and the seller of the particular good or service in question.

 

 How a Sale Works

A sale determines that the seller provides the buyer with a good or service in exchange for a specific amount of money or specified assets. To complete a sale, both the buyer and the seller have to be considered to be competent enough to make the transaction. They also have to be in agreement regarding the specific terms of the sale.

In addition, the good or service that is being offered has to actually be available to purchase, and the seller has to have the authority to transfer the item or service to the buyer.

Having taken a look on the meaning of both marketing and sales, defining the term marketing and sales management.

 

WHAT IS MARKETING AND SALES MANAGEMENT

Marketing and sales management is a very broad area under business management. To facilitate a smooth study and better understanding, we will breakdown the course into marketing management and sales management for a detailed and full grab of our study.

 

MARKETING MANAGEMENT is “planning, organising, controlling and implementing of marketing programmes, policies, strategies and tactics designed to create and satisfy the demand for the firms’ product offerings or services as a means of generating an acceptable profit.

It deals with creating and regulating the demand and providing goods to customers for which they are willing to pay a price worth their value.

Marketing Management performs all managerial functions in the field of marketing. Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably. It has to implement marketing programme and evaluate continuously the effectiveness of marketing-mix. It has to remove the deficiencies observed in the actual execution of marketing plans, policies, and procedures. It looks after the marketing system of the enterprise.

 

 

 

FEATURES OF MARKETING MANAGEMENT

  1. Managerial Process:

Marketing management is a managerial process involving planning, organising, decision making, forecasting, directing, coordinating and controlling. Stanley Vance defines management as the process of decision making and controlling. Every aspect of marketing, starting with identifying the consumer’s need and wants, identifying the targeted customer, product planning, development, pricing, promotion, distribution process requires planning, decision making, coordination and controlling.

 

  1. Consumer Centric:

All marketing activities are consumer centric. The consumers are the king. Marketing activities are based on the premise of “make what the market wants”. The principal objective of marketing is to create new customers and to retain current customer. Marketing management performs the task of converting the potential customers into actual customer.

This is possible through satisfaction of customer’s needs and wants by delivering them, appropriate goods and services according to their needs and wants, at right time and through convenient channel.

 

  1. Research Analysis:

The basis function of marketing is identification of consumer’s needs and wants .This requires continuous and systematic collection of data, analysis and reporting of data relevant to marketing activities. This helps the management to understand consumer’s needs, wants, preferences and behavior of the consumer towards firm’s marketing mix strategies. This helps in forecasting and planning future course of action.

 

  1. Planning and Development:

Marketing involves planning and development of goods and services. Organizations make a continuous Endeavour towards planning, development and innovation of product and services so as to meet the changing demand, taste and preferences of the consumers.

 

  1. Building Marketing Framework:

Marketing activities are not just selling and distribution of ownership of goods and services from the producer to the ultimate consumer. But it involves a series of activities like research analysis, production, development and innovation, advertisement and promotion pricing decision, selling and distribution, customer relationship and after sales service.

All these functional areas of marketing must be effectively planned, organized and built effectively to achieve best results. Marketing structure depends upon the size of the enterprise, geographical coverage of the operation, number of product lines, nature of product, size of customers.

 

  1. Organizational Objectives:

All marketing activities are based on overall organizational objectives. The marketer bridges the gap between overall organizational objectives of achieving high profit and maximization of sales and consumer’s interest of satisfying needs.

 

  1. Promotional and Communication Process:

The ultimate objective of a firm is to maximize sales volume and profit. This can be achieved through promotion and communication about the goods and services. This function of marketing management enables the firm to provide information about the product to the customers.

 

  1. Controlling of Activities:

Marketing management performs the function of controlling of marketing activities. Marketing management evaluates the effectiveness of marketing activities, to judge the efficiency of marketing personnel and the plans. This process involves measuring the actual performance with the standard and identifying the deviations and taking corrective actions.

 

 

FUNCTIONS OF MARKETING MANAGEMENT

 

Various functions of marketing management are:

 

  1. Assessing the Marketing Opportunities:

Determination of marketing objectives and assessment of the marketing opportunities for the firm is an important function of marketing management. The constantly changing market conditions and opportunities make it imperative for the marketing management to come out with planned progammes to meet the challenges, and reap the opportunities.

 

 

  1. Planning the Marketing Activities:

Planning is an important managerial function. Planning of marketing activities is a crucial task and involves numerous steps. It involves planning effective strategies to achieve the desired marketing objectives. It is concerned with formulation of policies relating to product, price, channels of distribution, promotional measures, forecast of target sales etc. Planning provides the basis for an effective marketing for the enterprise.

 

  1. Organising the Marketing Activities:

Another significant function of marketing is organising it implies determination of various activities to be performed and assigning these activities to right person, so that marketing objectives are achieved. In the light of the changing concept of marketing, it is necessary that the organisation structure is flexible and accommodative. This will help in better interaction between organisation and environment.

 

  1. Co-Ordinating Different Activities of Enterprise:

Even the best of planning will not be rewarding if there is improper coordination between different activities of the organisation. Marketing involves various activities and these are inter-related and interdependent. Product decisions, pricing strategies, channel structure research activities all require proper coordination. Only then the objectives can be achieved.

 

  1. Directing and Motivating the Employee:

A good direction is a must for effective performance of marketing functions. Direction helps in rightful performance of the work. Different leadership style are practiced to guide the subordinates. A leader directs his subordinates and ensures through effective supervision, that the performance is as per planned specification. At the same time, it is necessary that employers are properly motivated. Motivation not only helps in better performance by the employee but also holds him back to the organisation for longer periods.

These days organisations are very serious as far as their motivation policies are concerned. New ways of motivation are being introduced so that the employee gives his best of services.

 

  1. Evaluating and Controlling Marketing Efforts:

In order to have a profitable venture, marketing manager must on a continuous basis, evaluate the marketing efforts. This will help him in knowing the deficiencies if any, which can be corrected beforehand only and proper adjustments can be made with the changing environment. Controlling is a managerial function concerned with comparison of actual performance with the standard performance and locating the shortcomings if any, finally corrective measures are taken to overcome the shortcomings.

 

 

PROCESS OF MARKETING MANAGEMENT

 

Marketing Management process involves the following:

 

  1. Managerial marketing process starts with the determination of mission and goals of the entire enterprise and then defines the marketing objectives to be accomplished.

 

  1. Evaluate corporate capabilities on the basis of our strengths and weaknesses.

 

  1. Determine marketing opportunities which have to be capitalised. We have to identify and evaluate unsatisfied and potential customers’ needs and desires. Market segmentation will enable us to select target markets on which we can concentrate our efforts. Marketing opportunities are influenced by marketing environment, competition, government policies, mass-media, consumerism, public opinion, distribution structure, etc.

 

  1. Once the company has full information regarding marketing opportunities, they can formulate marketing strategies in the form of dynamic action-oriented formal plans to achieve mission, goal, and objectives. A strategy is a pattern of purposes and policies, a planned course of action in pursuit of clearly stated objectives in the face of limited resources, and intelligent competition.

Marketing strategy points out the level, mix, and allocation of marketing efforts in marketing action plans. The company has appropriate marketing-mix for each target market. The marketing-mix is expected to sell more than competitors.

 

  1. Marketing action plans or programmes are to be implemented through proper communication, coordination as well as motivation of marketing personnel.

 

  1. Performance according to plan is duly assured by effective marketing control. An effective control system is essential to measure and evaluate the actual results of the marketing strategy. The results are evaluated against our desired objectives. Feedback of evaluation enables marketing management to revise, adopt, or modify goals and objectives and replan on the basis of feedback of evaluation.

 

  1. Marketing process is on-going or dynamic and it must adapt itself to the ever-changing environmental needs.

 

MARKETING MIX

Marketing mix is the combination of four controllable variables that make a successful marketing programme.

 

(a) Product Mix:

It deals with physical attributes of the product and the benefits associated with use of that product. Ownership of the product gives a sense of pride and satisfaction to the consumer and, therefore, the product should be properly designed, coloured and packed.

 

(b) Pricing Mix:

 

Pricing is an important decision made by the marketing manager. While pricing a product, managers consider factors such as costs, legal framework, prices charged by competitors and the prices that consumers are ready to pay. Managers must price the product to recover the costs and earn a reasonable return on capital. This ensures long-run survival and growth of the enterprise.

 

(c) Promotion Mix:

It refers to firm’s communication with the consumers regarding the product. It motivates them to buy the goods.

 

Sales can be promoted in three ways:

 

(i) Advertisement:

It presents the product details to consumers through media. It is a non-personal means of communication.

 

(ii) Personal Selling:

The seller directly contacts the buyer and convinces him to buy the goods and services.

(iii) Sales Promotion:

It supplements advertisement and personal selling as a means of promoting sales. It increases sales by holding contests, lotteries etc.

Different combinations of sales promotion techniques can be used at a point of time.

 

(d) Channel Mix:

After the product is designed, priced and advertised, it arouses consumers’ interest to buy it. The channel mix identifies the path or the route through which goods are transferred from sellers to buyers. The seller may sell directly to the buyer or through intermediation of wholesalers and retailers. More than one channel of distribution can be adopted at the same time; for example, a wholesaler can sell through retailers and also directly to consumers.

The channel mix not only selects a channel of distribution, it also maintains it to ensure consistency in the selling practices followed by the sales people.

 

 

SALES MANAGEMENT

Sales management is the process of developing a sales force, coordinating sales operations, and implementing sales techniques that allow a business to consistently hit, and even surpass, its sales targets.

Sales management can also be said to be the planning, direction and control of professional selling including recruiting, selecting, equipping, assigning, routing, supervising, paying and motivating to the personal sales force. It is also often referred to as management of the personal selling part of a company’s marketing function.

Aspects of sales management

Let’s have a look at the key aspects that must be present in your sales management process.

  1. Sales operations: Many organizations realize a highly productive sales team is the backbone of the company. They help establish a direct connection between their product/services and the customer.  Hence your sales team must be provided with all the necessary resources for becoming a revenue-generating unit.

2. Sales strategy

  • Build a productive team.
  • Set clear tasks for them, at an individual level and as a whole.
  • Completion of these tasks helps your sales reps achieve productivity.
  • It also means that your sales reps are successfully converting leads into paying customers.
  • This is where the creation and management of sales pipeline come in.
  • It sort of acts as the path and guide towards successful closure of your deals.

3. Sales analysis

  • Reporting helps you in understanding how all your strategies are working towards your company’s success.
  • Having in-depth information about your strategies will help you make the required changes.
  • Actionable sales metrics are measurable performance indicators.
  • They help your business’s sales operations run successfully.
  • They also help you identify the flaws in your operations.

 

Advantages of sales management

Practicing sales management techniques helps in speeding up your sales cycle and increases your chances of closing a deal.

The benefits of having a perfect understanding of sales management:

  • Your sales team knows what to do, help them set their plans accordingly.
  • A clear plan of action keeps your sales reps on track and makes their work easier.
  • Sales managers can set clear goals for the team.
  • Sales managers understand what to expect from the team.
  • Analyzing team performance becomes easier.
  • More accurate sales forecasting due to the availability of past data.
  • With proper sales plan, top management can create actionable long-term plans.
  • Top management can easily derive the overall performance of the company.

Proper sales management helps the overall organization but majorly affects these three segments:

Sales manager

A sales manager is the person who manages and leads the sales team.

He is the one looking over your sales operations and making sure that every process is being executed properly.

Well-executed sales management strategies provide better clarity.

It also helps sales teams in planning and implementing company-wide sales targets.

This ultimately helps them achieve their sales goals.

The sales rep

It is known that sales are a tough job, and for becoming a successful salesperson, effective sales management is essential.

The rep represents your company and products, establishing direct contact with potential customers using various sales closing techniques.

The truth – sales management builds the confidence of your salesperson and gives them better visibility regarding their role and work.

Customer

An efficient sales management process will help you provide a better experience for your customers. These customers will be more inclined towards purchasing your product or services.

Effective sales management also helps businesses create better goodwill for themselves.

The importance of sales management

Sales management offers stability and steady sales growth to businesses.

Efficient sales management helps businesses –

  • Set sales goals.
  • Monitor sales performance.
  • Discover current market trends.
  • Unearth profit-hindering drawbacks.

Here’s why sales management is important for any organization.

1. Setting sales goals

Setting sales goals allows businesses to push the sales team to work together towards achieving them.

Sales goals are also the best tool for defining the interrelatedness of organizational goals.

Reps understand that their unity towards achieving the sales targets successfully will contribute towards the company’s revenue.

Your sales team members are always motivated because of achievements.

Having a list of achievements enable businesses to plan bonuses for star sales performers.

2. Monitoring the sales performance

Managing sales and your sales team without monitoring the sales performance is not productive.

It pushes your sales team backward.

They work in the dark, without knowing where their sales efforts are going.

Without knowing the positive contribution of their sales efforts, it gets difficult to motivate the sales reps.

Sales performance monitoring also helps sales teams understand where they are lacking.

It enables the managers to rectify the errors and enhance sales performance, ultimately.

  1. Improving sales team with training

Training the sales reps helps them.

It moves them towards successful prospecting, presentation skills, and closing deals.

This, in turn, helps businesses achieve their revenue targets more productively.

The objective of sales management

Businesses have underlying objectives.

These objectives are necessary as they define the path that businesses must take for achieving their goals.

Sales management too has some important objectives that are executed with the help of sales managers and executives.

These are mainly:

  • Achieving sales volume.
  • Contribution towards profit.
  • Pushing business towards continuous growth.

The top management must outline the strategies for helping the sales team achieve their sales management objectives.

Providing the sales team with a well-marketed product helps them meet customer expectations. This also enables them to make a successful sale.

Sales management involves continuous communication between sales, marketing, and top management for the achievement of the aforementioned objectives.

Let’s explain these objectives.

  1. Achieving the sales volume

For every sales department in any organization, achieving sales volume is the number one objective.

When product sales begin, it needs to penetrate the market in such a manner that it reaches all targeted regions.

The product penetration level is adjudged based on the sales volume achieved via the sales approach.

2. Contribution towards profit

With successful sales come company turnover and the turnover results in subsequent profits.

sales are a natural contributor to company profit.

3. Pushing business towards continuous growth

When a business becomes stagnant, its growth chart slows down, beginning the downward spiral journey resulting in a shutdown.

Salaries need to be paid off, incurred costs have to be paid off, and then there are the shareholders.

A company without continuous growth has thin chances of surviving the competition. It needs to keep innovating itself, even when the product is doing well in the current market.

The job of marketing is to take continuous feedback regarding the product. They also need to keep the public aware of the innovations you are bringing to your products.

If the sales team fails to strike gold, then the chances of growth become too bleak for the business.

The ideal sales management process

It is a well-known reality that every business is unique and so is their business process.

Every business must have its own sales management mechanism.

An ideal sales management process comprises of these four basic stages. Let’s discuss them in detail to give you a general idea.

Stage 1. Lead generation

Lead generation is a marketing process.

The interest in a product or service is stimulated and captured for developing a healthy sales pipeline.

For modern businesses, digital channels are being used for lead generation based on new online and social selling techniques.

This is the first step before leads are qualified and passed on to the sales department for conversion.

There is a new buying process, where potential customers are doing their research before short-listing their choice of companies.

Digital marketers have the sole responsibility of creating the digital presence of their company.

To be found by the prospect is more important than blasting them with your email campaigns

Stage 2. Lead qualification

Lead qualification is the process where you qualify the leads to be the perfect fit for your product or service.

Yet the definition of a “qualified lead” varies from company to company.

Marketing qualified lead

The marketing team of a company is responsible for generating leads.

Marketing qualified lead is qualified by the marketing team to be a perfect fit for a company’s product or service.

The marketing team uses more than one approach for engaging the prospects.

It can be simply filling up a form for downloading an eBook or white-paper or free-trial signup.

Sales qualified lead (Opportunities)

In this stage, a sales rep conducts final due diligence and determines whether the lead has the required budget and intention.

The lead’s requirements are put against the company’s offering. The sales rep also determines if the lead/prospect is a decision-making authority or not.

Stage 3. Lead conversion

The process of turning a lead into an opportunity / deal, converting prospects into customers.

Usually, leads are generated from inbound or outbound marketing activities.

For instance.

Someone who is interested in your product or service has taken the desired action on a landing page. Or you got some information – email address, phone number, etc. This is the first step where your lead is generated.

Now the task of lead conversion starts.

You have a CRM in place that assigns your lead to a sales rep.

By using one of the communication channels, the sales rep tries to discover the prospect’s needs and problems.

Here, the sales rep acts more as a consultant than typical sales reps who generally run behind the sales figure.

The successful conversion is the result of a seamless, well-informed, and communicative sales approach.

Lead conversion rate is the percentage of leads who become paying customers after going through your sales funnel.

Stage 4. Deal closing

This is the stage where the sales deal is won or lost.

At this stage, sales reps must set a tentative closing date for each deal. Doing so helps keep a close eye on the state of each deal inside their sales pipeline.

In this stage, if the deal is won it gets moved to the payment stage.

However, not every day is sunny and beautiful, and sales is no different.

If a deal is lost, the sales reps jot down the reasons for the loss, to be used for future deals.

Stage 5. Post-sales

The relationship between a prospect and the company does not end when the deal is won.

Such a personal touch also helps bolster a stronger and closer client-business relationship.

It is starting off a lasting relationship.

Won deal’s contact information must be handed over to the customer success team. The customer success team stays in touch with your client.

It also keeps them updated about the new product features and new product launches.

The most important responsibilities of the customer success team are –

  • Guiding clients
  • Answering questions
  • Offering assistance whenever customers need

Such displays of extra care and adds a personal touch to the whole customer experience. Apart from that, it helps the client in the early adaptation stage.

Sales management process model

1. People

This covers all the skills and attitudes required in a sales rep for being successful sales professional. Good at closing deals, maintaining a lasting relationship with the client and keeping a check on them after the deal is finalized.

  1. Process

The process covers the key steps every successful sales manager must deploy.

  • One-to-one interaction with sales reps.
  • Conducting weekly or daily sales meetings.
  • Managing sales team performance.
  • Other related reports, etc.

3. Performance

·         Performance covers both past performance and forecasting.

  • Sales data is collected regularly.
  • A comparison of the sales performance on a monthly or yearly basis takes place for setting future targets.
  • Performance covers efforts put in by sales team members for the amount of sales activities that have been carried out.
  • It looks at those skills which delivered results.
  • It also includes how good each salesperson is at key selling skills.
  • Speaking briefly, these three factors may seem like changing the relations between customers, sales reps and managers.
  • However, in these individual stages, coordination the major layers are top management, managers and sales reps.
  • When we talk about people, it’s the workforce that gives their best for achieving sales results. And they do it by grabbing deals and increasing the number of paying customers.
  • When we mention process, it involves top management that creates the entire sales management process. They hand over this process to the sales managers for managing sales reps, their activities, and their quotas.
  • When we talk about performance, it means the sales metrics set by the managers to measure the activities reps have performed. Based on the sales metrics, managers derive the input sales reps have made on certain deals or towards the prospects.
  • Combining these three factors makes it convenient to create a sound and measurable sales management process.

Sales force management

1. Always keep your team result-oriented

  • The sales team must comprise of salespeople that are always driven by the determination to excel and keep achieving their sales goals.
  • Creating a transparent working environment for your sales force allows them to trust each other and work together.

2. High but realistic goals are the key

  • When sales managers set sales goals, they give enough push to their sales reps to work a bit harder.
  • Achieving 60-70% of a high goal is better than achieving 100% low-tier goals.

3. Make training a priority

  • The dynamic nature of sales will always push new strategies out of the market and require the inception of new ones.
  • So is the requirement of training your sales force for facing modern buyers and adapt to the new market trends.
  • If you inculcate training the sales force every three or six months, they will never settle and become rusty.
  • The last thing any business wants is a laid-back sales force.
  • They must keep adapting to the ever-changing dynamics of the sales industry.

4. Segmentation of the sales team

Working with a group of sales reps for a certain period helps sales managers easily identify their strengths, weaknesses, and preferences.

Based on this understanding they can then assign leads and roles.

  • Is a sales rep better at creating lasting client relationships?
  • Does a sales rep have better in-depth knowledge of a particular market or sector?
  • Is a sales rep better at closure but not so good at prospecting?
  • One sales rep is a seasoned professional now, while the other is still learning!

The roles and responsibilities of your team members must differ, as it allows the manager to have a well-segmented team with the following specialties:

  • Better inbound lead qualification
  • Solid outbound prospecting
  • Faster closure rate
  • Continued customer interaction and management

5. Incentivize your sales force

Sales have the capability to burn out your most efficient sales reps too. Incentivizing the sales force allows businesses to keep their sales team motivated for the continuous achievement of the sales targets.

Sales managers or business owners must have a clear compensation package in place.

However, there will be additional rewards and benefits for maintaining the productivity of the sales team.

Salespeople are mostly motivated by either money or recognition. Remember that you must be creative with your incentive plans.

We are sharing a few incentive plans that don’t necessarily involve offering direct cash:

  • Take your team out for a retreat.
  • Give the star performer a day off.
  • Mention star performers at your weekly team meetings.
  • Buy your sales team lunch when they outperform themselves.
  • Share their success stories with the whole organization via newsletters.

Benefits of a sales management system

A sales management system can drive team effectiveness by minimizing admin tasks and centralising customer information. The system allows the sales manager to assign tasks to the right rep and prioritise good leads, as well as improving forecasting and analytics.
The key benefits of a sales management system include:

  1. More granular prioritisation
  2. A detailed overview of customer history
  3. Automated workflow and reduced admin
  4. Improved forecasting, analytics and reports

1. More granular prioritization

A good sales CRM helps managers to prioritise account actions and assign them to the right rep for the job. For example, the system could help staff to tailor customer-specific promotions or packages based on analysis of the client’s needs. It will also recommend and filter leads to help focus on those that are most likely to lead to revenue for each product.

2. A detailed overview of customer history

With sales management software, every communication by sales, marketing or customer representatives can be held in the same place allowing every employee to understand the customer journey so far. This type of overview ensures there’s no going over old ground with a customer, wasting their time and yours, but more importantly, sales staff can approach each customer with a personal touch, just by knowing their history.

3. Automated workflow and reduced admin

CRM keeps your reps focused on sales, not distracted by mounting admin tasks. Most software can identify the important information in calls, emails, texts and documents and track responses to those so the database is up-to-the-minute. They also help with contact management by automatically creating reminders and calendar tasks for staff to follow up on leads after initial contact or simply contact a long-time customer when it’s been a while.

4. Improved forecasting, analytics and reports

Sales management solutions can assess sales cycles, competitiveness and the effectiveness of sales campaigns and tools. By analysing traffic volumes and sales conversion ratios, for example, the software can assess performance and identify areas that need improving. It can also capture and compile data to make sales forecasting much simpler and help the future pipeline by identifying where effective lead sources are coming from.

 

SALES AND MARKETING RESPONSIBILITIES

While sometimes grouped separately, sales and marketing functions overlap. Those businesses that recognize the critical areas of overlap may get more value out of their teams by combining efforts. After all, both sales and marketing have the same end goal: increasing sales.

 

Sales Responsibilities

Follow up. A key sales function is following up with the leads generated by a marketing department. Successful businesses usually develop a structured handoff process so that each marketing-qualified lead receives appropriate and timely follow-up from a sales team member.

 

Relationship building. The era of the “hard sell” continues to fade. Modern sales focus on relationship building to help create trust between a buyer and seller. Effective salespersons can understand the needs of the buyer and develop a persuasive—but not pushy—message to help differentiate the company’s product.

 

Closing. Most salespersons are judged by their ability to turn leads into customers. While some may envision a face-to-face meeting and handshake as the close of a sale, many businesses also close sales online or over the phone. This can broaden the responsibilities of closing a sale to more employees.

 

Retention. Sales and marketing have responsibility for improving client retention. By checking in with an existing client, a sales team member can help demonstrate an interest in long-term client success, not just a one-time sale. The ongoing effort to build strong relationships can help improve retention and lead to “upsells”—additional sales beyond the initial purchase.

 

Marketing Responsibilities

 

Awareness. An effort to build awareness of a product or service is the first step in the sales process. A successful awareness-building effort may help a prospect recognize a brand or product name or may ensure a company makes the shortlist for purchasing consideration.

 

Engagement. Engagement efforts build on an initial awareness campaign to deepen a consumer’s connection to a company or product. Marketing materials aimed at engagement may be longer (e.g. a whitepaper or video) compared to a more superficial awareness piece (e.g. direct mailer or radio advertisement).

 

Conversion. A conversion is the critical transition of a potential customer from an anonymous person to a known lead. For marketing teams, a conversion may be the completion of a web form, the instigation of a web chat, or a phone call to a customer service line.

 

Retention. Even after a purchase, a marketing team can help a business grow its repeat customers. The retention function of marketing helps maintain awareness and engagement after a sale. This may include email newsletters or invitations to webinars that help a consumer get more value from a product. The retention function of marketing is especially critical for subscription services.

 

 

 

 

SALES AND MARKETING TECHNIQUES

How do sales and marketing teams achieve their goals? The tactics vary based on the industry and company culture. They have also changed over time.

These are some of the common sales and marketing techniques that form the core of each practice.

 

Sales Techniques

Limiting the opportunity. The idea of a “limited-time offer” is common in retail, but creating a sense of scarcity is a tactic used in many industries. A limited opportunity may be limited by time (e.g. an offer good for this month only) or availability (e.g. the last pickup on the lot).

 

Focusing on pain points. An effective salesperson can frame the benefits of a product or service regarding the needs of a client. This means understanding the day-to-day challenges a client faces and focusing on how a product can solve those issues. An emphasis on pain points can also help build a relationship by showing a salesperson’s interest in a customer’s problem.

 

Making the assumptive close. The assumptive close is a sales technique that changes a request for a “yes” into a “no.” For instance, rather than asking, “Do you want to try this service?”, a salesperson may instead ask, “When would you like us to schedule the installation?”

 

Marketing Techniques

Outbound marketing. Outbound marketing represents traditional “push” marketing. This includes television advertisements, direct mail flyers, and cold calling. Outbound marketing tactics often are effective at generating broad awareness among a demographic. However, some modern marketing strategies question the ability of outbound marketing to develop the persuasive, personal marketing messages that build lasting company–customer relationships.

 

Inbound marketing. Inbound marketing shifts marketing efforts from “push” to “pull.” The core idea behind inbound marketing is to draw potential customers in by creating marketing materials that help consumers. For example, an investment firm may offer a free webinar on retirement planning. Inbound marketing tends to focus first on providing a consumer with something valuable, rather than maintaining an inward focus on delivering a company message.

 

 

IMPORTANCE OF MARKETING AND SALES MANAGEMENT TO AN ORGANISATION

Improves Product Development

A sales management program includes having your sales staff keep in close touch with customers and watching the competition to determine if your product line is as relevant as it can be. Adding a new product to your line, changing or eliminating features or dropping items from your product mix can all help you maximize your sales and profits. Conduct regular reviews of what you sell to make sure you offer the optimal product or service to generate high sales volumes and profit margins.

 

Optimizes Distribution

Sales reports not only provide you with information about what’s selling and how much you’re selling, but where you are making your sales via the relationship between sales and distribution processes. A sales management program evaluates your distribution methods and maximizes their use.

As an example to demonstrate the importance of sales and distribution management, if your online sales are strong but your retail volumes are lagging, you might find this is because customers get more information when they shop online, helping them buy with confidence. To improve retail sales, you might provide better retailer training, more in-store promotions and change your product packaging. Sales and distribution management by definition go hand in hand.

 

Better Financial Decisions

Some of your best-selling products, in terms of volume, might provide your lowest profit margins, causing a burden on your production and administration departments. Detailed sales reports provide you with information on your overhead and production costs, cost-of-sales expenses and profit margins.

A low-margin item with high sales volumes might provide a nice profit margin, making it a no-brainer item to keep in your line. If you can eliminate this item, causing a corresponding increase in higher-margin item sales, you might want to discontinue selling it. Sales management looks at the profit contribution, opportunity cost and impact of carrying each product on your operations.

 

Improves Staff Quality

A sales plan is only as good as the people who use it, and a key part of any sales management program is recruiting, training and managing sales staff, according to Management Study Guide. A good sales manager is able to motivate his sales team. This includes developing their product knowledge, coaching them on calls, improving writing and presentation skills and helping them work their territories effectively.

 

Others are:

 Introduction of new products in the market.

 

(ii) Increasing the production of existing products.

 

(iii) Reducing cost of sales and distribution.

 

(iv)Export market.

 

(v) Development in the means of communication and modes of transportation within and outside the country.

 

(VI) Rise in per capita income and demand for more goods by the consumers.

 

 

Sales and Marketing Manager/ Officer’s Responsibilities:

 

The sales and marketing manager perform a lot of important roles in a business organization or company. These roles among others are:

 

  • Contact and ensure to qualify identified prospects, leads and suspects from established marketing campaigns plus current business partner relations.

 

  • Conduct initial onsite, remote demonstrations and detailed follow-up demonstrations customized to show how solution attains particular prospect requirements.

 

  • Stimulate sales activities to attain or exceed revenue objectives on monthly, quarterly and yearly basis.

 

  • Update and maintain continuously internal marketing database to precisely reflect sales activities and prospect status.

 

  • Support preparation of perfect monthly, quarterly and yearly sales projection along with pipeline reports.

 

  • Assist partner distribution networks associated with distribution plus promotion of organization materials.

 

  • Prepare marketing plans determining specific organization product family needs.

 

  • Develop market and competitive analysis, pricing schedules, forecasts, promotional plus advertising requirements.

 

  • Develop and coordinate promotional as well as collateral materials like brochures, videos, binders and trade show graphics etc.

 

  • Support marketing and sales programs together with Sales & Marketing Manager, Foreign as well as Domestic Marketing team.

 

  • Support in corporate plus product branding at international conventions and trade shows.

 

  • Conduct account maintenance, inquiry calls, outside sales calls, qualification calls, concierge visits, site visits and varied sales activities.

 

  • Prepare, plan and implement local marketing events, strategies and initiatives to enforce bar, boardroom and dining room sales.

 

  • Plan and implement corporate events as defined in standard operating procedure.

 

  • Execute accurately all organization initiatives, policies plus procedures to improve quality, operations and service.
  • Promoting the company’s existing brands and introducing new products to the market.

 

  • Analyzing budgets, preparing annual budget plans, scheduling expenditures, and ensuring that the sales team meets their quotas and goals.

 

  • Researching and developing marketing opportunities and plans, understanding consumer requirements, identifying market trends, and suggesting system improvements to achieve the company’s marketing goals.

 

 

  • Gathering, investigating, and summarizing market data and trends to draft reports.

 

  • Implementing new sales plans and advertising.

 

 

  • Recruiting, training, scheduling, coaching, and managing marketing and sales teams to meet sales and marketing human resource objectives.

 

  • Maintaining relationships with important clients by making regular visits, understanding their needs, and anticipating new marketing opportunities.

 

  • Staying current in the industry by attending educational opportunities, conferences, and workshops, reading publications, and maintaining personal and professional networks.

 

KEYS TO SUCCESSFUL MARKETING AND SALES STRATEGY

  1. Defining your product or service: How is your product or service packaged? What is it that your customers are really buying? You may be selling web-based software tools but your clients are buying increased productivity, improved efficiency and cost savings. And if you offer several products or services which ones are the most viable to promote?

 

  1. Identifying your target market: Everyone or anybody might be potential clients for your product. However, you probably don’t have the time or money to market to everyone or anybody. Who is your ideal customer? Who does it make sense for you to spend your time and money promoting your service to? You might define your ideal customer in terms of income, age, geographic area, number of employees, revenues, industry, etc. For example a massage therapist might decide her target market is women with household incomes of $75,000 or more who live in the Uptown area.

 

  1. Knowing your competition: Even if there are no direct competitors for your service, there is always competition of some kind. Something besides your product is competing for the potential client’s money. What is it and why should the potential customer spend his or her money with you instead? What is your competitive advantage or unique selling proposition?

 

  1. Finding a niche: Is there a market segment that is not currently being served or is not being served well? A niche strategy allows you to focus your marketing efforts and dominate your market, even if you are a small player.

 

  1. Developing awareness: It is difficult for a potential client to buy your product or service if they don’t even know or remember it exists. Generally a potential customer will have to be exposed to your product 5 to 15 times before they are likely to think of your product when the need arises. Needs often arise unexpectedly. You must stay in front of your clients consistently if they are going to remember your product when that need arises.

 

  1. Building credibility: Not only must clients be aware of your product or service, they also must have a positive disposition toward it. Potential customers must trust that you will deliver what you say you will. Often, especially with large or risky purchases, you need to give them the opportunity to “sample”, “touch”, or “taste” the product in some way. For example, a trainer might gain credibility and allow potential customers to “sample” their product by offering free, hour long presentations on topics related to their area of specialty.

 

  1. Being Consistent: Be consistent in every way and in everything you do. This includes the look of your collateral materials, the message you deliver, the level of customer service, and the quality of the product. Being consistent is more important than having the “best” product. This in part is the reason for the success of chains. Whether you’re going to Little Rock, Arkansas or New York City, if you reserve a room at a Courtyard Marriott you know exactly what you’re going to get.

 

  1. Maintaining Focus: Focus allows for more effective utilization of the scarce resources of time and money. Your promotional budget will bring you greater return if you use it to promote a single product to a narrowly defined target market and if you promote that same product to that same target market over a continuous period of time.

 

 

HOW TO BUILD A SUCCESSFUL SALES AND MARKETING STRATEGY

1) Budget for success                                     

Make sure you’ve allocated enough resources (people and money) to accomplish your company’s goals for the year. The size of your marketing budget will also depend on how much you have available to invest, and how quickly you want to see results. If you have caviar dreams and a tuna fish budget, you’ll be disappointed by your lack of results, and your team will be frustrated by their inability to meet your expectations.

 

2) Review and Update Your Ideal Customer Profile and Personas

Look back at your best customers and identify the characteristics that make them profitable and enjoyable to work with. Make sure your ideal customer profile and buyer personas are accurate and update them as necessary to reflect the kinds of customers who will help you reach your growth goals.

 

3) Document Your Buyer’s Journey

Once your personas are updated, document the journey each persona will take toward becoming a customer. Your contacts take lots of tiny steps along the way to becoming a buyer. Plot out every interaction point your personas will have with your content or your company. This is your buyer’s journey—and each persona has their own.

 

Feeling fancy? Develop your own ICP using our downloadable Excel template

Start at the end—what will they do immediately before signing a contract with you? What’s the step before that? The one before that? At each point along the way, identify the persona’s main questions, motivations, and potential objections. Then identify the kinds of content you’ll need to create to meet them at each point along the buyer’s journey.

 

Don’t forget about the influencers in the process. Feed your main contact the content they need to help educate and sell you internally.

 

You should also determine what CTAs to include in order to lead them to the next step.

 

4) Confirm Your Differentiators

Make sure you’re clear on what makes you different from your competitors. Talk to some of your customers and find out why they chose to buy from you—and what could make them switch teams and buy from your competitors instead.

 

5) Review and Organize Your Marketing Collateral

Make sure that your printed and digital marketing materials are written and designed to attract your ideal customers and communicate your company’s unique qualities to prospects and customers. Verify that copyright dates are updated, that your style guidelines are being followed, and that everyone on your sales team is using the right version!

 

6) Review Your Website and Online Marketing

Take a look at your website and social media channels to make sure they’re designed to attract and educate your personas. Is your branding and messaging consistent? Are you engaging with the right target audience? Is your content compelling and educational?

 

7) Review and Document Your Sales Process

Is your sales process set up to close the quality and quantity of customers you need to reach your company’s growth goals? Does everyone on your sales team follow the same process for qualifying and nurturing prospects? Is your process documented? Is your CRM (customer relationship management) system set up to support your process efficiently and effectively? Could you be using any automated tools to make your process more efficient?

 

Document any issues you uncover while you’re reviewing your collateral, processes, and templates. Look for “dark pools”—areas of your process where prospects or customers get lost or ignored due to lack of time/energy/resources.

 

8) Document Your Sales and Marketing Strategy

Prioritize the issues you’ve identified and develop a phased approach to tackling them over the next four quarters. Depending on the issues you’ve identified, you may need to develop tactical plans for content/inbound marketing, social media, lead generation, lead nurturing, or account development.

 

9) Track Your Progress and Evolve Your Tactics

Make sure you have defined metrics for measuring success, and have assigned individual team members to be accountable for solving each issue. Set up regular meetings to review progress, identify and solve issues, and align activities across teams. Learn from your mistakes and victories, and evolve your tactics as needed to maintain your traction!.

 

5 KEYS TO SALES AND MARKETING ALIGNMENT

There’s often a rivalry between sales and marketing, but it’s important to align the two groups to ensure business success. The following are the steps a company can take to align marketing and sales department.

 

1: Single Customer View

When you are looking to align sales and marketing, you first have to start with a clear picture of the customer. This has been the hardest thing for marketers to obtain because they often have many disparate tools that do not share data. A clear picture requires knowing all marketing and sales interactions that an individual has with your company, on every channel. This includes a record of every email received (sales or marketing), every web page visit, every social click, and all information stored in your CRM.

This mutual insight allows your marketing and sales teams to share a common definition of your ideal customer and create campaigns around common goals — and without mutual insight and common goals, you’ll never be able to align your two teams. Marketing automation tools give companies this single customer view by connecting the CRM to all marketing channels via lead tracking technology. This single customer view is critical to success, and is a crucial first step to aligning your sales and marketing efforts.

 

2: Common Definitions

Once you have a single customer view, it’s time to create a common set of definitions to make sure you’re communicating effectively. Consider the following terms and what they mean to both marketing and sales:

 

Lead: Define what actions and behaviors a lead must exhibit. Define how leads are put into the CRM, and who is responsible for this.

Sales-Qualified Lead (SQL): Define when a lead is an SQL, and what determines this. Know what actions are to be taken when a lead is marked as an SQL.

Marketing-Qualified Lead (MQL): Define how an MQL lead is passed to sales, and what the time frame of engagement is with all MQL leads.

Contact: Define when a contact is created, and how it is created.

Account: Define when an account is created, and what information needs to live on the account record or the contact/lead record.

Opportunity: Define the stages of an opportunity. Define where information is to be kept about the record. Is it stored on the opportunity, the account, or the contact?

 

3: Aligned Goals

Goals must be aligned, and in most organizations, they are not. Measuring sales and marketing off the same metric is the only way to ensure goals are aligned. If you measure sales by opportunities, then you should measure marketing by opportunities as well. I’d suggest measuring success based on two metrics: the number of MQL leads generated, and the number of MQLs that turn into closed/won business. This allows you to track the number of leads that marketing is passing over, as well as the quality of these leads.

 

 

4: Notifications

The idea that marketing doesn’t do a lot for organizations comes from the lack of visibility into marketing’s influence. The easiest way to solve this is to give sales visibility into their leads, and into their prospects’ interactions with marketing assets. If you already have the single customer view, sales can see each page a person reads and each email a person opens. But consider taking things a step further. For sales to really understand the impact of these interactions, you’ll need to make sure they are notified when a prospect takes an indicative action. This does not mean letting them know every time a person opens an email, but consider setting up an alert for when a prospect downloads a buyer’s guide or accesses pricing information. This will also be something to talk about when creating common definitions for MQLs and SQLs.

 

I’d suggest notifying sales reps in a few different ways.

  • Email notifications: Email your sales rep with the new lead that has been assigned to them. Most marketing automation tools allow for this as a standard feature.
  • CRM notifications: Many tools allow users to set up a “hot list” where sales can see a list of their most active prospects in one place. This helps them to focus in on who to call each day, and allows them to see the importance of marketing efforts.
  • Other notifications: Some actions may not need a dedicated email, but are still worth mentioning. These efforts might be best sent via a daily digest to sales. Many tools also have this daily digest feature, and real-time lead notifications as well. Just determine which actions are important before you choose which methods are appropriate.

 

5: Support Campaigns

Many salespeople have a lot of things on their plate; a great way to help build the bridge is to give them some support. These campaign ideas are very easy and can greatly increase their opinion of the marketing team and your effectiveness.

Lost Deal Campaign: The lost deal campaign will easily help sales stay updated on deals they lose. The campaign can be automated to send emails from the sales rep to the contact to keep the rapport alive during the interim time between evaluations. To set up this campaign, simply build an automation rule to track all closed/lost deals and add them to a drip nurturing program that will run until the next decision-making cycle. This allows sales to just simply mark the deal closed/lost, then have your team take over from there.

  • Cold-Lead Drip: Despite having great scores, many leads that are passed over are just not ready to talk to sales. These leads are not bad leads, they just might need more time to educate themselves — time that sales probably doesn’t have. So help them out by providing a campaign they can add leads to that will manage these cold leads automatically. To set this campaign up, you’ll need a pre-built nurturing program to add them to. You can use an automation to look for a specific field in your CRM to automate this, or do it manually via an export depending on your tool set.
  • Competitive Drip: Many leads that marketing passes over to sales may be disqualified because they are using a competing technology at the time of creation. These can still be good leads, but sales tends to let them fall through the cracks in pursuit of non-vended leads. Treat these the same as cold leads, and use an automated campaign to find competitive leads and put them on a customized drip. The campaign can look at a basic field in your CRM and add leads to a drip program. The emails in your drip program can even pull fields from your CRM so you can dynamically mention the name of the tool they are using, and use customized text to state your competitive positioning. This automated personalization can save your reps a significant amount of time, and can further improve the relationship between marketing and sales.
  • Thought Leadership Drip: Another easy way to help sales is to give them a simple process for handling the leads who ask to be followed up with later on. There will be a large majority of leads who say “no,” but keep in mind that they became a lead in the first place because they liked something you did. So give them more of what they are looking for. Have your sales reps offer a thought leadership option: the next time someone says “no,” have them say, “great, well how about I just catch up with you from time to time via email? I’m always finding good articles on this topic and I’ll be sure to send them your way.”
  • Learning that sales and marketing are members of the same team will help you to see the need to have a single customer view, common definitions, and supporting campaigns.

 

 

 

The Role of Technology

Today’s technology has a key role in sales and marketing. It also has a role in facilitating collaboration between the two business units.

A prominent example of sales and marketing technology is the customer relationship management (CRM) system. A CRM serves as a single resource will all client information. This information can help sales teams better understand how a customer became a lead. For instance, a CRM may contain information about the source of a lead, such as a trade show or online ad.

From a marketing perspective, a CRM can help track leads throughout the sales cycle. This information can provide valuable feedback to marketing teams about which marketing channels generate the most sales-qualified leads, actual sales, or longest client retention.

SALES AND MARKETING TECHNIQUES

How do sales and marketing teams achieve their goals? The tactics vary based on the industry and company culture. They have also changed over time.

These are some of the common sales and marketing techniques that form the core of each practice.

Sales Techniques

  • Limiting the opportunity. The idea of a “limited-time offer” is common in retail, but creating a sense of scarcity is a tactic used in many industries. A limited opportunity may be limited by time (e.g. an offer good for this month only) or availability (e.g. the last pickup on the lot).

 

 

  • Focusing on pain points. An effective salesperson can frame the benefits of a product or service regarding the needs of a client. This means understanding the day-to-day challenges a client faces and focusing on how a product can solve those issues. An emphasis on pain points can also help build a relationship by showing a salesperson’s interest in a customer’s problem.

 

 

 

  • Making the assumptive close. The assumptive closeis a sales technique that changes a request for a “yes” into a “no.” For instance, rather than asking, “Do you want to try this service?”, a salesperson may instead ask, “When would you like us to schedule the installation?”

Marketing Techniques

  • Outbound marketing. Outbound marketingrepresents traditional “push” marketing. This includes television advertisements, direct mail flyers, and cold calling. Outbound marketing tactics often are effective at generating broad awareness among a demographic. However, some modern marketing strategies question the ability of outbound marketing to develop the persuasive, personal marketing messages that build lasting company–customer relationships.

 

  • Inbound marketing. Inbound marketingshifts marketing efforts from “push” to “pull.” The core idea behind inbound marketing is to draw potential customers in by creating marketing materials that help consumers. For example, an investment firm may offer a free webinar on retirement planning. Inbound marketing tends to focus first on providing a consumer with something valuable, rather than maintaining an inward focus on delivering a company message.

Technology can help sales and marketing teams:

  1. Identify the most successful tactics.
  2. Make it easier for teams to align best practices.

The analytics provided by a CRM can help identify each touchpoint throughout the marketing and sales process that is critical to a sale. That information, in turn, can provide a data-backed rationale for adjusting the techniques employed in each process.

Further, the modern CRM and supporting technologies may make it easier for sales and marketing teams to implement the techniques that work best. This could include automating the distribution of marketing materials or streamlining the handoff process between teams.

Technology such as computer telephony integration (CTI) can even help teams handle “unplanned” handoffs, like when a prospect calls a customer service line instead of their dedicated sales representative. CTI integration can help manage real-time access to customer data in a CRM and route calls efficiently to the most qualified representative.

How to Improve a Sales and Marketing Department

  • The effort to improve a sales and marketing department is ongoing. However, it begins with an understanding of the role of each service so that a business can establish clear and reasonable goals.
  • From there, the development of each department depends on the identification of the right tactics, which vary based on how a business prefers to interact with its customers.
  • Along the way, technology can help organize the process and make it more efficient. It can also play a role in improving information sharing between the two departments, which may help each reach their shared goals of more sales and a thriving business.

SALES AND MARKETING ROLES

Sales and marketing are business functions within the organization. The sales role and the marketing role are very different in their scopes.

The job responsibilities of a sales manager include:

 

  • Meeting the customer’s requirements

 

  • Assessing sales performance

 

  • Sales budget forecasting

 

  • Dealing with suppliers and distributors

 

  • Representing the company at exhibitions and events

 

  • Quantity and quality control of goods before sales.

 

 

  • The marketing manager’s role includes:

 

  • Coordinating between various stakeholders like customers, investors, competitors, suppliers, etc.

 

  • Designing and reviewing marketing campaigns.

 

  • Conducting market research.

 

  • Organising various events.

 

5 KEY FUNCTIONS OF SALES & MARKETING MANAGEMENT

 

The key functions of Sales and Marketing management are:

  • Market Research

Market research is the preliminary stage in product development. This is done to assess the possible demand and growth prospects in the market. Marketing research can measure the attitude of buyers, expected market size, client preferences, product features and acceptable pricing.

Product, Promotion, Price and Place are the key functions of marketing management. The qualitative aspect of sales and marketing management concentrates on consumer perception, opinion and attitudes on a specific product or service.

 

  • Improvement in Process efficiency

Determining the best leads is a crucial factor in enhancing business sales. Converting those who are interested to buy the services/products leads to improving the sale process efficiency. Ensuring a constant flow in the sales process is a key function of sales management.

Utilizing a software solution to automate specific tasks like sending e-mails will ensure a smooth workflow and build customer relationships.

 

  • Product development and management

Next comes the making of the product. The right raw materials, fabrication and making of prototypes are critical details that need to be planned out with the manufacturing units. A key function of marketing management is good inventory management.

The product development encompasses the Product Life Cycle (PLC) which includes product development to product saturation. Marketing management should ensure the extension of PLC through advertising and value addition to products to alter the client’s perception levels.

 

  • Sales and Distribution

The pivotal aspect of the business process is sales and distribution. Marketing management techniques should ensure that the products reach the intended markets through robust distribution channels like regional distributors, retailers and wholesalers. This step is vital to make consumers buy and consume the product. Instances of too much advertising and suboptimal distribution processes should be avoided by the marketing management team.

 

 

 

  • Monitoring performance of Sales teams through dashboard reports

Reports production is essential to understand the levels of progress. Congratulate the team members who’ve exceeded the expectations and re-train those who are finding it difficult to keep up the pace. Always make use of dashboard reports to access the complete information on the sales representative’s location and the products that are being sold. This will be helpful to justify your decisions to the top management.

 

Effective ways in creating marketing and sales strategy

Now that you have the answer to “What’s the difference between marketing and sales?” and you see how these strategies differ, it’s time to focus on using sales and marketing together to maximize revenue for your business.

Here are four tips for creating an effective marketing and sales strategy:

1. Make sure you know your market

First, to have a successful sales and marketing strategy, you need to know who’s in your target market. It’s essential to establish this information, so your marketing team knows who to target, and your sales team understands your target market enough to provide them with the information they need.

To establish your target market, look at your typical customers. You’ll want to look at the characteristics they share.

You should include information like:

  • Age
  • Gender
  • Occupation
  • Family status
  • Income
  • Buying Habits
  • Hobbies
  • Interests
  • Pain points
  • And more

Having a basic profile for your customers will help you know who you’re trying to reach and how you can reach them best. It enables your sales and marketing team to provide the best information for your audience.

2. Establish your position in your market

To help you have a cohesive sales and marketing strategy, you need to establish your position in your market. What do you offer, and why is your business the best choice?

It’s good to establish this information so your marketing and sales team delivers a consistent message about your products or services. It helps you establish your brand identity and identify what makes you unique from your competition.

Apple and Microsoft are great examples of this concept. When you compare their ads, you can see how they position themselves in the market and what they choose to focus on to get people to purchase their products. When you know your position in your market, you can leverage it to engage more prospects.

So, for example, if you’re one of the top-rated insurance companies in your area, you can market that information to your prospects. Then, your sales team can follow-up with

When you know where you stand in your market, you can create a more effective marketing strategy and help your sales team make more persuasive pitches. information that shows why you’re a top-rated insurance company.

3. Verify pricing

Janet is browsing your website. She’s been eyeing up your software after seeing ads for it and reading some content on your site. She sees you’re offering a limited time discount for first-time subscribers.

Excitedly, Janet calls your sales team to get more information. When she asks about the price, the sales team reads her the full price for new customers. Now Janet’s confused — is the software really on sale?

This scenario can happen if you’re not consistent with pricing across your marketing and sales teams. If you decide to have a discount on your prices or add a bonus, you need to notify both your marketing and sales team.

It’s essential to keep your teams up to date on any changes and prices.

If your sales team gives out the wrong prices or numbers, it can make prospects feel less confident in your business. Always verify that both teams have the most accurate pricing information to ensure everything operates smoothly.

4. Keep both teams informed

Keeping your sales team up to date with pricing and sales is just the beginning.

A strong sales and marketing strategy works to keep both parties informed.

When your marketing team runs campaigns, your sales team should know what type of campaigns you’re running. Some prospects may call them and mention the campaigns. If your sales team knows the campaigns, they can make an immediate connection to the information the prospect saw.

It also helps your sales team stay consistent with its messaging. So, if you’re advertising a sale with your PPC ads, your sales team should know about it so they can reaffirm the information.

Your sales team should also keep your marketing team informed.

Since they engage with prospects one-on-one, they know what works and what doesn’t work for leads. They should relay this information to your marketing team to help create campaigns that appeal better to your target audience. A strong exchange of information between teams will help you market better and sell more.