How should entrepreneurs, sales professionals and sales leaders design marketing and selling strategies to get their desired results?
To give us a starting point, marketing expert Laura Lake differentiates sales from marketing1 in this statement:
“If we broke it down to the basics, marketing is everything that you do to reach and persuade prospects and the sales process is everything that you do to close the sale and get a signed agreement or contract. Both are necessities to the success of the business.”
Expressed another way – marketing is the attraction and positioning strategy and selling is the conversion and implementation strategy between the seller and the buyer.
Marketing Strategy: The Master Mind behind the Sales Efforts
As the foundation of a company’s advertising efforts, marketing strategies need to be based on relevant figures and trends. Specifically, these include customer-related details (e.g., demographics, lifestyle, buying power), competitor information and company figures (e.g., previous sales, most marketable products, targets). Apart from these, marketers should also be updated on the market fluctuations in the location they’re operating in to maximise sales during peak-seasons and maintain a positive cash flow during off-peak times. To get you started, here are four marketing strategies you can apply –
- Target Marketing – In this strategy, marketers use advanced technologies to promote products to a specific group of people that are being targeted. Perfect examples are those products used by characters in films and TV shows. Viewers would then associate a certain brand to the movie and, most likely, would try out the product.
- Alliance – Many companies have also seen the profit-generating potential of partnering with other non-competing businesses. For instance, many coffee shops are now partnering with bookstores to offer customers a perfect mix of best-seller books and a cup of brewed coffee in a single hub.
- Scarcity – It’s also highly recommended for entrepreneurs to find a gap in the supply and demand chain. This would allow them to design unique products the market can’t help but notice. Besides, catering to a specific demand allows the company to occupy a specific niche, which can help advance the business’s market authority. Another effective way of using this method would be to create a demand in the market. Let the public know what they’re missing out, and introduce a brand that can satisfactorily fulfil their needs.
- Digital Media – A growing number of entrepreneurs today have considered taking their business online due to the promising demographics in the virtual world, especially with the popularity of social media and other online apps and tools.
Wait! Before picking up one of these strategies, why not try making your own campaign? You can follow this market strategy development tutorial2 for perfect results.