The happy marriage of marketing and sales – often times, thought of as one of them same. Let’s face it, to the average business person, marketing equals promotion. Sales and marketing have been elements of business for centuries, but they are constantly evolving — perhaps at no point as rapidly as in the past few years.
Today, roughly 70% of a buying decision is made before a shopper talks to a salesperson. Customers are self-educated by way of website content. They are informed, savvy, and discerning.
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Let’s take a look at some of the insights he has shared with us on the happy marriage of marketing and sales.
What is Marketing?
Many people misunderstand the relationship between marketing and sales. People think that marketing and sales are one of the same, however marketing and sales are two completely different disciplines.
Marketing is the activities that lead to a sale – the four principles of marketing are: price, product, place and promotion. It is a science and not an art.
Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
How the Four Ps Work
The 1st P: Price
Price is one of the most pivotal foundations of the 4 p’s of marketing! Without the proper pricing, many businesses and organizations could find themselves in a position of decreased revenues due to the lack of being competitive in the business environment.
By far, based on the thousands of marketing and sales interactions I have personally participated in, I have witnessed deals not go through because the inability to agree on price. The lack of overcoming the price barrier can totally negate solidifying the deal.
Price with out the perceived value for that product of service can cause tremendous issues reaching revenue goals for any organization.
The 2nd P: Product
Targeting the right consumer that has a want and need for the product will always drive consumer behavior. Pitching the wrong product to the right person will not help to make the sale happen and less the marketing message really drives home why the consumer has to have this product.
It won’t matter what the price is for the product if the product is not 100% tailored to meet the needs of the target consumer.
The best way to make sure that the product will reach the masses the right way, is to conduct a great deal of market research to make sure there is a true demand for what your product has to offer in the marketplace.
The 3rd P: Place
Location, location, location will always make a difference with how your sales are conducted and how your marketing efforts are directed.
Many times it doesn’t matter how great your product is if people don’t know where to buy it. Make sure that your product is always in the right place and to the right target market if you want to achieve your sales targets.
Organizations place way too much time focusing on the price and not how or where the consumer can purchase it in the most effective and efficient manner.
The 4th P: Promotion
When it comes to promotion, there is never a bad way to promote your product. Companies must make sure that they promote their product in every way humanly possible from materials, to apparel, to community events, through to public relations.
Having the right promotional strategy can be the difference between hitting your sales goals and almost achieving the targeted goal for sales attainment.
Promotions can be as simple as a key chain or having an influencer wear your product. As long as it is promoted in a way that makes your product stand out from your competition.
What is Sales?
Sales is what happens when proper marketing procedures and processes take place on a regular basis. It’s a transfer of emotion – the first product you sell is yourself. People buy the brand just as much as they buy the product you are promoting, blended communication will always be the best approach when trying to make a sale. Make sure you are communicating with the target audience with the best and most effective channel – whether that’s online or through the phone.
Here is a successful sales process that I have used for many years.
- Identify the client
- Ask the right questions to understand their needs
- Prepare the quote
- Set a time that is best for the prospect
- Always have a call-to-action or idea of what you would like the prospect to complete
- Wrap up the paperwork properly and ask for a referral
In conclusion, the happy marriage between marketing and sales has been the relationship of successful businesses since the beginning of time. Without the four P’s of marketing, it is virtually impossible for companies or organizations to hit their business plan goals on a regular basis. It’s important to understand this methodology of how to properly market and sell your products. Once again, sales is an art, however marketing is the science behind hitting your business goals. What you say and how you say it, make all the difference of how your company will take their sales to the next level.