Small Business Sales and Marketing Tips
Marketing is the process of building awareness with the marketplace while sales is the convincing them to purchase your goods and services. While similar and co-related, these two functions of your business should be treated differently in order to experience good outcomes.
Marketing strategy entails market penetration, pricing, the way your products are presented, channels of distributing your products, and effective communications strategy. Sales strategies include demonstrating value, positioning and differentiating your services, and telling a compelling and memorable factual history about your products to the prospects. It is only after comprehensively creating your market plan that you can define your sales strategy in order to actually sell your product.
In the struggle to increase your market share, market penetration is an important feature that incorporates approaches such as bundling, advertising, and pricing. Mostly, it expresses the extent of a product’s sales volume relative to the total sales as a percentage. Market share, as the important metric in market penetration, explains the effectiveness of marketing campaigns such as advertising campaigns and other revenue generating programs.
When it comes to growth strategy, you can apply internal tactics such as increasing human resources, acquisitions (i.e. buying another business), franchising for branching out, promoting different type of products to the same customers, or vertical strategies where the same product is provided at different levels of the distribution chain. This can provide you, as the business owner, with an insight on the prevailing internal barriers to the sales and market penetration, giving you the platform in which you can increase promotional and sales effort to the current customers or new customers in your target market.
Your communications with prospects is also an important marketing strategy and it entails an effective integration of promotions, advertising, public relations, personal selling, and printed media such as brochures, catalogs etc. The combination of these three strategies will give you a comprehensive marketing strategy in order to open avenues for increasing awareness of the products and services in your business.
Sales strategies are also planned. As mentioned earlier, some factors are equally important to bolster your sales power. You must create a powerful perception of the value to the customers through demonstrating the value of the products plainly and wholly. Where possible, this should include comparisons of your products with the alternative solutions that a buyer has.
For a successful sales strategy, you will also need to stand out from the crowd by creating a new approach for positioning and differentiating your services from others. This is a clever way to challenge your competitors and convince your current or new customers to choose your services. Customers often ask questions such as ”why now?” or ”why change?” and you should concentrate on giving them clear and comprehensive answers for them to embrace the improvements they will receive by choosing your products and services.
By providing a compelling and memorable experience to your prospects and customers, you are able to deepen your relationship with them that could result in increased sales.
Benefits to the small business.
The aim of a business is to provide products and services that your target market needs in order to generate a profit. Marketing and sales strategies are beneficial because they provide a blueprint of the essential tools for demonstrating the products and services you offer:
- Creating a competitive approach to sell your business’s services.
- Providing platform for communicating to your customers.
- Increasing the man-power in your business.
- Choosing the right channel of distribution for your product.
- Understanding the current market trends in relation to your competitors.
- Outlining the experience you have in your business.
- Creating an enhancement to the benefits you deliver to customers.
- Improving your products to suit the current market trends and customer needs.
Marketing and sales plans will also help you also on product promotion, competition profiling, target market description, budget development, and measurement of marketing effectiveness. Therefore, they are important aspects that an entrepreneur must consider if you want to build a successful business.