Back To CourseBusiness Development Training
7 chapters | 48 lessons
Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.
Have you ever wondered what the difference between a marketing strategy and a sales strategy is? One strategy that is beneficial to a company is a marketing strategy, which helps promote products, reach customers, and build brand loyalty. Another strategy is a sales strategy, which takes place after the marketing strategy and is a plan that helps a company gain a competitive advantage by selling goods to customers. A marketing strategy involves long-term objectives for a company whereas the sales strategy is more short-term. A marketing strategy involves how a company promotes and distributes the product, but the sales strategy includes how to get the particular customer to buy a product or service.
Creating a marketing strategy is a major step for a company when developing a product or service. The marketing strategy incorporates the marketing mix. This is a business tool that helps marketers position a product and includes the 4Ps: product, price, promotion, and place. When developing your marketing strategy, a company has to be aware of their strengths and weaknesses. Doing research helps determine what is working for the company and any issues that may need to be fixed.
The company should first know who their target market is. The target market is the customers who will most likely buy your product. Researching who your consumers are and what they want out of your products is helpful. By utilizing product testing, a company can learn more about their target market and how to make their product better. Surveys are also a way to learn more about a product.
The next step is to determine ways to advertise and promote your product. You want to raise awareness for your product and create a strong brand. Utilizing different methods of advertising helps get a brand's message across. Using social media to help convey messages is one avenue a company should focus on pursuing. Some social media websites are Facebook, Pinterest, YouTube, Instagram, etc. Another way to advertise is through traditional media, such as television commercials or ads in magazines. To develop a well-rounded marketing strategy, it is beneficial to utilize multiple marketing channels to help communicate with various consumers.
Imagine you own a company that just produced a new soft drink called Grape Goodness. You want to create a marketing strategy that will help promote this soft drink and stay competitive with the other soft drinks. You decide to utilize a focus group to determine how people like the product, packaging, and what they think should be redone. After making minor tweaks to the packaging, you can introduce your product to the market. Creating a marketing campaign to help promote the product will allow you to gain brand awareness and create a strong brand. The last step is to distribute the product to different companies. Your goal is to focus on grocery stores and convenience stores because that's where soft drinks are sold.
To be successful, a company must develop a sales strategy that allows the employees to focus on customers and communicating to them, so they buy products. It is important for the company to have sales associates that are familiar with the products and can get customers to purchase a product that they want or need. Training is helpful to make sure management and sales associates can learn the tools required to help sell products. Employees can contribute to giving a positive experience or a negative experience to consumers, which is why it is important to make sure employees are properly trained to help increase sales.
Imagine you go to a phone store to ask about a new phone that just came out. You approach the sales representative to ask her questions about the new features on the phone. The sales representative does not know and neither do her coworkers. You walk out of the store because you are not able to receive the information you are looking for. Can you imagine how bad this looks for the company? It is important for companies to train employees about their products.
Setting sales goals are helpful for the company and can help motivate employees. It is important to set sales goals that are attainable. Setting goals that are impossible to achieve can decrease employee morale. Providing employees with benefits, such as bonuses, increased compensation, vacations, etc., will help employees want to meet the set goals.
It is important to not only meet sales goals but to continue to analyze sales. Keeping track of key performance indicators(KPIs) let a company know how their company is performing and how they can adjust to receiving better results. A company can analyze why they are not selling an item and try to improve it. One reason could be because the product is not displayed correctly in a store, or the packaging needs improvement. Once the company realizes the problem, they can fix it to see better results.
A marketing strategy helps promote products, reach customers, and build brand loyalty. Creating a marketing strategy is a major step for a company when developing a product or service. The marketing strategy incorporates the 4Ps of the marketing mix: product, price, promotion, and place. A sales strategy takes place after the marketing strategy and is a plan that helps a company gain competitive advantage. In order to be successful, a company must develop a sales strategy that allows the employees to focus on customers and communicate to them, so they buy products. Setting sales goals are helpful for the company and can help motivate employees. Keeping track of key performance indicators let a company know how their company is performing and how they can adjust to receiving better results. A company can analyze why they were not selling an item and try and improve it.
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Back To CourseBusiness Development Training
7 chapters | 48 lessons