Sales And Marketing
The sales and marketing are important for all type of firms to excel in their field. A proper care has to be taken to form the best sales strategy and marketing strategy.
Sales
Sale is a transaction process between two or more parties. It happens between the buyer and the seller. A product oriented approach is followed in sales process. Here goods or services are exchanged for money or other assets. In sales, the product or services can be of tangible or intangible nature. Through a proper sales, the sales person transfer the product from the manufacturer to the customer in exchange for the money. It is an important activity in sales and marketing of a company.
In this process a set of repeatable steps a person takes to complete the sale process. The repeatable steps will be from the early stage of awareness to a closed sale. The most important thing is finding and researching their prospects.
Sales revenue is calculated on the basis of the number of a products sold. The calculation is done by multiplying the number of a products sold by the sales price.
Sales Revenue = Units Sold x Sales Price, is the formula used for the sales revenue calculation.
A good sales depend on the trusting relationships with customers of the selected cattegory and meet or exceed their sales goals. Proper care for both sales and marketing excellency is required.
The Essential Steps Required For An Best Sales Process
- Prospecting is the most important and the first step in the sales process. Here the sales activity is identying the buyer segment and satisfying the demand.
- Preparation – Here the sales activity is using a measurable and repeatable sales process.
- Approach – Find the channels to reach the segment.(shortcuts and hacks to be used).
- Presentation – Know about the product.The product knowledge is essential. A good salesperson should explain a product or service in a convincing way with easy-to-understand terms. Here the communication skills of the sales person plays an important role.
- Practicing active listening – A carefull listening to what customers say is important to meet the customers needs and make sales. The active listening is important for understanding the quantity of requirement and their future requirement in volume.
- Handling objections – Handling objections is an excellent art to be developed and continued.
- Closing – Close the deal in a profitable manner. A loIt of time is required to close a sale. A sales person might need to spend a lot of time with a client to close a sale. More amount of patience is required for the closing process.
- Follow-up – Continue the regular follow ups for further orders in the future.
- Hard Work – Put lot of leg work to achieve the target volume with proper planning.
- Networking – Networking skills is essential to form new ones. Proper interaction with people and developing professional relationships are to be maintained.
- Adaptability– The sales person should be capable to manage constantly the changing schedules, products and sales tactics.
- Friendly Approach With Customers – A good salesperson recognizes and remembers his customers. The sales person retain the information about clients and show the care by continuing the friendly approach. The sales person can ask a customer how a family member is doing or by sending cards on customers’ birthdays.
- Multitasking Skill – An best salesperson works on many deals simultaneously. He should responds to calls and emails throughout the day. He must keep all the details organized.
These main stages of the sales cycle can be put into nutshell of prospecting, making contact, qualifying your lead, nurturing your lead, presenting your offer, overcoming objections, and closing the sale. It is an full sales cycle. This full sales cycle plays an important role in sales and marketing process of a company.
An best salesperson should have a thorough understanding of what he is selling and which market he is covering. The exposure of both sales and marketing is required. And also he should have a unique set of skills, intuition and experience. An professional self-improvement is very important.
Marketing
Today, the importance of marketing is well realised by all the types of firms. They understood the necessity to adapt it to excel with their competitors. Even the nonprofit organizations and service firms are adapting marketing activities in their operation and developed ads to attract customers. They concentrate at a time on both sales and marketing.
Marketing is the process of understanding the customers need and introducing the required product in the market. A customer oriented approach is followed in meeting customer needs with profits. Here the needs of the human are well identified and eventually satisfied. The central and eventual goal of any company is to satisfy needs and get the return of revenue on the right track. That is both sales and marketing.
Marketing mainly concentrates on the promotional activities. All the types of firms are now focussing on marketing activities such as
- Advertising
- Pricing
- Physical distribution.
Nowadays the companies are trying to expand their markets beyond their national territories. The companies properly recognize sales and marketing. An adaption of the perfect marketing activity will get proper recognition for an organization in the market. It also helps for best sales and marketing. Advertising is the one of the best promotional activity. Advertising is used to promote the buying or selling of the company products or services, other businesses, and organizations.
The perfect Marketing process helps to reach customers in the best manner. The perfect Marketing process helps to build a brand strategy and grow in sales. It is essential to stay competitive and get proper market share.
The Importance Of Marketing
- The central and eventual goal of all type of firms is customer satisfaction with good return of revenue. Both sales and marketing have equal weightage. The marketing activities create the popularity of the company products among its customers. All type of firms wants to position their brand as the leader in ” Quality & Performance”.
- They want to use marketing activities properly to reach out to customers and grow in sales. They meet customer needs with profits on the right track. This will help them to stay competitive and to get a proper market share. This will help the firms to create the popularity for its products among its customers. Also good revenue through sales and marketing.
- The marketing activities ensure to reach the target market via the right channels at the right time. Both the sales and marketing activities are to be concentrated. The marketing activities will help the business to grew from average to profitable. They
- Create brand awareness
- For boosting profits
- For entering into untapped markets
- For optimizing internal processes of a company.
They properly connects the products and services with the benefitting people. Helps the companies to develop their identity. They are helpful to build a consumer base and to optimize the target audience. Also to get regular sales and marketing benefits.
The Marketing Mix
The key factors to be concentrated for best Marketing are
- Product
- Price
- Promotion
- Place
The are the four Ps of marketing in a winning “marketing mix”. The best marketing mix communicates the right product or service to the public. The perfect worthy price of the product. The essential promotional activities to be used for introducing the product. (like advertising, public relations, and media strategy). The term place in the marketing mix refers to the product in the right place to get the attention of the target consumers. The perfect marketing mix will help to reach the right audience with the right message. To sustain the profits and good revenue equal importance should be given to both sales and marketing.