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Sales & Marketing
 

Sales & Marketing

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  • Introduce Myself: Simin Foster, Small Business Consultant & Entrepreneur Graduated in Engineering with a recent MBA degree. Worked in HiTech industry in Marketing, Business Development & Sales area as well as Business & Management Consulting Started a Retail company in 2001 and I continue to practice business consulting leveraging my corporate & retail business experience. My consulting focus is helping Small Businesses in the phases of start-up, operation and growth. I also teach business courses at universities whenever I have time and there is an interesting opportunity. This evening, I have the pleasure of giving this seminar for EC.
  • Part 1: What is Sales? What is Marketing? Designing & Managing Sales Forces Personal Selling Marketing Context & Process Marketing Mix Strategies What is in a Marketing Plan? Part 2: Creating Powerful and Sustainable Value and Differentiation The Ultimate Profitability Zone Looking in the Crystal Ball!!
  • Sales & Marketing are different, but depend on each other. Focus is Customer needs/market, Strategy is long term & objective is profits through customer value & satisfaction Marketing is the focus of this seminar
  • Taking the myth out of the vocabularies. Sales involves influencing the customer’s buying decisions (the degree can vary based on the function) and brings back the much needed intelligence. Focus is product, Strategy is short term & objective is profits through sales volume Types of Sales function: E.g. milk, oil, Can be inside or outside order taking. E.g. Retail sales person, soap sales person calling on the supermarket. Building goodwill, educating. E.g. pharmaceutical rep, insurance agent Providing consulting to the client. E.g. Engineering sales person
  • Positioning: Who is our target audience? How our Products & Services are different from others, What additional/unique values do they offer to the customers? How do we want to be Perceived by the customers? What are are key messages for the customers? Logo can be in the form of Name, logo, and/or a message to convey what a product or service stands for (e.g. quality, prestige, health, etc. such as “Nike – celebrating the winner in us”
  • Set objectives:
  • Advertising – e.g. print ad, broad cast ad, direct mail, catalogue, display signs Sales Promotion – e.g. c ontest, coupon, sampling, rebate, trade-in Public Relations – e.g. press release, seminars, sponsorships, lobbying, donations, door prizes Personal Selling – e.g. Sales presentation, telemarketing, tradeshows
  • Major Aspects of Personal selling
  • Goods & services no longer provide sustainable winning strategies. 1) As the world cascades towards sameness, every innovative products created or Services provided will be copied at the speed of light. They force you to compete on the basis of price……then, you are offering little or no differentiation. 2) Businesses must look beyond the traditional business models and adopt differentiation by offering “experiences”. It is important to discover the role of “experiences” in building stronger, more personal relationships with customers. 3) Why does a cup of coffee cost more at a trendy café than it does at the corner diner?
  • There is no such thing as an artificial experience
  • You can start with a list of impressions and then develop the theme.
  • With theatre as a model, even mundane tasks engage customers in a memorable way. Any work a customer observes directly is an act of theatre. The act of acting differentiates memorable experiences from ordinary activity. Acting is taking deliberate steps to connect with an audience.
  • “Been there, done that”. Transformations are as distinct from experiences as experiences are from services. The buyer of the transformation essentially says, “Change me”.
  • You are what you charge for If you charge for stuff, then you are in the commodity business. If you charge for tangible goods, then you are in the goods business. If you charge for the activities you execute, then you are in the experience business. If you charge for the time customers spend with you, then you are in the experience business. If you charge for the demonstrated outcome the customer achieves, then you are in the transformation business.

Sales & Marketing Sales & Marketing Presentation Transcript

  • Marketing & Sales How to Build Profitability Prepared by: Simin Foster PB Consulting & Training Services [email_address] November 2004
  • Presentation Objective
    • Assist you in creating sustainable value and differentiation for your business, and maximize your profitability.
  • Presentation Content
    • Part 1: The Key Building Blocks of Marketing & Sales – Doing it Right!
    • Part 2: Doing Business in the “Experience” Economy – Maximizing Profitability!
  • Part 1: The Key Building Blocks of Marketing & Sales
    • What is Marketing? What is Sales?
    • Marketing Context & Process
    • Marketing Mix Strategies
    • What is in a Marketing Plan?
    • Designing & Managing Sales Forces
    • Personal Selling
  • What is Marketing?
    • Marketing involves a company’s process for:
      • Product & Service definition - Characterizing products & services
      • Positioning - Identifying & targeting market segments
      • Pricing
      • Promotion – Communication with the customer
      • Placing - Selecting channels of distribution
  • What is Sales?
    • Sales is a function that a company performs to establish personal link to the customer:
      • Delivering products & services
      • Taking Orders
      • Creating awareness and/or demand
      • Offering technical advise to customers
  • Marketing Context
    • Main Actors & Forces in Marketing:
      • Customers
      • Competitors
      • Suppliers
      • Intermediaries
      • Partners
      • Stakeholders
      • Environmental Forces (demographic, economic, technological, political.legal, social/cultural)
  • The Marketing Management Process
    • Market research & analyses
    • Setting marketing goals & strategies
    • Planning the Marketing Program – The Marketing Mix: Positioning, Product, Price, Promotion& Channels of distribution
    • Implementing the Marketing Plan
    • Evaluating marketing performance
    • Continuous monitoring & feedback - Updating & fine-tuning goals, strategies & plans
  • The Marketing Mix Strategy
    • Positioning – Targeting, Unique Selling Proposition & Branding
    • Product - Service Attributes
    • Pricing Strategy
    • Promotion Mix
    • Place - Distribution Channels
  • Marketing Plan
    • Key Elements:
      • Executive Summary
      • Current Marketing Situation – Researching & analyzing market forces & environmental trends
      • Opportunity & Issue Analysis – Researching market segments & Selecting target markets
      • Objectives
      • Marketing Strategy – Differentiation, Positioning, Branding, Going Global, Promotional Mix…
      • Action Plans – Organizing & Implementing Marketing Programs, e.g. The Communication Plan
      • Projected Profit & Loss Statements
      • Controls – Evaluating & Controlling Marketing Performance
  • Effective Communication
    • Identify target audience
    • Set objectives – awareness, generate leads, new product launch……
    • Define Requirements – reach, frequency….
    • Establish budget – look for partners to do joint promotion
    • Prioritize spending
    • Decide on the communication mix – be creative in using Public Relations opportunities
    • Maintain consistent message / look
    • Measure results
  • Communication Mix
    • Advertising – any paid form of non-personal presentation of ideas, goods, or services
    • Sales Promotion – Short term incentives to encourage purchase
    • Public Relations – Non-paid favorable press
    • Personal Selling – Oral presentation for the purpose of making sales
  • Designing the Salesforce
    • Salesforce Objectives
    • Salesforce Strategy
    • Salesforce Structure
    • Salesforce Compensation
  • Managing the Salesforce
    • Recruiting
    • Training
    • Directing
    • Motivating
    • Evaluating Performance
  • Personal Selling
    • Selling
      • Prospecting & Qualifying
      • Pre-approach
      • Approach
      • Presentation & Demonstration
      • Handling Objections
      • Closing
      • Follow-up
    • Negotiation
      • When to Negotiate
      • Formulating a Bargaining Strategy
      • Bargaining Tactics
    • Relationship Management
  • Part 2: Doing Business in the “Experience” Economy
    • Creating Powerful and Sustainable Value and Differentiation
    • The Ultimate Profitability Zone
    • What’s Next??
    Reference: The Experience Economy, by B. Joseph Pine & James H. Gilmore
  • Experiences – A New Source of Value
    • Experiences are as distinct from Services as Services are from Goods
    • Goods are tangible products that companies standardize and inventorize
    • Services are intangible activities performed for a particular client
    • Experiences are memorable events that companies stage to engage individual clients in a personal way
  • Experiences – A New Source of Value
    • Unique Products & Services are no longer enough - The Internet is the greatest force for commoditization
    • Businesses must adopt differentiation by staging “Experiences” to turn-on and engage their customers - While the work of the experience stager perishes, the value of the experience lingers
    • Customers value and pay a premium for “Experience” - “Experiences” are the foundation for sustainable differentiation & future economic growth.
  • Price of Birthday Offerings (The Experience Economy, by B. Joseph Pine & James H. Gilmore)
  • The Progression of Economic Value (The Experience Economy, by B. Joseph Pine & James H. Gilmore)
  • Staging Experiences is about “Engaging Customers”
    • The 4 realms of “Experience”:
      • “ Entertaining” experiences are passively absorbed by customers
      • “ Educational” experiences are actively absorbed by customers
      • “ Escapist” experiences involve active participation while immersed in an environment
      • “ Esthetic” experiences involve passive participation while immersed in an environment
    • The richest experiences encompass aspects of all four realms
  • Creating Experiences
    • Theme the Experience:
      • Envision a well-defined theme
      • Script a participative story
      • Mix experience of time, space & matter
      • Create multiple places within a place
      • Theme should fit the company’s character
  • Creating Experiences
    • Harmonize Impressions with Positive Cues:
      • The Experience must leave indelible impressions
      • Introduce cues affirming the nature of the Experience
    • Eliminate Negative Cues:
      • Eliminate cues that distract from the theme
      • Too many haphazard cues can ruin an experience
  • Creating Experiences
    • Mix in Memorabilia:
      • People purchase memorabilia as tangible artifacts of experiences
      • The price point is a function of remembering the experience
    • Engage the Five Senses:
      • The more sensory an Experience, the more memorable it will be
      • A simple cue can heighten an experience through a single sense
  • Creating Experiences
    • Customizing a Service can be a sure way to staging a positive Experience
    • Less customer sacrifice turns an ordinary service into a memorable event
    • Stage a memorable surprise, create customer suspense
  • Work is Theatre
    • Theatre is not a metaphor, but a model
    • Use your products as props, your services as a stage and your employees as performers to make every customer interaction as a once-in-a lifetime event
    • Whenever employees work in front of customers, an act of theatre occurs - every action contributes to the total experience being staged
    • Your success depends on picking the right people to play the right parts.
  • The Enactment Model (The Experience Economy, by B. Joseph Pine & James H. Gilmore)
  • Customer is the Product
    • Welcome to the commoditization of Experience – what is next??
    • When you customize an experience, you change the individual – you guide “Transformations”
    • Guiding Transformation – an emerging economy :
      • Diagnose Aspirations
      • Stage Experience(s)
      • Sustain Transformation
  • Charge for It!
    • Don’t give away Experiences or Transformation in order to sell existing offerings - Charge a premium for it
    • Companies should charge for the value they add, not the costs they incur
    • Not only retail stores, but entire shopping malls charge admission