Sales and Marketing Strategies for Business 111 Monument Circle Suite 1950 Indianapolis, Indiana 46204317.917.3266 email@example.com www.businessownership.org
Sales and Marketing StrategiesPresented by: Kim J. Brand President, Computer Experts, Inc. CEO/Founder, FileEnginePhone: 317.833.3000Email: Kim@FileSafeServer.com Scott Tant Professional Staff Management Phone 317-816-7007 PSM’s Mission is to help improve the profitability of our client companies through administrative and strategic Human Resource initiatives. By outsourcing the HR functions to PSM, companies gain an entire team of highly experienced and specialized professionals - at a fraction of the investment required to have the expertise on staff.
Agenda • The market is like a rock • (Just some of) the problems • What is your Marketing Objective? - Key Questions • The Marketing Mix – Four Ps of Marketing • Product – Place – Price – Promotion • Marketing facts (you need to know) • Learning what is selling • Combining and Coordinating Selling with your Marketing • Homework / Next Steps • Resources
Quick Quiz #1 • Marketing is how you tell prospective customers about your product? True/False • Selling involves a lot of presentations and convincing prospects why you are the best solution? True/False
Sales & Marketing • Marketing is about The Masses • Sales is about The Singles • Must be Sending and Receiving • A Continuous Feedback Loop Send Out Messages & Analyze Feedback Meet With Prospects & Collect Feedback
(Just some of) The Problems • You have a wonderful product or service but nobody knows • Buying habits of your customers don't include you • You have no reputation • You have no money • You've never 'marketed' a product or service like this before (You may have sold them before, but marketing is different) • Competitors • Most of what you know is wrong (which leads to mistakes & wasted time & money - but adds to experience ;) • The rules, once you figure them out, change - and usually not in your favor
What is your marketing objective? • Create Awareness • Communicate Outrageous Value • Create Urgency
What is your marketing objective? • Create Awareness • Communicate Outrageous Value • Create Urgency …but wait, there’s more !!
Your First (Natural) Marketing Challenge • Keeping your message… • Short
Your First (Natural) Marketing Challenge • Keeping your message… • Short • Simple
Your First (Natural) Marketing Challenge • Keeping your message… • Short • Simple • Selfish
The Sales Process • Old Definition: Always Be Closing
The Sales Process • Old Definition: Always Be Closing • Seller Focused • Transaction Focused (* You Tube video) • How do YOU like to Buy? • New Definition: Always Build Commitment • Relationship Focused
The Buying-Selling Process Build Rapport & Relationship Connection & Project Development Commitment
Key Questions • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them?
Key Questions: The Core of Selling • What are you selling? • Who are your competition? • Why should your customers buy from you instead of them? Your competition includes: Lack of awareness, Doing nothing, Buying habits, Bad experiences, “Good enough,” and LACK OF AWARENESS
Your Business in One Sentence • Focus • Results • Ask • Magical • Energetic • …and practice, practice, practice
Quick Quiz #2 • The first thing to do when meeting a prospect is… • A) Find out if the person is the decision maker • B) Find out his or her budget to make sure you are not wasting time • C) Look for common ground to build a relationship • D) Pull out your marketing material so it is ready to show
Quick Quiz #2 • In marketing, your competition… • A) Dictates your maximum price • B) Can be mostly ignored when you are a better salesperson • C) Detracts from your message • D) Is your enemy
The Marketing Mix The Four ‘P’s of Marketing What you sell, the Product Where/How you sell it, the Place The Price you sell it for How you get attention: Promotion Source: http://www.netmba.com/marketing/mix/
What is your Product or Service? – Really!! • Your BRAND – your promise to deliver • Your MESSAGE – how you describe it . . . • You only have 13 words • Your POSITION – How do your customers view your product or service in the field of all other products and services? • How will you be compared and described? • What is the PAIN your product or service relieves?
Where is your ‘Place’? • Locality: • Lemonade stand, Neighborhood? • Side of town, City, Region? • State, Country, Planet? • Distribution system: • Direct, Indirect, Multi-Level • Retail, Wholesale, Discount • Storefront, Web-store, corner bar, catalog
What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Surprisingly: The narrower the better!
What is your ‘Place’?Who is your ‘Ideal Customer’? • Demographic: men, women, owners of a product, age, family status, income, taste, race, etc. Remember: The narrower the better! • Size Can you scale or must you enter large? • Current buying behaviors • Existing competitors & weaknesses • Communication channels (current – new) • What is the potential–share you want/need?
Quick Quiz #3 • When setting price, first… • A) Look at your cost and determine your profit margin • B) Look at your competition so you can go just under their price • C) Know how much money your offering saves your customer • D) Start with a low price to build volume
Quick Quiz #3 • In marketing, you want your target market to be… • A) As big as possible for maximum volume • B) Hard to define • C) Narrow • D) Growing
Pricing & Terms (Differentiation) • Are you better? (Can you charge more?) • Is it easy to buy from you? • Guarantees create trust (but create liability) • Can you create demand with a lower price? • Price elasticity • Can you afford less? • Salesmen, specials, combinations, spiffs/referrals • Can you value price upgrades?
Promotion • Superbowl advertising = $3M for 30 seconds PROBABLY NOT IN YOUR BUDGET – YET!
Promotion • What is your promotion Budget? • Where/How do your customers find it - now? • Web, Yellow-Pages, Directories, Flyers, Mailbox • Consumer: Billboards, TV/Radio, Car Wraps • Trade shows, Endorsements, Tie-ins, Cold-Calling • Where do your competitors advertise? • Advertising Specialties: Pens, Shirts, SWAG • Networking, Referrals, Rewarding customers for sending you leads
Marketing ‘facts’ • Your prospects are exposed to hundreds of thousands of marketing messages a day – What stands out in the ‘Message Frenzy’?? • It may take 8+ impressions before they even know you exist – leverage multiple media. • The number of touches is going up rapidly—active is not enough. • Fence sitters are not prospects— “think it over” means move on
More Sales and Marketing Facts • Interruption marketing is out; referrals, viral communication, entertainment is in. • ‘Free’ talks directly to the cerebral cortex – can you give something away to get them to give you a try? • Give away what you have the least of…your time.
Where do I Spend my Budget? • Every person selling you is better trained • Statistics can be made to support any argument • The cost of marginal sales…isn’t • “Not for profit” is only a tax issue
Keeping Track of Prospects • CRM—An electronic stack of 3x5 cards • Contacts • Prospects • Clients • Consistency over confusion
Quick Quiz #4 • In marketing, your primary goal is that you want your message to be… • A) Louder than your competition • B) In front of your prospects more frequently than your competition • C) Prettier and fancier than your competition • D) Memorable to your prospect when they are ready to search for a solution
Quick Quiz #4 • When networking and meeting people… • A) All contacts are created equal • B) Prospects are easy to spot • C) Prospects need immediate follow up • D) Knowing more people will build your business
Quick Quiz #4 • In marketing, you want your target market to be… • A) As big as possible for maximum volume • B) Hard to define • C) Narrow • D) Growing
Quick Quiz #4 • In sales and marketing, you want to be known as… • A) The only provider of what you sell • B) The least expensive provider of what you sell • C) Having the best service in your industry • D) A credible expert
Homework / Next Steps • Practice the answer to the questions: “What Do You Do?” and “What business are you in?” • Define your brand (promise to deliver) • Establish the size of the market you’re going after and a goal for your share and a timeline. • Get a simple brochure, terms & price list designed/ printed – ask 10 friends and 10 strangers for feedback; fix what’s broken.
Homework / Next Steps • Collect information about your competition and be prepared to differentiate yourself. • Create a Customer Relationship Management (CRM) system and start refining your sales process. • Ask new customers “Why did you pick me?” & “How did you find me?” Add their testimonials to your next brochure. • Constantly test every assumption you make about the market.
Resources HeWhoEnters.PBWiki.com - my Wiki for Entrepreneurs SBA.GOV – Federal Government IndianaEntrepreneurship.com – State Government AddressTwo.com – Low cost CRM system GoRainmakers.com, BNI-Indiana.com, OneDegreeConnected, SmallerIndiana.com – local networking organizations ActumGroup.com – free sales book chapter: “Captivate Attention in One Sentence” Anything by Ries & Trout – 22 Immutable Laws, etc. Google.com – everything else