Series: The fundamentals of starting a business – 6. Marketing/Sales

 Topic 6. Marketing/Sales

The final segment in our series is, if not the most important, Marketing and Sales Management.  

  • Marketing

By definition, a marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements

https://www.investopedia.com/terms/m/marketing-strategy.asp

The game plan itself is made up a good strong marketing plan, just like you did with a business strategy – you need to spend extra time on ensuring you cover all your bases. In the link below, they list and review all the important factors and areas you should be detailed and specific in:

https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/strategy

This next link shows you the many types of marketing and advertising available and gives you an opportunity to identify which type which will be most beneficial to your business or service:

https://www.weidert.com/blog/top-10-most-effective-marketing-strategies

  • Sales Management

What is Sales Management?

Sales management is the process of developing a sales force, coordinating sales operations, and implementing sales techniques that allow a business to consistently and even surpass, its sales targets.

As discussed in the link: https://www.pipedrive.com/en/blog/sales-management

In the article below, they acknowledge what are 5 fundamentals of Sales management, again you have to work out which style of marketing will lead to the best sales strategy to implement and maintain from here on out.

https://salespop.net/sales-management/five-fundamentals-of-effective-sales-management/

12 Expert Tips for Managing a Successful Sales Team

  1. Be results oriented.
  2. Identify where you are versus what you need.
  3. Manage expectations.
  4. Hire coach-able reps.
  5. Set high, but realistic goals.
  6. Incentivize your team.
  7. Make learning a priority.
  8. Use the volume versus value ratio.
  9. Avoid a “one size fits all” approach.
  10. Hire specialized reps early for long term growth.
  11. Be a transparent organization.
  12. Carefully plan and distribute your accounts.
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