Becoming Marketing Active: The Fulcrum Guide to Getting Started with Business Marketing – In the first part of our guide to becoming marketing active guerrilla Marketing Services in navi mumbai, we looked at some of the reasons that drive a business to start marketing (if you missed part one, check it out here). But once you’ve made the decision to embark on a marketing strategy for your business, what next? Where do you start and what steps should you take to ensure a smooth and successful process? As is so often the case in business (and life!), preparation is key. So before rushing into any kind of marketing, it’s important to take the time to plan, research and strategise for success.
In order to create an effective marketing strategy, you need to develop a thorough understanding of your market, your competitors and your business itself. This means getting back to basics and equipping yourself with all the information you need to identify marketing activities that work for your brand. 1) Research your target market How much do you know about the target audience of your product or service? We’re not just talking about age, sex or occupation (though, of course, you need to know these too). To have the best chance of reaching your target market, you need to dig deeper and find out exactly what drives them towards purchase.
What kind of triggers are they most likely to respond to? Which elements of the marketing mix have the most impact on them? How will your product or service benefit them? Understanding these aspects of your target audience will enable you to position and market your brand accordingly, so comprehensive market research is essential. It’s often easier (and more cost-effective) to outsource this type of research to a professional agency who will be better placed to obtain the information you need. 2) Analyse your competition In order to stay ahead of your competitors, you need to know who they are, what they’re doing and how they’re doing it. Once you’ve identified who your key business competitors are, look into the marketing methods they’re using and the way in which they have positioned their brand. What channels and platforms have they chosen to market their business? How are they promoting their brand and its products/services? Consider which elements are crucial to your own business and how you can position your brand in order to get ahead. 3) Define your objectives What do you want to achieve from your marketing activity? Whether it’s to increase your revenue, establish your business in a new market segment or improve brand awareness, setting clear, measurable marketing objectives is vital in understanding what steps need to be taken in order to achieve these goals.
Make sure that each identified objective is specific (how much do you want to increase revenue by?), achievable (is it realistic?) and has a timeframe for accomplishment (are you aiming to achieve this goal in three months or a year?). You also need to make sure that your marketing objectives tie in with your overall business objectives. 4) Understand your business You may think you have a pretty good understanding of your business, but it’s surprising what insights can be achieved when you conduct a thorough SWOT analysis (strengths, weaknesses, opportunities, threats). Be rigorous, be meticulous, and above all be brutally honest. Is a lack of staff training letting your business down? Are your prices too high to compete in today’s market? Arming yourself with this knowledge is invaluable in developing a marketing strategy that leverages your company’s strengths and addresses those areas which need to be improved.
In the next instalment of the Fulcrum guide to becoming marketing active, we’ll be looking at the raft of marketing channels available and helping you to identify which ones are best for your business.
If you have something to share on this topic, why not get in touch? Leave your comments below…
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Managing the Sales Force
The face of any organization is the sales force. Companies spend a considerable amount of time and money on sales force rather than on any other promotional activity. However, sales force is expensive and companies are looking forward to managing them in an efficient and effective manner.
Designing of the Sales Force Sales force is linking between companies and customer. Therefore, companies have to be careful in designing and structuring sales force.
1. The first step is setting out an objective for sales force. Earlier companies had a single objective increasing sale making it objective also for sales people. Sales people are asked to perform a search for prospective clients or lead. Sales people are asked to balance time between a prospective customer and current customer. Effective communication of product and services is essential to close the deal. Sales people also play an important role in after sales service and can make a difference for the company. Sales people are eyes and ears of the company in the market gathering information about competition and customer changing demands.
2. The second step is use sales people strategically. Sales people have to combine efforts with other team members to achieve the objective. Sales people should be aware how to analyze market data been provided and convert them into marketing strategies.
3. The third step is deciding the structure of the sales force. The structure of the sales is dependent on the strategy followed by the company. Common sales force structures are as follows:-
Territorial structure is used where every sales representative is assigned specific geographical area. This structure is preferred for building relationships with locals.
Product structure is used for complex and un- related product portfolio. Here the sales people are directly associated with research and development of the products.
Market structure is used if the companies are operating different industry or market segments. Every sales force specializes in a definite market and helps push a product efficiently across the given market. However, the disadvantage would arise if customers are located over a wide geographical area.
Complex structure is used when companies are in business of selling complex product to different customer across a large geographical area. Here sales force structure is a combination of other structures discussed.
Once the structure is designed companies need to make a decision with respect to the size of the sales force. The size of the sales force is dependent on the market size and number of customers.
4. The next step is to design compensation for the sales force. Compensation plays a big motivational factor for sales people. Companies follow a structure of a fixed amount plus a variable amount depending of success achieved in the market. Allowances play an important factor in the salary owing to continuous travel and market visits.
Managing Sales Force
Integral part for success of marketing strategy is management of the sales force. The management of sales consists of following:-
Recruitment is at the centre of an effective sales force. One approach in the selection is asking a customer what characteristics they look for in a sales representative. Companies develop selection procedure where behavioral and management skills are tested.
Training is essential to remain ahead of the competition. Sales force needs training before entering the market as well as training at different stage of the product life cycle.
Supervision on sales force is decided on the profile of product portfolio. A general supervision is maintained with respect to sales people dealing with potential clients. Another supervision is related to efficient time management from preparation of client call to closing of the deal.
Motivation is a key aspect for management of the sales force. Here compensation plays an important in driving up the motivational level. Compensation can be assigned based on sales quota. Other motivational tools are social gathering and family outing.
Evaluation is essential to management of a sales force. Sales reports sent by the sales force serve a good starting point of evaluation.
Art of negotiation and relationship marketing these two are the important aspects of successful sales representative and long term benefit for the company.
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