Sales + Marketing = Profits
Keywords: sales, marketing, planning, sales and marketing strategy
Sales and marketing go together. Without one, there is no need for the other. Unfortunately, many businesspeople have not figured out the formula for success. To realize true profit, the target consumer must be identified, successful marketing strategies implemented, and salesmanship exercised.
So, who is your target consumer? Who is most likely to purchase your product or service? For example, toy companies obviously target children. Why would they want to target the kids, when the parents are usually the ones who actually spend the money?
Think about when toy advertisements are most prevalent. Right before major holidays and during peak times of cartoon viewing, you kids and mine are inundated with commercials of the latest toys. The child actors are always having an absolutely marvelous time with the amazingly wonderful latest toy craze. Children are sold! Then, the kids sell Mum and Dad. Targeting an audience of eager young children has been a successful campaign for toy manufacturers.
If you have a specific product or service in mind, you probably already have a good idea of your target consumer; now you have to implement marketing strategies. Unfortunately, this step is where many entrepreneurs make a potentially fatal mistake. They assume advertising is the strategy. Not quite!
For instance, if you want to sell a line of ladies perfumes, you are probably not going to advertise in an auto mechanic magazine. Common sense will tell you that if you are looking for car parts, you are not going to be looking for the next fabulous fragrance.
However, even the best advertising methods do not always work. But, instead of checking the statistics, after a marketing strategy has been implemented, businesspeople often keep pouring good money after bad, because advertising is simply necessary. No one stops to check if another strategy would be more effective. In fact, many individuals invest all their hard earned money, before even determining if consumers will be interested in the product or service at all.
In short, you have to test and retest the market and the best marketing strategies. It is not something you get right and then ignore. You keep at the process. Dump what does not work, enhance or improve what does seem to be working, and then concentrate on your sales.
Without marketing, you will have no significant sales, other than those made by happenstance. However, even with the best marketing strategies, you will not realize true profit, without good salesmanship. For example, if you come across a crabby salesperson, or try to get information from someone who does not really know the product; are you likely to return to that establishment in the future?
At the end of the day, when you check your bottom line, it essentially comes down to whether you believe in the product or service you are selling. If you are excited, the consumer will be more likely to get excited and spend money. Your attitude and exuberance will be contagious. Plus, the customer will remember the experience and seek you out for future needs.
So, if you want to be a successful businessperson, remember a simple equation: marketing + sales = profits. One without the other and your venture will be missing an essential component. Realize your dreams by determining your target consumer, if any; practice various marketing strategies and test for success; and believe in what you are selling. If you make the effort and believe in your product or service, they will come!
Paul Sutherland is an Accelerated Business Growth Coach. His company - Daniel Thomas International - www.dti.eu.com helps corporate and SMEs to grow their businesses with tried tested and proven techniques and strategies, increasing their bottom line profits in 90 days or less.
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