One of the basic needs of a business is to market and sell its product or service. Long-term business success is based on the ability to build a growing body of satisfied customers. This guide provides a general introduction to marketing and selling in your business.
The basis of marketing is that business policies and activities should be aimed at satisfying customer needs, which depends upon being able to:
Marketing is often seen as the reserve of large corporations. But this guide will show that many of the tools and techniques used by larger companies can be used effectively by smaller businesses too.
To help you think about marketing in your business, here are four areas that must be covered:
Area 1 – market research
Having good information about your market is vital. Can you answer the following questions? Could other people in your business answer them?
If you do not know or are not satisfied with the answers, then you have a clear need to undertake market research.
Market research need not be expensive or complicated. Here are some ideas for carrying out your own research about you and your business, using customers as a source of information:
People will generally enjoy the opportunity to give you feedback – it is vital that you act upon it!
Area 2 – developing a marketing strategy
“Marketing strategy” sounds a grand term – it means methodically establishing which markets you wish your business to develop into and outlining how you are going to achieve this.
A good understanding of the market and needs of your customers will help you decide which is the right direction to take.
Area 3 – target marketing
Businesses need to identify a market that they can serve better than their competitors. Once this group (or target) has been identified then it should be possible to customise your products or services accordingly. There are different ways of thinking about target markets including:
Area 4 – the marketing mix
The marketing mix describes the main areas that a business needs to manage in order to market its products and services effectively.
The marketing mix is also known as the “four Ps”:
Product (or service)
You may choose to concentrate on a very narrow service or product line, or you may decide to develop a highly specialised product or service.
Promotion
How do you currently promote your business? There are numerous ways to get your business known to new customers – examples include:
Which of the above do you currently undertake? Which is most effective for you? Think about your customers – what other media can you use to promote your product or service?
Place (distribution)
How do you get your product or service to market? Are there opportunities to work through established distributors or agents in order to get to market?
Price
Have you priced your service correctly? What do your competitors charge? Can you charge more if you adapt your product so customers perceive it to be worth more? An example of this is that smaller businesses can often command higher prices due to the personalised service they can offer.
Tools and techniques – the marketing effectiveness checklist
How well do you understand the needs of your customers?
How do you keep up to date with market and environmental changes, for example changes in legislation? How have you factored these developments into your plans?
Do you target your marketing activities?
Do you need to develop your product or service?
How well do you promote your product?
Are there new ways of getting your product or service to market?
Tools and techniques – the skills of selling
Selling is the opportunity you will get if you have marketed your product or service successfully.
There are many manuals and frameworks that you can follow to guide you through the sales process.
Here, we introduce some of the basic personal skills needed to sell:
Be yourself
Everyone has a different personality, just as everyone has different fingerprints. So, when developing your sales personality, be yourself. Do not try to imitate other people.
Be adaptable
When selling, you meet various types of people. One interview may be with a quietly-spoken individual; the next may be with an aggressive domineering person. Do you think that you could adapt your manner of speaking so that you deal effectively with each of those types? You must be able to assess the type of customer with whom you are dealing and act accordingly.
Alertness
You must constantly keep your eyes and ears open to spot new opportunities to get more business.
You also need to be alert to possible changes of mood in a customer or prospect. If you sense that their attitude has changed, perhaps from favourable to doubtful, think quickly whether their change of mood is due to something that you have just said. Then act promptly to bring them back to a favourable frame of mind.
Authority
You should always give the impression that you are in control of every situation. Never let your prospects suspect that you are uncertain or unsure. One way of doing this is to know your product thoroughly. You can then meet any objection with confidence and authority.
Confidence
As authority is supported by a thorough knowledge of your own products and services, confidence is generated through being able to demonstrate a clear understanding of competitor products. An ability to demonstrate understanding of customers’ businesses will also build confidence and improve customer relationships.
Enthusiasm
Enthusiasm, for both your business and the products you sell, is essential. When you have a thorough belief in your product, when you see exactly how your product will help your customer, when you have a real desire to serve your customer, then your enthusiasm will come naturally. Let it show in the words you use, your voice and your manner. Remember: enthusiasm is infectious!
Integrity
Honesty is essential in ensuring that what you sell to the customer will really serve their needs. If you do not do this, then you may win the sale but you will have unsatisfied customers who will probably be very vocal in their criticism of your business.
Patience
Learn to be a good listener. Listen to customers’ points of view and learn from them to find the best way of selling your products. They may tell you facts that you did not already know. Their opinion of your product may be misinformed, or based upon a sense of grievance, giving you a chance to correct their impression. Equally, they may highlight a selling-point that you have overlooked.
Perseverance
Whatever difficulties you may meet, always persevere. There will be times when, in spite of all your efforts, you will not make a sale. The resilient person analyses why their efforts failed and determines never to let that same set of circumstances arise again.
Pleasantness
Far too many salespeople are concerned with being polite instead of friendly and pleasant. Pleasantness is impossible without a friendly smile. Politeness is cold and formal. Pleasantness is warm, friendly and sincere. Even the most hardened buyers are not entirely immune to charm!
Sincerity
When approaching a customer, and discussing your products with them, you must have a sincere desire to help them. If your understanding of your products is right and you have a real desire to serve your customer, your sincerity will be genuine and obvious.
A survey focused on small to medium-sized businesses identified the following traits in the most successful sales people:
