The difference between sales and marketing and some strategies to utilise them effectively.
To produce profit and growth, the greatest utilities that your company has at its disposal are sales and marketing. Even a fantastic product that seems like it hardly needs selling is nothing without a strong marketing and sales strategy. Therefore they are your strongest allies in the push for product awareness and the eventual goal of closing sales.
Index of Content
What is the difference between sales and marketing?
It is very important to understand how the differences between sales and marketing affect your strategy. One major difference is that they are relevant at different stages of your strategy.
Basically, marketing concerns the strategy with which you take your product or service to the market. It is the process in which you develop your product to be something people are interested in and aware of. You want to be able to build enough momentum around your product that you are able pinpoint when to turn interest into leads and prospects.
Furthermore, you want to be able to build demand for your product or service, using a pull strategy. The function of marketing is to understand the market in order to develop future strategies.
When talking about marketing strategy, we often use the framework of the “4 Ps”:
- Product: Be clear on what the product is, what its use and its value are and how that value provides a need.
- Price: A price point needs to be decided based on factors such as cost, profit margins, demand and availability and price of similar products in the same market.
- Promotion: A look at the different channels available for getting the word out on your product. Examples such as media advertising, email marketing, search engine marketing, chatbots, etc.
- Place: What are the ideal locations to reach your audience, both online and and offline?
In contrary to marketing, sales uses a push strategy. It is about analysing your leads’ and prospects’ state of readiness and closing the deal.
While its principal aim is to prompt revenue earnings, it is also an important part of initiating a close relationship with your clients. Additionally, sales aims to foster already existing client relationships.
How can marketing help sales?
Despite some differences, marketing and sales are very closely related, and are inextricably linked in successful revenue generation. Using these strategies together provides improved results and a frictionless experience for customers.
How to innovate in sales and marketing
Technology continues to play an important role in sales and marketing and has totally changed the game over the past few years. It is now easier than ever to combine these two aspects of your strategy using modern technology. Here we lay out six ways you can get the best of modern innovations.
- Information silos are hampering communication: break them! With the help of a CRM you can increase collaboration between sales and marketing. Therefore the sharing of information generated about leads, prospects and customers is easier, leading to more powerful analyses.
- Leverage the power of data. Analyse the valuable data you have collected and use it to create robust insights into your company performance. As a result, companies that focus on data and statistical analysis are far better at acquiring and retaining customers and are more profitable.
- Start writing blogs! Generating interesting content is proven to attract customers. Produce a blog, white papers, newsletters and improve social media and see your leads increase at a low cost with inbound marketing.
- Automate your marketing process. 80% of marketers using automation software generate more leads.
- Go mobile. Make sure you are where your customers are, available in the palms of their hands. A non-mobile friendly website dissuades customers. Even better, build an app. 92% of searches lead to related purchases.
- Improve customer experience. People want help quickly and easily, and 40% of them don’t care whether it’s from a bot or a human. Implement a chatbot for 24/7 personalised attention.
Chatbots do everything
Chatbots are an excellent tool for integrating all of these 6 points. Customer experience, analytics, communication, all in-line with an inbound marketing strategy all combine as one powerful tool. Moreover, you can provide customers with useful information while aligning with inbound strategy and being present in mobile chat services.