“Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely to drive strong sales:
- Keep customers aware of all your products and services. Among the fundamental objectives of any marketing plan is to familiarize those who buy from you with everything you’re offering. But what often happens is that customers get overly focused on just a few products or services, which in turn limits sales. Make sure your marketing plan maintains the visibility of your total product or service line.
- Distinguish your products and services from those of competitors. Your salespeople will stand a much greater chance of success if your customers believe you’re the only place to get precisely what they’re looking for. Your marketing plan should emphasize the distinctive value offered by your products or services and how they differ from those of competitors. A key part of this effort involves monitoring the competition’s marketing activities and responding in kind.
- Benchmark your marketing/advertising budgets. Are competitors outspending you? If so, your sales staff is fighting an uphill battle. To find out, use competitive intelligence and publicly available industry data to determine the average marketing and advertising budgets for companies of similar size and specialty in your area.
- Search for new markets. While your sales staff is out on the front lines, your marketing team needs to be spending time back at the office looking for additional buyers (or types of buyers). Undertake this research carefully and methodically. When you believe you’ve found a new market, adjust your marketing plan as necessary and train salespeople on how to best traverse this unfamiliar terrain.
- Track new leads generated through marketing. A good marketing plan not only keeps existing customers engaged and informed, but also pulls in new prospects. Do you know how successful your company has been at doing so? Your sales team may be able to generate some leads themselves, but your marketing department must do its fair share. If it’s not, something needs to change.
- Update your marketing plan regularly. Coming up with a comprehensive, viable marketing plan isn’t easy. Once they’ve got one, many businesses make the mistake of sticking with it too long, leaving their sales departments to struggle in a dynamic, ever-changing marketplace.
- Manage the cost of your marketing efforts. Track your sales and expenses in an efficient accounting program and prepare a variety of reports to assist management in determining sales strategies. Your accounting systems should monitor the financial results of your marketing and sales efforts.
Review your marketing plan often, at least quarterly, and adjust it based on both hard numbers (metrics and sales results) and feedback from your sales staff. Work closely with your accounting department to track and report on your company’s financial position. For help with an accounting software upgrade or process improvements, contact Cordia.