Marketing and Sales
Overview
- Differentiate between brand, product, and branding.
- Create your brand strategy and write your positioning statement.
- Identify the channels best suited to address the objectives of communication and delivery for your product/service to your customers.
- Create your company profile.
- Make a sales plan based on the customer acquisition funnel.
- Identify the key metric to track progress in sales.
- Make a sale.
- Prepare an outstanding sales pitch with the help of your positioning statement.
Session 1: Positioning and Branding (CORE) - 3 Item[s]
Product vs. Brand
Brand = Image of Product in customer’s mind
A brand evokes emotioin in the customer’s mind.
Emotion is built by:
- Customer’s interpretation
- Brand reputation
Eg:
- SpiderMan is brand, waterbottle with its print is the product.
- Apple is a brand, mobile phone is the product.
- Selling naturally available water in bottle with a brand.
Tips: How to brand
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Your brand should be consistent with the product. If you say lowest price, it must be.
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Reinforce your brand to the customer. Your logo on your car.
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Concentrate on your target customer.
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Associate with strong brands.
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Be consistent in your communication. Website, posters, ads, etc. all look similar.
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Session 2: Channels - I(CORE) - 2 Item[s]
Introduction to channels: 1. Communicating with customers
- Letting customer discover you
- Giving information about products and services
- Engaging with customers
- Getting feedback from customers
- Building a community
2. Delivering the product to the customers
- Initiating a trial
- Making a sale
- Enabling a return
Tips: Getting stated with channels
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Leverage free and low cost channels Facebook page, YT Channel, etc.
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Channels right for early days, may not be relevant for later days Distributing flyers in localhood
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Prioritize on a few channels. Do NOT try to be everywhere.
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Remember to be consistent with messaging across channels
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Session 3: Channels - II(CORE)
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Session 4: Sales Planning - I (CORE) - 6 Item[s]
Is customer willing to buy product:
- Presence of alternative
- Difficult switch
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Switching Cost: Behaviour has set up. Eg: MS-Office
- Comfort level with product
- Compatibility with add-ons
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Psychological Biases:
- Perceived value: Masked Ed Sheeran
- Loss aversion: X loss > X gain
- Optimism (affects seller): Entrepreneurs overestimates value of their products (like lottery ticket)
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Switching Cost: Behaviour has set up. Eg: MS-Office
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Customer Acquisition
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## Session 5: Sales Planning - II (CORE)
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## Session 6: Selling Skills - I (FLEX) - 2 Item[s]
** One-to-One Selling:**
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Preparation: (Customer Personas) Know as much as you can about the customer.
Eg: For a vacation time-sharing product:
- How many members does the family have
- What do they do on vacation: hike, see night sky or just lie on the beach
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Opening the call: - Greet the customer which is appropriate to the customer’s age, gender, culture, etc. - Your tone should be pleasant, courteous, and respectful.
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Invetigating the need:
- Ask important questions: What is the biggest problem you face on a vacation?
- Listen carefully
- Use the cues smartly
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Sharing benefits:
- Make them belief you are solving their problem, rather than selling your product.
- Start by focussing on what is in it for them.
- Use phrases like:
- I apperciate
- I would encourage
- I am afraid
- I am concerned
- I understand
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Objection handling:
- Price is high => Show uniqueness of your product which shows the benefits are far more valuable than the price.
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Closing the sale:
- Ask for sale or get a date.
- You can provide goodies like promos, etc.
- Stay positive and be empathetic in any case. Do NOT hard sell.
- Target is to build strong relationship, rather than make a sale.
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