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

  1. Your brand should be consistent with the product. If you say lowest price, it must be.

  2. Reinforce your brand to the customer. Your logo on your car.

  3. Concentrate on your target customer.

  4. Associate with strong brands.

  5. 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

  1. Leverage free and low cost channels Facebook page, YT Channel, etc.

  2. Channels right for early days, may not be relevant for later days Distributing flyers in localhood

  3. Prioritize on a few channels. Do NOT try to be everywhere.

  4. 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:

  1. Presence of alternative
  2. Difficult switch
    • Switching Cost: Behaviour has set up. Eg: MS-Office
      • Comfort level with product
      • Compatibility with add-ons
    • Psychological Biases:
      1. Perceived value: Masked Ed Sheeran
      2. Loss aversion: X loss > X gain
      3. Optimism (affects seller): Entrepreneurs overestimates value of their products (like lottery ticket)

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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:**

  1. 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
  2. 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.

  3. Invetigating the need: - Ask important questions: What is the biggest problem you face on a vacation?
    • Listen carefully
    • Use the cues smartly
  4. 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
  5. Objection handling:
    • Price is high => Show uniqueness of your product which shows the benefits are far more valuable than the price.
  6. 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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