sales & marketing
TRANSCRIPT
- 1. Marketing & Sales How to Build Profitability Prepared by: Simin Foster PB Consulting & Training Services [email_address] November 2004
2. Presentation Objective
- Assist you in creating sustainable value and differentiation for your business, and maximize your profitability.
3. Presentation Content
- Part 1: The Key Building Blocks of Marketing & Sales Doing it Right!
- Part 2: Doing Business in the Experience Economy Maximizing Profitability!
4. Part 1:The Key Building Blocks of Marketing & Sales
- What is Marketing? What is Sales?
- Marketing Context & Process
- Marketing Mix Strategies
- What is in a Marketing Plan?
- Designing & Managing Sales Forces
- Personal Selling
5. What is Marketing?
- Marketing involves a companys process for:
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- Product & Service definition- Characterizing products & services
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- Positioning- Identifying & targeting market segments
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- Pricing
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- Promotion Communication with the customer
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- Placing- Selecting channels of distribution
6. What is Sales?
- Sales is a function that a company performs to establish personal link to the customer:
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- Delivering products & services
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- Taking Orders
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- Creating awareness and/or demand
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- Offering technical advise to customers
7. Marketing Context
- Main Actors & Forces in Marketing:
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- Customers
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- Competitors
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- Suppliers
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- Intermediaries
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- Partners
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- Stakeholders
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- Environmental Forces(demographic, economic, technological, political.legal, social/cultural)
8. The Marketing Management Process
- Market research & analyses
- Setting marketing goals & strategies
- Planning the Marketing Program The Marketing Mix: Positioning, Product, Price, Promotion& Channels of distribution
- Implementing the Marketing Plan
- Evaluating marketing performance
- Continuous monitoring & feedback-Updating & fine-tuning goals, strategies & plans
9. The Marketing Mix Strategy
- Positioning Targeting, Unique Selling Proposition & Branding
- Product- Service Attributes
- Pricing Strategy
- Promotion Mix
- Place- Distribution Channels
10. Marketing Plan
- Key Elements:
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- Executive Summary
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- Current Marketing Situation Researching & analyzing market forces & environmental trends
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- Opportunity & Issue Analysis Researching market segments & Selecting target markets
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- Objectives
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- Marketing Strategy Differentiation, Positioning, Branding, Going Global, Promotional Mix
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- Action Plans Organizing & Implementing Marketing Programs, e.g. The Communication Plan
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- Projected Profit & Loss Statements
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- Controls Evaluating & Controlling Marketing Performance
11. Effective Communication
- Identify target audience
- Set objectives awareness, generate leads, new product launch
- Define Requirements reach, frequency.
- Establish budget look for partners to do joint promotion
- Prioritize spending
- Decide on the communication mix be creative in using Public Relations opportunities
- Maintain consistent message / look
- Measure results
12. Communication Mix
- Advertising any paid form of non-personal presentation of ideas, goods, or services
- Sales Promotion Short term incentives to encourage purchase
- Public Relations Non-paid favorable press
- Personal Selling Oral presentation for the purpose of making sales
13. Designing the Salesforce
- Salesforce Objectives
- Salesforce Strategy
- Salesforce Structure
- Salesforce Compensation
14. Managing the Salesforce
- Recruiting
- Training
- Directing
- Motivating
- Evaluating Performance
15. Personal Selling
- Selling
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- Prospecting & Qualifying
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- Pre-approach
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- Approach
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- Presentation & Demonstration
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- Handling Objections
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- Closing
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- Follow-up
- Negotiation
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- When to Negotiate
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- Formulating a Bargaining Strategy
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- Bargaining Tactics
- Relationship Management
16. Part 2: Doing Business in the Experience Economy
- Creating Powerful and Sustainable Value andDifferentiation
- The Ultimate Profitability Zone
- Whats Next??
Reference: The Experience Economy, by B. Joseph Pine & James H. Gilmore 17. Experiences A New Source of Value
- Experiences are as distinct from Services as Services are from Goods
- Goods are tangible products that companies standardize and inventorize
- Services are intangible activities performed for a particular client
- Experiences are memorable events that companies stage to engage individual clients in a personal way
18. Experiences A New Source of Value
- Unique Products & Services are no longer enough- The Internet is the greatest force for commoditization
- Businesses must adopt differentiation by staging Experiences to turn-on and engage their customers- While the work of the experience stager perishes, the value of the experience lingers
- Customers value and pay a premium for Experience -Experiences are the foundation for sustainable differentiation & future economic growth.
19. Price of Birthday Offerings (The Experience Economy, by B. Joseph Pine & James H. Gilmore) 20. The Progression of Economic Value (The Experience Economy, by B. Joseph Pine & James H. Gilmore) 21. Staging Experiences is about Engaging Customers
- The 4 realms ofExperience:
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- Entertaining experiences are passively absorbed by customers
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- Educational experiences are actively absorbed by customers
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- Escapist experiences involve active participationwhile immersed in an environment
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- Esthetic experiences involve passive participation while immersed in an environment
- The richest experiences encompass aspects of all four realms
22. Creating Experiences
- Theme the Experience:
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- Envision a well-defined theme
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- Script a participative story
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- Mix experience of time, space & matter
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- Create multiple places within a place
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- Theme should fit the companys character
23. Creating Experiences
- Harmonize Impressions with Positive Cues:
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- The Experience must leave indelible impressions
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- Introduce cues affirming the nature of the Experience
- Eliminate Negative Cues:
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- Eliminate cues that distract from the theme
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- Too many haphazard cues can ruin an experience
24. Creating Experiences
- Mix in Memorabilia:
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- People purchase memorabilia as tangible artifacts of experiences
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- The price point is a function of remembering the experience
- Engage the Five Senses:
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- The more sensory an Experience, the more memorable it will be
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- A simple cue can heighten an experience through a single sense
25. Creating Experiences
- Customizing a Service can be a sure way to staging a positive Experience
- Less customer sacrifice turns an ordinary service into a memorable event
- Stage a memorable surprise, create customer suspense
26. Work is Theatre
- Theatre is not a metaphor, but a model
- Use your products as props, your services as astage and your employees as performers to make every customer interaction as aonce-in-a lifetime event
- Whenever employees work in front of customers, an act of theatre occurs- every action contributes to the total experience being staged
- Your success depends on picking the right people to play the right parts.
27. The Enactment Model (The Experience Economy, by B. Joseph Pine & James H. Gilmore) 28. Customer is the Product
- Welcome to the commoditization of Experience what is next??
- When you customize an experience, you change the individual you guide Transformations
- Guiding Transformation an emerging economy :
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- Diagnose Aspirations
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- Stage Experience(s)
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- Sustain Transformation
29. Charge for It!
- Dont give away Experiences or Transformation in order to sell existing offerings- Charge a premium for it
- Companies should charge for the value they add, not the costs they incur
- Not only retail stores, but entire shopping malls charge admission