Marketing is the understanding of the business, clients and customers, competition and the whole market and in turn using that understanding to present yourself or your product to the right people at right place and time at the right price. People usually use sales and marketing as interchangeable terms but that is a misconception. Sales come one step ahead of marketing. Marketing is an activity that creates a desire, a need in the mind of the potential customer for the product or service you are offering. Sales then come up with strategies to make sure the customers returns home satisfied.
In the present era where aggressive advertising draws people to the products, a good sales strategy will go a long way in helping the company have repeat purchases. As the theory goes, 20% of the repeat customers account for 80% of the revenue earned by a product(Hollensen,2003). A company will only grow if it increases its operating income. An increase in revenue might not be significant if it is coupled with an increase in costs. Increasing sales and winning over more customers while reducing costs is what adds to the growth and development of a business.
Decreasing costs does not necessarily mean decreasing marketing budgets; it is about avoiding unnecessary choices and making smart moves. A company will always need something solid to grow upon. A base that is provided by a futuristic product that creates a demand and market for itself through efficient marketing and effective sales strategies(Kotler& Armstrong, 2002). Advertising A strong advertisement will go a long way in helping you achieve the above mentioned objectives. While it is important to have a strong message in the advertisement, more important is the effect it might have on the target population.
The difference between a good advertisement and an effective one has to be appreciated and act accordingly(Hollensen,2003). Advertising is a global industry worth more than (US) $400 billion. In addition to heavily affecting the sales of the organizations, advertising makes sure media outlets such as television, radio and newspapers do not run out of business. Spending on advertising is huge. Sales Once you have the right product in your hands, it is time to sell it. The concept of sales comes in handy here.
Whether you sell through internet, use telemarketing or door-to-door approach, it is important to have a very strong sales message, you need to bring out the positive emotions from your customers and make them agree to what you tell them. You have to make them believe that they are in need of the product(Hisrich,2000). Market research A product launch cannot be effective without effective marketing campaigns. There are numerous aspects to marketing campaigns which are of core importance and have to be carried out with utmost care.
A successful product launch owes a lot to a strong, reliable and valid marketing research. The differences between needs and wants of the customer have to be highlighted. The target population, price a customer is willing to pay and effort a potential customer is willing to put in to acquire the product, these all are determined with a strong research. Most importantly, a research should not aim at finding whether the population like the product or not, rather if they are interested in buying what you are offering(Kotler& Armstrong, 2002).