Question: Does Good Marketing Trumps Sales?
I honestly would say one does not trump the other – both are part of a vital system. Although there has been a tremendous amount of conversation oriented around inbound marketing – a company with a great sales organization who can execute great marketing strategy is very difficult to beat.
“Think like a marketer – execute like a sales pro.”
In Part I of this series, we will discuss marketing from the brand viewpoint.
Brand establishment has become one of the key business strategies. Often referred to simply as ‘branding’, the practice of brand establishment is just a form of marketing. The importance of effective marketing is often overlooked by new small businesses in the rush for bigger and faster profits.
There is no disputing that sales are necessary to keep any business afloat. However, the future prosperity of a business may be jeopardized by a sales-orientated business plan which neglects to include a long-term vision of brand establishment and product placement.
The importance of brand-driven marketing
Brand-driven marketing is a strategy that focuses on achieving mid- and long-term business success through the improvement of consumer awareness.
A business needs to sell itself, not just the products or services it offers. Undervaluing the impact of astute brand-driven marketing, compared to a purely sales-orientated strategy, is a huge mistake.
Brand-driven marketing assists businesses to set and achieve long-term targets through a combination of:
. Concentrating on a balanced and recurring sales income – not just focussing on quarter-to-quarter sales results
. Realizing the importance of building consumer relations over fast sales
. Building a solid, realistic business reputation.
. Focus on product satisfaction
. Improve customer interaction
. Promote the business values
. Positive brand establishment
How FIPP promotes success
Let’s look at each of the 4 FIPP values and explain the purpose of each.
1. Focus on product satisfaction
This first value is twofold. Firstly, product satisfaction stems from product quality. A product, or service, must be fit for purpose. Secondly, a product must satisfy a consumer requirement. Why does your product make a customer’s life easier or better? Why’s the product reliable? Solving consumer problems makes a business valuable and quality products create consumer trust.
2. Improve customer interaction
Building a loyal customer base is essential to long-term success. A successful business always has repeat customers. Seize all opportunities to interact with buyers by using proven methods, such as:
. Asking customers to sign-up to an email list
. Have a dedicated email or telephone line for customer feedback
3. Attach a survey or competition to a product with a potential prize for those who send the form back.
. Social networking – Creating Facebook and Twitter accounts for the business.
Customers like to feel valued and appreciated. Consumer interaction is also an excellent way to obtain relevant market research. Building trust and value through consumer interaction is a sure-fire method for increasing business reputation, value, and customer loyalty.
3. Promote the business values
Big corporations spend a lot of money promoting business values. Many marketing campaigns will not focus on individual products, but rather, attempt to convince consumers a business is caring, innovative, trustworthy, passionate, etc.
The reason for this is the value of positive reputation. Don’t underestimate the impact of what consumers think about a business. There are always alternative products and the decision to purchase one over another often comes down to provider reputation. Make consumers aware of who you are and what you stand for.
4. Positive brand establishment
This final value is really the product of the previous 3 values. F + I + P = P.
Product satisfaction + Customer interaction + Business values = Brand establishment
Brand establishment envelopes the business and the products it provides. Concentrate on building positive business reputation through providing valuable, quality products, improving customer satisfaction and positive reinforcement of the business itself.
Does marketing trumps sales?
Don’t concentrate on short-sighted price-related sales solutions, especially if the result is an inferior product. Consumers have no issue paying more for good products from trusted businesses and continue to do so for many years. By using the FIPP values to adopt the principles of brand-driven marketing a business can positively affect both present and future sales. What do you think?
Please reach out to me firstname.lastname@example.org if you have further questions or comments. Sign up on our website bruceriggs.com for 100’s of additional resources.
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