Streamline your sales process management for marketing

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in this video you are going to learn the difference between sales and marketing let's start the video marketing and sales are both aimed at increasing revenue but the way they try to do this differs they are so closely entangled that people rarely realize the difference between them it's essential to understand the difference between sales and marketing because you need to integrate both functions in your organization while preparing an organization's budget you need to make a proper allocation for each business function a good understanding of differences helps you prepare a balanced and efficient budget in this video you are going to learn some important differences between sales and marketing from various aspects like types goals process strategy etc what is sales sales refer to the exchange of goods and services in return for the money it involves convincing potential customers to buy from your company the convincing can be through various techniques such as explaining your products benefits offering discounts or making your product more attractive than that of your competitors the primary object of sales is to increase revenue what is marketing marketing is a process that involves research and analyzing customer requirements ing to which a company manufactures a product to satisfy their needs the marketing team frequently does market research to examine the likes and dislikes of customers or a group with different tools marketing of a company may or may not focus on generating direct sales leads but they definitely intend to make sales easier and increase revenues over a longer period of time inbound sales and outbound sales inbound sales are one in which the customer comes to an organization to buy a product on the other hand in outbound sales a company reaches out to a customer usually through its sales department and closes a deal for example if a customer visits a retail outlet and buys a product it falls under inbound sales whereas if your company's door-to-door sales executive sells a product it's an example of outbound sales inbound and outbound marketing an inbound marketing campaign follows an indirect approach instead of directly promoting a company's products it makes consumers come and search for them examples of inbound marketing include search engine optimization and social media marketing outbound marketing focuses on directly promoting a company's products to its target customers examples of outbound marketing are traditional marketing techniques like tv commercials billboards product mailers etc difference between sales and marketing goals sales and marketing both targets generating revenue for a business but when you look closely at marketing versus sales you'll find the goals are slightly different with sales your focus is on generating conversions your sales team works on nurturing prospects toward becoming customers marketing goals are slightly different from sales goals the primary goal of marketing revolves around promoting your company product service or brand and communicating its value communicating this value helps you earn sales but you need to establish brand trust through marketing first examples of sales goals are close sales retaining existing customers increase profit margin lower customer acquisition cost etc examples of marketing goals are research customer needs and interests build a brand improve product awareness increase customer satisfaction maintain customer relationships establish the company as a leader in its industry etc let's move on to sales versus marketing process sales process in the sales process you focus on taking the information customers already have about the product and trying to provide them with additional information as well as answer their questions you focus on providing strong selling points personalized solutions and making pitches to convince leads to convert also you showcase stats at the bottom to explain how many and why people love your product marketing process with the marketing process you study the market and your potential customers then you provide basic information like you are what you offer and how much it costs you establish your brand and showcase what features your product has to offer to your audience and you explain how those features can solve their problems think of marketing as the precursor for the sales team now come to sales versus marketing strategies marketing strategies focus on reaching your target customers while sales strategies focus on converting them to purchase your product or services sales and marketing strategies can vary depending on their industry products market and target customer some of the most popular sales strategies are cold calling call up a pool of prospects and pitch your products door-to-door sales sales executives reach out to customers with the product and close deals on the spot discount sales companies offer a discount on a certain range of products for a limited period trade fairs companies exhibit and sell their products at trade fairs cross selling companies pitch other products to their existing customers for example a bank may sell credit cards to its savings account holders common marketing strategies include product focused marketing businesses highlight various aspects of their product such as quality size and packaging price focused marketing businesses make buying attractive through various pricing strategies such as discount pricing price matching offering to beat competitors prices and premium pricing which is a symbol of high quality status marketing companies position their product as a status symbol and reserve the right to decide to who they sell it for example a high-end car manufacturer may choose to sell its car only to a select group of high net worth individuals and influential people giving them a sense of exclusiveness online marketing companies market their product through search engines emails and social media platforms here are some bonus differentiating factors the target audience for sale is individuals and companies the target audience for marketing is the public in general sales fulfill the demand while marketing creates a new demand or fits a product into the existing demand sales tenures for the short term whereas marketing 10 years for the long term sales focus on the needs of the company so sales influence the target audience to become buyers of the product while marketing identifies customer requirements and makes products that fulfill their requirements sales push the product to the customers while marketing attracts the customers towards the product essential skills required for sales are good communication and selling skills on the other hand skills required for marketing are good analytical skills although they are different sales and marketing exercises give their best results when they are coordinated with each other for example research from the marketing department can help the sales team process sales more efficiently like the video it will motivate me to make more videos like this my next videos will be on sales and marketing management so subscribe to my channel for watching those videos