Sales and Marketing nuggets for January 2021

2021-01-31 00:00:00Mandar

What is the meaning of 'value'? What value your organization creates for the customers? Unless you define that clearly, it will be difficult for you to communicate it to the prospects.

What are the key elements of your 2021 marketing plan? By now, you must have frozen your marketing plan for 2021. Is it designed to sustain the business in post-COVID time or expand rapidly to make up for low-income months?

What is the basis for the allocation of work among the marketing team? Do you delegate assignments to team members based on their skills, workload per person, delivery schedule, or something else?

Will you want a regular high-value buyer compared to one with multiple low-value purchases The answer depends very much on the nature of the product and your strategy. One strategy doesn't fit all.

Why should your prospect buy only your product or service? Your prospects are going to ask this question. Better you have an answer to this. Even if they are not asking it explicitly, they will definitely wonder about it in their head.

To win the trust, you first need to win the attention Without drawing their attention, marketers won't get an opportunity to pitch their value propositions. Interaction is the first step to win trust. There's no trust without interaction.

The most crucial element of a sales job is to make a buyer feel heard Only when a buyer feels that he is heard he will think that you are interested in solving his problem. He will believe that you are not trying to find the problem for your product but a solution to his/her situation.

Are your campaigns reactive or proactive? Are you executing campaigns in response to what your competitions are doing? Or are you planning them well in advance, giving you time to think through all aspects of it to make it a success?

Who cross-sells at your organization? In most organizations, new business is the responsibility of the sales team. The operations or delivery team is responsible for cross-selling as they are in touch with the customer daily. Are they equipped with enough sales inputs to discharge this duty?

How do you convert tacit needs to explicit ones? If you are cold calling, your leads may not even know that they need your products or services. They might be completely ignorant about the problems they have. How do you make them realize those problems exist and need to be resolved in first 15 seconds of the call?

Would you go with a gut feeling or data-driven decision in marketing? The answer is hard. The instinct might get you inorganic and multifold growth, whereas data-driven decisions would avoid losses and bring tremendous growth if it can be predicted using ML models.

What is the size of the problem your offering addresses? The bigger the size of the problem, the bigger the value. And hence, you can charge the premium. Try to understand the relative percentage of the problem's size in the client organization.

What's your speed of campaign execution? Marketing campaigns are sometimes time-sensitive. If your execution speed is slow, you might lose out on the perfect timing and get suboptimal results.

What are your sales pipeline acceleration tactics? Lead generation campaigns that are focused on immediate results such as discounts and offers can accelerate your lead pipeline. What other tactics you use, and how often?

What are you doing to build your PR? PR takes time. It needs to be carried out consistently over a longer duration for better results. It should also resonate with your organization's values, culture, and beliefs. What activities you do to build the PR?

How do you drive productivity in remote work scenario? For most organizations, the workforce is predominantly working from home. When you have less face time with your people, how do you drive productivity? Which tools are you using, and what changed practice are you following?

Do you have a patent? Are you marketing it enough? A patent provides an excellent business moat for you. Hence it is crucial to market as well. But not many companies promote their patents well.

What impact does your offering create? The value of your offerings might be different than the impact that they create. Do you understand the difference between the value and impact of your offerings?

What are the emotional values and rational values of your offering? In complex selling, you have to identify the emotional and rational value of your offerings clearly. Depending on the person's role in the buying process, you will need to explain these values clearly to them.

Do you have salespeople or salespreneurs working for you? Does your business development team consist of people who are happy with fixed monthly salary or the ones who are driven by the incentive/commission? People who want variable income based on the revenue they add to the top line could be called salespreneurs.

Prefer progress over perfection Have continual improvement as part of your marketing team culture. If you want to be perfect before releasing an asset or starting a campaign, it might slow you down. Experiment fast, learn faster.