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Marketing. Exercise 1. Brainstorming What is marketing?. Question time?. Define process of what you do? What is it called? What is sales? What is relationship? What is sales cycle? Case Study will come first. Sales Activity. Take Away. Case study.
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Exercise 1 Brainstorming What is marketing?
Question time? • Define process of what you do? • What is it called? • What is sales? • What is relationship? • What is sales cycle? • Case Study will come first.
Case study • India Post has printed 2 lakh pieces of Tendulkar Stamps • How to sell within 7 days • Each group has ten minutes • Identify target group to sell • Discuss and present how you are going about this process • Customer has given you only 2 minutes to listen • The other groups can challenge your thought process
What is selling? Selling is a process of mutual exchange of goods or services for a value. Its one of the most effective ways of increasing organizational profit
Dos and Don’t of Effective sales Mind has • Target • Pressure for numbers • Commission payouts • Laying out the stall • Competitors products are superior • Late in the market Mind should have • Immediate business requirement of customer • Issues customers face • Challenges that a customer may have • Needs that may arise • Belief in our ability
Customer segmentation • Define customers
Case activity • Think of your home town • Now back to your office and your groups • Think of 2 points of impact on offering postal products to these people • E.g. medical college students – what is the impact of sales of postal products?
Take Away Awaken your thoughts on what and how many can we suggest and sell?
Prospecting • What is prospecting? • Where can you prospect? Family /friends/relatives Building network Existing customers Walk ins Reference • Oxygen of Sales
Need analysis • What does a shop keeper ask you when you enter a saree/textile shop • You are at multi-cuisine restaurant and you are there to spend time with your family • You have an attractive offer for pace maker. You can buy it for a throw away price • Multi barrel rocket launcher NO NEED NO SALE
Probing helps… Relate Probe to Understand • Was it a want or unhappy with the existing relationship • Was the customer waiting for this opportunity • Any unstated want or a new need The exact need Will He/she buy? Will this sustain The reason for moving out/in Value of relationship Any hidden agenda
Question – derive needs • Art of making my customer say yes • Probe on priorities to understand their needs
Deriving Needs • Product features to match needs • Speaking customer needs through our product • Summarize the needs • Speak about product Benefits • Match benefits with needs • Speak about commitment • Reiterate the need/value
Activity • Ask for 4 top selling products • Assign a product to each team • Define the customer • Team to present needs of this customer • Team to suggest and pitch multiple products to the same customer
“A Presentation is a means of effectively conveying your ideas in a well structured, outcome driven, and aligned to the need of the audience”
The 5 Golden Rules for Effective presentations What you show is what others see Brochures/posters is only a VALUE AID (Additional input device) YOU are in the limelight
The 5 golden rules Different strokes for different folks Its all about ENERGY for greater SYNERGY
Presentation HOOK • A hook is something that attracts attention or serves as an enticement • These are decision-molding statements that help the customer decide to buy. • They provide a natural lead-in to asking for the business • They are a “trial close”, when answered, shows that the customer is buying into your suggestion • They help to over come the “I have to think about it” thoughts • They allow you to put the “reverse the benefit” in the form of a question: “Sir, while I agree its more, don’t you think it’s better to pay a little more and get a better service/quality product than to pay a little less and get much less?
Presentation Hooks • They help to establish need: “Sir, you have liked it , so why not get it ?” • They build value: “The best way to save is to buy the best at the right time. Anything else, I feel will be a compromise. • The relationship that you establish with these two points keeps the people aspect in mind for a customer
Objection Handling • Seeking additional information • Difference between objection and rejection • Bring all objections that you have faced in the field • Write down as many as you think and the possible handling of the same
Perseverance is the key • I’ve missed more than 9000 shots in my career • I’ve lost almost 300 games • 26 times, I’ve been trusted to take the game winning shot and missed • I’ve failed over and over again in my life • I can accept failure, but I can not accept not trying • And that is why I succeed. Where there is no shame, there is no honor…
References • Hunting • Quick • Kills • Farming • Nurturing • Time need • Periodic harvesting
Why do we need references? • Customer Relationship Management (CRM) is a business strategy to select and manage customers to optimize long-term value Build Relationship
Relationship Management • To find, attract, and win new customers, • Nurture and retain those the company already has • Entice former customers back into the fold, and reduce the costs of marketing “Credibility cannot be built without these thoughts”
Benefits of Relationship Sales • Knowing what customers want and need - enables you to focus your sales and service efforts • Knowing which products or customers have most growth potential - enables you to focus on developing highest potential • Knowing which products or customers are most or least profitable - enables you to focus on maximizing profit • Knowing which customers will be advocates and supporters - enables you to provide references, case studies, and to safely test new products and services
KAM • Key Account Management
KAM • A management approach adopted by selling company • Builds portfolios of major accounts • Provided with value additions in service • To be practiced by both Seller- Buyer • Building relationship Vs transactions
Ladder of customer Loyalty • Partner • Advocate • Supporter • Client • Customer • prospect
Identifying Key Accounts • Who has potential to be life time customer if nurtured • Has high switching costs • Values high service levels • Values brand and long term relationship • Not based on current value but life time value • Normally in the ratio of 20/80
Strategies to enhance customer value • Adding Financial benefits • Adding Social benefits • Structural ties
Factors determining key account • Stability and regularity of purchase • Strategy fit of supplier and buyer leading to ease of doing business • Low risk of business on credits • One stop solution • Opportunity for cross selling • Status or reference value • Future plans of KA • Strategic alliances
Client requirement for working with listed company • Client requiring innovative solutions • Relationship at senior management level
Advantages • Increased share of customer spend • Faster growth in revenues • Faster decline in costs • Bonding/Improvement in relations • Improvement in satisfaction ratings • Loyalty strength • Increased advocacy • More value from customised services
Non – financial benefits • Good knowledge of customer requirements • Foster innovations • Customer involvement and acceptance • Smooth flow of information • Ease in joint formulation of strategy • Hassle free implementation and help from clients • Better customer portfolio management
Benefits to Key Customers • Customisation • Consultancy • Smooth working relations • Consistency • Continuity and trust
Success stories • Trainees to narrate about their success stories in marketing Exercise 4
