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Promoting & Selling Your business

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Presentation on theme: "Promoting & Selling Your business"— Presentation transcript:

1 Promoting & Selling Your business

2 Objectives of the workshop
Establish if your business has a Marketing culture Highlight the central role of customers to your business. Examine ways to promote your business Examine ways of improving your selling skills

3 Introduction to Marketing
Section 1. Ask the group - What is Marketing?

4 What does the term Marketing mean to you?

5 What is Marketing? Marketing is …
a business philosophy which puts the customer at the centre of all your company’s activities

6 Mahatma Gandhi once said…
“A customer is the most important visitor to our premises. He is not dependent on us; we are dependent on him. He is not an interruption to our work; he is the purpose for it. He is not an outsider to our business; he is part of it. We are not doing him a favour by serving him,he is doing us a favour by giving us an opportunity to do so”.

7 Marketing Information
The Marketing Mix Marketing Information Product Marketing Control Target Customers Marketing Planning Place Price Promotion (Inc Sales) Marketing Activity 5th `P` For People The External Environment

8 Giving Christmas calendars to customers
Remember? Marketing is more than …. Advertising Selling Designing websites Sending out brochures Giving Christmas calendars to customers

9 A simple definition: Marketing is satisfying your customer’s needs
more effectively than your competitors while still making a profit

10 So who are your customer?

11 Who are your customers? Your Customers are those groups you serve that have needs which you can satisfy

12 Take a few minutes to list all the customer groups serviced by
Exercise 1. Who are your customers? Take a few minutes to list all the customer groups serviced by your business?

13 Craft Sector Example General Public Tourists
Direct Sales to other independent shops Retail craft / giftware chains groups Customers at exhibitions & craft fairs Web customers Interior designers Specialist Commissions e.g. Wedding invitations Agents / wholesalers

14 Do you monitor customer performance
Do you know who your largest and smallest customers are? Do you know who your most and/or least profitable customers are? Do you know what products they buy and why? Do you know why they don’t buy all the products and services you provide? Are you too dependent on one key customer?

15 The life-time value of a customer?
Calculate average daily sale / customer £3.50 By the number of sales each year £21.00/ week X 48 Weeks = £1,008/Yr By number of years you keep the customer Say 20 years x £1,008 Gross life time sales value per customer £20,160

16 How to create business growth?
Sell more - Existing Products to Existing Customers Sell new - Products to our Existing Customers Find new- Customers for our Existing Products Customers for New Products

17 Promotional Activity Section 2.

18 Your Brand Develop the core values you wish to portray
Decide on a budget Ask graphic designers / printers to show you completed works Make decision on price, quality of work and personality Once you have a Corporate Identity / Logo make sure you keep it consistent

19 Any form of communication used by business to send messages
What is Promotion? Any form of communication used by business to send messages to existing or potential customers

20 Why promote your business?
To create Awareness for your product / service Gain the Interest from the target audience Sell benefits that satisfy their needs so that they Decide to buy your products / service Encourage Action, invite participation or encourage them to make a decision

21 Planning and Preparation
Promotion Successful promotion depends on Planning and Preparation

22 Stages in developing a Promotional Plan
Audience Who are you promoting to? Objective What is it you want to achieve? Tools & Which promotional tools should you use Budget and how much will they cost? Monitor & Are your achieving what you wanted to Evaluate achieve?

23 Who are your Audiences? Have you segmented your markets?
What customers are you targeting? Where are they located? Do they know you exist? If so, what do they think of you? If they don’t, how can you create awareness with them?

24 Setting Clear Objectives
These could be, to: Move your audience along the buying process: Change perceptions of your business/company Build customer loyalty Stimulate demand Increase your distribution and sales Launch a new product / service

25 Promotional Tools Four main types
Advertising: any paid for form of non-personal promotion of goods and services by an identified sponsor Sales Promotion: short term incentives to encourage purchase of product / service Public Relations: activities designed to improve, maintain or protect a company or product image Personal Selling: oral presentations with one or more prospective purchasers for the purpose of making a sale

26 List 10 different promotional tools
Exercise 2 List 10 different promotional tools which might be of use to your business?

27 Promotional Tools Sales Promotion Public Relations Personal Selling
Advertising Newspaper Magazines TV Radio Billboards Displays Packaging Logos Leaflets POS Discounts Offers Exhibitions Vouchers Competitions Trade-ins Low Interest Rebates Direct Mail Loyalty cards Sales calls Tele-sales Sampling Exhibitions Incentives Press release Seminars Sponsorships Community R Charitable £ Speeches Interviews Workshops

28 Promotional Tools Word of mouth recommendations Target Market

29 Extremely effective and common source of promotion for businesses
Word Of Mouth Extremely effective and common source of promotion for businesses Advantages Costs nothing Requires little effort – just satisfy customers Disadvantages You can’t control what they say Slow to build Can be very damaging if the customer has had a bad experience

30 The Communications mix
Promotional Tools The Communications mix Word of mouth recommendations Advertising Target Market

31 Advertising Recognised method to raise profile and awareness to a wider audience. Can be expensive and ineffective Key to success lies in: 1. Having a clear message 2. Planning and designing the advert 3. Choosing the right place to advertise

32 1. Have a clear message Inform customers of product and service
Create awareness for a new business Build the image of a product or business Tell customers about a special event /offer Counteract competitor efforts Reinforce and assure customers they made the right choice

33 2. Designing the Advert Strong Headline Sell benefits Keep copy short
Contact details Branding / logo Note – select the best media for the target audience and get timing right

34 3. Choose the right media Newspapers Magazines Yellow Pages
Local Radio TV Buses Billboards (48 Sheet) Adshels

35 Promotional Tools Target Market Word of mouth recommendations
Advertising Target Market Exhibitions

36 Exhibitions Choosing an exhibition
Why are you considering this exhibition? What do you want to achieve? Who else exhibits? Who visits? How much does it cost?

37 Planning for an exhibition
Stand location Stand design Products and brochures Personnel Pre-selling

38 Key issues to address to be effective:
Exhibitions Key issues to address to be effective: At the exhibition Manning the stand Recording enquiries Qualifying leads After the exhibition Follow-up on leads quickly!

39 Promotional Tools Target Market Word of mouth recommendations
Advertising Target Market Exhibitions Direct mail & telesales

40 Direct Mail Advantages: Clearly targeted at specific prospects.
Economical way to target large numbers of prospects but in a personalised way. Hidden from your competitors

41 Telesales Advantages Instant opportunity to answer questions about your products /service Get the opportunity to speak with right person Cost effective compared to direct sales Measurable results Makes personal visits easier

42 Direct Mail / Telesales
Disadvantages Poorly researched prospect lists and databases provide a poor return. Irrelevant or bland message produces a negative image. Lack of planning for follow-up and fulfillment restricts success Many companies now use telesales approaches, the receiver may put up barrier

43 Promotional Tools Target Market Word of mouth recommendations
Advertising Target Market exhibitions direct mail & telesales public relations, corporate events, sponsorship

44 PR/Publicity One of the most under-utilised and cost effective forms of promotion: Public Relations Press Releases Sponsorships / Corporate events Always be aware of potential news stories Make sure the media is relevant to target audience and the story supports your company image.

45 A good business story Investment in a refit or expansion
New product / service launch Technological developments - R&D Company initiatives – NVQ / ISO Exclusive listings Expansion / Recruitment of new staff

46 Writing a Press Release
“What, Who, When, Where and Why” What is happening? Who is responsible / attending? When and where is it happening? Why is it happening? Show Examples

47 Press Release cont’d In writing a press release:
Be Concise – factual, no waffle Use quotes – from a relevant person adds interest Provide editorial notes i.e. background Provide contact names of 2 people Professional presentation Photographs if possible

48 Write a short Press Release aimed at the local press
Exercise 3 You are organising a charity event, you wish to attract as much coverage as possible Write a short Press Release aimed at the local press

49 Sponsorships How much has been requested? What return will you get ?
Who will be promoting the event? Are the any possible sources of conflict? Make sure these wont impact n you Would supporting them in another way be better for you

50 Promotional Tools Target Market Word of mouth recommendations
Advertising Target Market Exhibitions Printed brochures; Direct mail & telesales Public relations, corporate events, sponsorship

51 Promotional Literature
Consider how and when you will use the material. Promote features and benefits Keep literature up-to-date. Ensure consistent branding.

52 Promotional Tools Target Market Word of mouth recommendations
Advertising Target Market Web - Exhibitions Printed brochures; Direct mail & telesales Public relations, corporate events, sponsorship

53 Web Site Consider what you want from a web site
Get connected – facilities Publish information on your organisation/ company, its products and services Interaction – sharing information, EDI Transaction - ability to sell online Integration- both parties can access information

54 Web-Site Just having a web site is not active promotion:
Integrate your web site into your overall promotional plans.

55 Effective Web Marketing
Careful selection of metatags Search engine registration Reciprocal links Banner Adverts newsletters Non web based promotion

56 Promotional Tools Target Market Point of sale Word of mouth
recommendations Sales Promotion Advertising Target Market Web-site Exhibitions Printed brochures; videos; CD roms; multi-media material Direct mail & telesales Public relations, corporate events, sponsorship

57 Sales Promotion Seasonal Sales periods Weekly / Monthly special offers
Price Promotions Loyalty schemes Gift vouchers / money off coupons In-store demonstrations Competitions POS Window displays Examples

58 Selling and the Sales Process
Section 3. Selling and the Sales Process

59 Sales Planning Grade your existing customers
Decide what you want to sell them Develop prospect Lists for new business Plan for Who, When, and Where you are going to make a sales approach Set goals so that you have a target to work towards

60 Sales Preparation Know you Product Know your Customer
Know the Competition Have the right People Develop Sales Support Materials Prepare for the Sales Approach and set objectives

61 Objectives..why are you there?
Typical Objectives: generate sales revenue opportunity to quote product trial Arrange a factory/facility visit awareness building

62 The Sales Process

63 Sales Process Opening Probing Supporting Overcoming objections
Negotiating Closing a sale

64 Opening...Agenda Setting
First opportunity to take control Demonstrates that: you are organised; you have prepared; you have objectives. Communicates confidence - the buyer is more likely to respect you and listen.

65 Probing Probing allows you to establish a clear, complete, mutual understanding of the customers needs.

66 Probing.... Closed probes limit customers response egs:
“How many representatives do you have?” “Have you ever?” “How do you feel about...?” Open Probes help you identify / understand customers needs, and increase the chances of the customer offering an opportunity : “what, when, how, who, in what way, ....” Positioning probes and check questions : “Many of our customers have found that...what has been your experience?” Softening probes for sensitive areas: “Would you mind me asking what.....?” Express it positively .....tell me about the problems...but which areas would you like to improve.

67 List 10 questions which may
Exercise 4 List 10 questions which may be of use to you with a prospective buyer.

68 Listening.... Listen actively Acknowledge
Allow time and opportunity to speak Don’t prompt Don’t interrupt Understand context and content

69 Active Listening.... Listening to understand Listening to win
Listening to talk

70 Use features and benefits to provide information to the customer
Supporting.... Use features and benefits to provide information to the customer

71 Supporting.... The Supporting Process: acknowledge the need
describe the relevant features and benefits check for acceptance.

72 Benefits.... A product benefit can be defined as what the product or service will actually do for the customer In a selling situation it is useful to translate all features into the relevant benefits Never assume that the customer will make the translation from feature to benefit To communicate the benefit simply state the feature and follow it with the benefit Feature.....’and that means to you’ ....Benefit

73 Provide Proof & Build Confidence
Core product benefits & list of competitive advantages Brochures and technical details Accreditations Press cuttings Samples

74 Deal with Objections Be prepared for every objections
List all objections in advance Discuss with your colleagues how they address each objection Combine the outcomes to develop a strong response to the objections Write them down and practice

75 The 3 common objections I’m happy with my current supplier!
- suggests Loyalty I can’t see me needing that! - suggests lack of awareness to the Demand It’s too expensive! - Price objections can be a hidden request for more information

76 Supplier Loyalty Don’t undermine their current supplier Move slowly
Ask lots of questions Identify a niche to show additional sales opportunities Differentiate your offering Give supportive reasons for changing Suggest a trial order

77 Absence of Perceived Demand
Prepare your argument around wants and needs Prove demand Quote current customer base Obtain an opening through active questions

78 Price Objection Comparison with other products, differentiate where possible Question the customer on their requirements to show how your additional benefits can satisfy their needs Look at the total product inc order size, terms volume discounts, after sales service, warranties etc

79 Negotiation Identify all of the potential negotiation points that may arise Set the negotiation limits that apply to each negotiation variable Always pitch your opening stance high: the buyer might agree! it provides a basis for concession from you.

80 Take five minutes and consider the answer(s) to this question.
Exercise What aspects of the product or service that you sell is negotiable? Take five minutes and consider the answer(s) to this question.

81 Typical Negotiation Points
Price; Specification; Credit Terms; Delivery Times; Minimum Orders.

82 Negotiation:Concessions
A concession from the seller will give the buyer a feeling of power and control Always maximise the sellers concession In order to deliver 4, which is actually below the minimum order quantity of 10, we’ll have to incur double the distribution price per item

83 Negotiation:Concessions
Always minimise the buyers concession: “There is no need to offer us a three week lead time on delivery as we carry all lines in stock and call in your area weekly.” When a concession is agreed: - clarify and use it as the basis for an attempt at closing: “So, if we agree to offer 5% ongoing nett invoice discount you’ll pay within 30 days of delivery of the goods. It that your understanding?” “Okay, lets talk about an order”

84 Typical Buyer Negotiation Techniques
“Give us £5 off per case on the first container load and then we’ll look at a higher price on the second load.” The Sellers Option: ask for a commitment for a second order and price; assess the balance of power; sell the advantage of a mid-price and establish this as the on-going price; defuse and wait for a reaction.

85 Negotiation Resist the option to concede without negotiation:
it suggests weakness it suggests that you have more room for concessions.

86 Negotiation:Summary Identify negotiation points;
Calculate your concession range; Pitch high and prepare to negotiate; Maximise sellers concessions; Minimise buyers concessions; Never “roll-over”.

87 How To Close... Review previously accepted benefits:
“let me go over some of the ways we can help you achieve your goals.” “lets go over what we’ve talked about so far..” Propose next steps for you and the customer: “if you’ll draw up a purchase order, I can process the order today” “I’d like to arrange for our technical manager to visit your warehouse, to do that I’ll need you to fax me the contact names and addresses”

88 How To Close... Check For Acceptance: “how does that sound?”
“what do you think?” “how does that sound?” “Is that acceptable?”

89 Sales Summary To be successful remember
Time is short - so use it effectively Preparation before hand Plan for and set set realistic goals Know your product / service Know the competition Prepare for objections Watch and listen for buying signals to close Leave the door open

90 To Conclude Know your target audience.
Have a well defined promotional objective. Carefully select the most effective mix of promotional tools. Consider your budget. Check results, if not working take corrective action. Use results to assist with future promotional decisions.

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