EXPLORE YOUR MARKET especially true.

In order to remain successful, all

businesses need to anticipate and react to change in
MARKET RESEARCH PREPARES YOU FOR
order to stay relevant. By researching the evolving
SUCCESS.
needs of consumers, and analyzing your
What is Market research?
competition’s reactions, you are securing longevity
- Market research is an organized effort to
and relevancy in the market. Market research allows
gather information about target markets and
business owners to stay innovative and successful—
customers: know about them, starting with who they
and change with the times.
are. It is an important component of business
5) It Grows Your Business
strategy and a major factor in maintaining
All small business owners want to grow their
competitiveness.
company—but many are unsure where to begin.
Research is your best tool for any type of product
What is the purpose of market research?
development, launch, or business expansion.
- Market research is the process of determining
LEAN MARKET RESEARCH CAN HELP YOU
the viability of a new service or product through
BECOME MORE...
research conducted directly with potential
 Efficient .
customers. Market research allows a company to
 Cost-effective
discover the target market and get opinions and
 Competitive
other feedback from consumers about their interest
4 COMMON MARKET RESEARCH METHODS
in the product or service.
There are lots of different ways you could conduct
market research and collect customer data, but you
How does market research lead to success?
don’t have to limit yourself to just one research
- Market research can help by providing
method. Four common types of market research
information on the effectiveness of your marketing
techniques include surveys, interviews, focus groups,
efforts. Market research provides critical
and customer observation.
information about your market and your business
Surveys: the most commonly used the data is
landscape. It can tell you how your company is
pretty straightforward to analyze, even when you
perceived by the target customers and clients you
have to analyze open-ended questions whose
want to reach. It can help you understand how to
answers might initially appear difficult to
connect with them, show how you stack up against
categorize.
the competition, and inform how you plan your next
Interviews: the most insightful one-on-one
steps.
conversations with members of your target market.
5 WAYS MARKET RESEARCH HELPS YOUR
Nothing beats a face-to-face interview for diving
BUSINESS BE MORE SUCCESSFUL
deep (and reading non-verbal cues), but if an in-
1) Market Research Centers Business on the
person meeting isn’t possible, video conferencing is
Customer
a solid second choice.
- Simply put, market research is the process of
Focus groups: the most dangerous
analyzing data about a market, product, or service.
Focus groups bring together a carefully selected
And the most obvious benefit is its ability to help you
group of people who fit a company’s target
understand your customer. Who are they? What do
market. A trained moderator leads a conversation
they want? What do they expect? Through efficient
surrounding the product, user experience, and/or
research, businesses are able to establish an open-
marketing message to gain deeper insights.
ended line of communication with their customers.
Observation: the most powerful
Once you understand your customer’s needs, you will
During a customer observation session, someone
be able to tailor your business to meet them.
from the company takes notes while they watch an
ideal user engage with their product (or a similar
2) It Helps Understand Your Competition
product from a competitor).
- Knowing your competitors and what they offer
Why is market research so valuable?
can help make your products, services, and
Here’s why research matters…
marketing stand out. Sure, research enables you to
 Obsessing over your users is the only way to
set your prices competitively, but it also helps you
win.
learn from your competition—and do things better.
 Analytics gives you the ’what,’ but research
gives the ‘why.’
3) It Enables You to Test for Success
 Research beats assumptions, trends, and so-
- Need help judging whether a new product or
called best practices.
service will connect with your customer? Research is
MARKET SEGMENTATION
the most effective way to test out ideas before you
What is Market Segmentation?
decide to go full-throttle with them. Through metrics,
small business owners are able to see which  Group of people who share one or more
concepts, campaigns and messaging are resonating common characteristics, lumped together for
best with target customers. Market research saves marketing purposes.
money and ensures success. 4 MARKET SEGMENTATION TYPES
 Geographic – Location
4) It Ensures Your Relevancy  Demographic – population
- As the old adage goes, change is the only true  Psychographic – attitude and aspirations;
constant. And in the marketing world, this is Social Class and Personality
  Behavioral – habits and customs
CRITERIA FOR MARKET SEGMENTATION
 Measurable
 Accessible
 Substantial
 Unique in its response
 Stable in behavior
BENEFITS OF MARKET SEGMENTATION
 View a market from the customer's point of
view
 Exploit its strengths better by selecting
compatible market segments
 Develop more sharply focused strategies
aimed at market requirements
 Identify gaps in the market that offer new
product opportunities
What are the Difference Between Market and
Marketing?
What is Market?
 A market is a place where potential buyers
and sellers meet to exchange the goods
and services. Today, with the invention of E-
commerce the definition of the market has
changed drastically. Customers can buy
things from various online portals anytime
and anywhere using their e-wallets.
Some examples of Market:
1. Financial Markets -Large scale platforms
of financial exchange such as stock, bond,
derivatives, commodity, and money markets.
2. Over the Counter - A market that is
conducted by a dealer network. Typically
involves some level of human negotiation.
Many financial markets are over the-
counter including major bond markets.
3. Reinsurance - A market for insurance
companies to buy insurance. A method of
transferring risk.
4. Crowdfunding - Platforms that allow
people to pitch projects, ventures, and
causes to a community to raise funds. A
potential challenge to traditional methods
of finance.
5. Auctions - A market based on competitive
bidding.
What is Marketing?
 Marketing is a comprehensive term that
involves all the activities, research,
designing, pricing, promotion,
transportation, and distribution. The main
aim of marketing is to create, build and
maintain a relationship with the customers.
These 4P's helps the marketer to determine
a customers' requirement, according to
which they will fulfil their demand.
Examples of Marketing:
1. Branding - Developing a valuable identity
that customers can recognize in a crowded
market.
2. Advertising - Paying to reach your target
audience with a message.
3. Direct Marketing - Reaching customers
directly person-to-person or using digital
tools such as email.
4. Social Media Marketing - Direct marketing
conducted using social media.
5. Content Marketing - Developing content
and media such as promotional videos to
attract customer attention.
THE RIGHT PRODUCT FOR THE RIGHT
MARKET
 NEW PRODUCT DEVELOPMENT
ENTREPRENEURIAL MIND
- refers to a specific state of mind which
orientates human conduct towards entrepreneurial
activities and outcomes. Individuals with
entrepreneurial mindsets are often drawn to
opportunities, innovation and new value creation.
3 KINDS OF ENTREPRENEURIAL MIND
1. Creative Mind
2. Technical Mind
3. Business Mind
Creative Mind
 conceptualizes and designs a product
that consumers find some use
 pleasing to see, touch, smell hear and
taste
 creates emotional attachment and
becomes personal expression of the
consumer.
Technical Mind
 is the technology originator. The
entrepreneur may not necessarily
possess the technical mind but this is
what drives the entrepreneur to
convert new knowledge into something
highly functional and operational.
 is a technology renderer. He or she
resolves to make a new product work
for the product creator by configuring
and reconfiguring the technical design
of the new product.
 is a technological adaptor. He or she
use sold knowledge for new
applications in various fields of human
endeavor.
Business Mind
 it harnesses the potentials of new
 products by creating the market space
for them. It also organizes sufficient
forces and resources to develop,
launch and commercialize the new
product in order to maximize its
market value.
 Product Conceptualization and the
Creative Mind
Example: Lampturn
 to create mood and ambiance
 to delight and fascinate viewers
 to serve as a center piece for rooms
with its theatrical display of image
Sensorial-Emotional Appeal
 use of light amidst darkness
 highly colorful and moving shapes
 images and mood evoking scenery
Aesthetic Appeal
 how the lamp could be elevated to
self-actualization would largely
depend on the meaning of the lamp
images
 it would also on the desired state of
the self
 Product Development and the Technical
Mind
 In order to convert the product concept into
a viable product, the technical mind must
intervene to provide the quality and
performance specifications through
technology
 The entrepreneurs had to tap the technical
minds of electricians, engineers, artisans,
and artists to develop the Lampturn.
Prototypes were fashioned, critiqued and
discarded the entrepreneurs became
satisfied with a final prototype.
 In the case of Lampturn, the product simply
required the application of existing
technology (or technology rendering). What
the entrepreneurs needed to do was to fit
that existing technology to their product
concept. This is the point where the
entrepreneurs encountered several
challenges while they were searching for
the appropriate technology for their
product concept. First, the product must
resemble the lantern in the movies. Second,
the lantern must be sturdy and safe for
placing in a child’s bedroom. Third, the
lamp must be easily transportable and
displayable. Fourth, the lantern must be
relatively easy to make for replication and
mass production purposes. Fifth, the lamp
must be made of materials that do not cost
much.
IMPLEMENTATION OF MARKETING
PLANS AND STRATEGIES
Implement a marketing plan
Marketing is more likely to succeed if there is
adequate resources and expertise to implement it.
These can help to:
 Identify your target market and how
your product or service can benefit
it.
 Identify how you might attract new
customers.
 Encourage your existing customers to
continue purchasing your product or
service.
 Set goals and time frames for your
marketing activities.
 Map out a strategy to reach your
target audience, including the
messages, channels and tools you’ll
use.
 Evaluate your marketing activities.
 Provide a marketing budget and
see your return on investment.
Communicate with staff
Involving staff in a marketing plan will help them to
invest themselves in a more concrete plan as they
share and contribute their insights and have total
confidence in the information and actions outlined
in its marketing plan.
Communicate the plan to your team as much as
possible, make sure they have an opportunity to
contribute to it and assign them roles and
responsibilities in delivering the plan. In particular:
 Make sure they understand how the
marketing plan fits within your
business's goals, objectives, priorities
and policies
 Discuss whether your staff have the
skills and aptitude to implement your
marketing plan
 Give them opportunities to develop
their marketing skills and mentor your
staff if they are enthusiastic
 Consider whether you need to recruit
marketing staff.
Know your end goal
Don't lose sight of what the business wants to
achieve. It is what sets it apart from competitors,
and helps keep the business in marketing focused
and effective.
Monitor your progress
You should treat your marketing plan as a living
document that you continually revise. Revisit your
marketing plan at least once every quarter.
Develop a set of questions that help the review
process such as:
 Are you on target?
 Have your tactics been too ambitious?
 Is your budget on track?
  Are any of your tactics not working on your
customers?
 Make adjustments
 Make adjustments to your marketing plan
wherever and whenever they are necessary.
Stay aware of changes in technology,
market, competition, customers, suppliers
and any other external factors.
Develop contingency plans
Recognize that not all of the plans will work.
Marketing is a creative process that grows and
changes. It will need to develop contingency plans,
extend the time frames, add a new step into
actions, or refine marketing objectives.
Seek expert advice
Developing and measuring marketing activities is a
specialist field. It is a good idea to seek advice
from professional marketing consultants if
concerned that they have enough skills or
experience.
Selling Strategies of Entrepreneurs
Here are few of the sales strategies implemented
by successful entrepreneurs and sales experts that
can even help you in achieving your desired sales
numbers:
1. Set specific goals
In sales, you need to have a bullseye to target, or
else you will wander in the wilderness. Just saying
my objective is to “increase sales” is not enough.
You need to define this goal more clearly. It is not
possible to track the progress of such vague goals.
Without evaluating the progress, you won’t know if
the effort you are putting, is reaping fruitful results
or not.
As John Doerr, president at RAIN
Group writes” Salespeople who live by goals- Know
where they’re headed”
When you have a specific goal, you will know
where exactly you want to go and what you need
to. This is one of the most effective sales strategies
that can increase your sales. Don’t be hasty with
your goals; think, strategize and then create a
goal. Such clear goals give you a direction and
help you in staying focused. They are measurable,
so you can evaluate its progress to understand how
far are you from your goals and what more do you
need to do to reach there.
2. Analyzing past sales
Your historical sales records are a useful source of
vital information that you shouldn’t ignore while
setting your goals. Using various reporting tools,
you can easily analyze your past sales and
determine the areas of improvement.
Examining last year’s goals and results is equally
important for setting realistic and achievable goals.
Evaluate the previous year’s goals and understand
if you had achieved them or not. If not, then dig
into reasons and find out what went wrong. This
will help in building strategies for performing
better in the future.
3. Commence by targeting small markets
As Steve Davis, Principal and Founder of The
CXO Advisory Group writes “The other problem
that companies have is they focus on too big of a
market. They focus on the whole universe. Business
schools simply will say you might want to pick best
market with the biggest market segment that you can
go after. In many cases, that’s wrong – the bigger
market segments typically have the most competitors
in it. What you want to do is take that big market and
segment it.
So, don’t directly aim for big, use this sales strategy
and take baby steps by concentrating on a specific
market and business size. Study this market
audience and understand the problems they are
facing. Try to relate how your product will help
them in resolving their issues.
4. Research, understand and help your
customers
As Joanna Moretti, senior vice president and
sales enablement at Jabil says in her
conversation with Corporate Visions “If I get a
call and a salesperson tells me that they have the best
marketing tool on the planet, I hang up. But if a
salesperson calls and says they understand that “Jabil
is looking to improve share of wallet, and that we can
help you transform an organization from a reactive
organization to proactively positioning value
propositions to improve share of wallet,” then they
have my full attention.
You see? They are speaking my language at that
point and will get a meeting with me. I expect
salespeople to do their homework and have the
willingness to spend the time sitting down with my
team and fleshing out the details. If someone can
quantify the value and clarify how it will help my
business, that’s how they can earn my support.” –
“you sell more when you stop selling”– David
Meerman Scott, marketing and sales strategist and
a bestselling author
Only when you know about them, you will be able
to strike a meaningful conversation. Personalizing
the conversation helps in earning their trust. Be
client-centric and try to ensure that you are here to
genuinely help them in finding a solution to their
business issue.
5. Listen to your prospects
Master the art of listening if you wish to succeed in
sales. Keep your ears open to your prospect needs
to understand what they want. Active listening
introduces you to a wealth of information that can
help you in closing the deal. You have two ears and
one mouth, so use it in the correct proportion.
Spend more time in listening to the prospect rather
than just going on with your product’s tale. Ask
open-ended questions and be attentive to the
answers instead of thinking what to ask next.
The goal of any business is to make money, but that
objective is easier to reach when we listen to
customers and understand their needs. The best way
to do this is by listening to what they tell
us.” – Says Alan Hall, founder of Grow America.
Respect your prospects and their time by being
patient and attentive. Listening can not only help in
understanding the prospects but also aid in
building a good rapport with them.
However, with sales target hovering over the mind,
most of the sales professionals focus on pitching
their product to maximum companies. Prospects
tend to feel ignored when you concentrate on
selling a product, and thus they lose interest in your
offerings.
“It’s very easy in sales to want to pitch your
product offering and explain your solution right
away to your prospects. Don’t let this be the case,
and ask questions first to uncover THEIR business
and THEIR needs. You will get more customers and
referrals when you take the time to understand
their landscape and make the selling process as
easy as possible for them to do business with
you.” Says Brooke Botros, Dir. of Sales, Spanning.
6. Differentiate your company from your
competitors
How are you better from your competitors? The
answer to this question can help you in expanding
your customer base. Raise your standards and focus
on being different to outshine your competitors. This
is one of the sales strategies that most of the big
brands also use to excel.
For example, Nike offers customer-tailored
solutions to be different from its competitors. NikeiD
allows the customers to customize some of the
product they buy. It even carries the name of
professional athletes to capture the attention of
youngsters like Nike Air Jordan Retro XI sneakers
were modeled after the 1996 originals designed
for Michael Jordan.
Companies always prefer to work with the best.
They compare the products to find out what’s better
and what will be beneficial for their business. So, it
is essential to find out and display your competitive
advantages impactfully.
“Doing what everyone else does is comfortable and
“safe,” but stir some controversy and do something
drastically different! It takes courage, but focus on
one thing you think others are doing incorrectly, or
not doing at all, and consistently demonstrate how
you’re bucking the trend. Then, shout it from the
rooftops in all of your marketing and
communication.” Says Dan Pickett co-founder of
Launch Academy.
1. Embrace storytelling to sell
Storytelling is an impactful sales strategy if used
wisely. Prospects can easily digest the complex
details of a product when it comes through this
creative medium. Stories give meaning to your
product and sets you apart from the competitors.
“Top salespeople tell stories because it engages
customers and puts the sales message in a context
that captures the prospect’s attention, perhaps even
tugs at the prospect’s emotions. A story provides a
structure that makes it easier to understand your
pitch, and to remember it, so your prospect can
recommend and defend your property when you are
not in the room” – says Daniel Ambrose, sales
consultant for strategy, tactics and training.
Storytelling is sales strategy that can be used in
each part of your sales process. Like while giving a
product demo you can tell your prospects the story
of how one of your uncertain prospect turned into
your satisfied customer and show their testimonial
to add credibility.
8. Be patient and negotiate
Negotiation is the most crucial stage of a sales
process where a deal can end. This is the point
where you need to be extra careful while
communicating with the client. Being patient while
negotiating is a sales strategy that can help you in
saving a deal.
DR Karrass, Founder of Karrass
Limited believes ‘Patience is one the most powerful
negotiation tactics”
The prospect might get aggressive but you need to
stay calm as you might end up losing a deal.
Moreover, there are chances that in the heat of the
moment you might give discounts or agree to terms
that could get you in trouble. So, think and take
your step. Prospects might seem reluctant initially
but you need to convert the no into a yes smartly.
9. Use the free trial
‘Free Trial’ is one of the most common sales
strategies used to attract new customers. Renowned
names like Skype, Dropbox, Netflix and Buffer app
offer free trials to allow customers experience the
benefits of using their service.
Free Trial is the best way to show your prospects
the true value of the product as companies don’t
easily invest in an unknown product. However, you
need to ensure that your free trial period isn’t
stretched for too long. Moreover, you need to make
the most of the time when the prospect is using your
product or service. As everything is fresh in their
head, it is the best time to call and share a little
more information to get a positive response once
the trial period ends.
Customers who don’t choose to buy from you after
the free trial can still be valuable resources for
feedback. Learning why your trial offer wasn’t
convincing to them may help you craft a future offer
that will be convincing to them, or it may make you
aware of changes you need to make to your product
to make it more appealing to customers. — by J.B.
Maverick on intuit.com
Steps in Selling a Product or Service
7-step sales process
1. Prospecting
The first of the seven steps in the sales process
is prospecting. In this stage, you find potential
customers and determine whether they have a need
for your product or service—and whether they can
afford what you offer. Evaluating whether the
customers need your product or service and can
afford it is known as qualifying.
2. Preparation
The second stage has you in preparation for initial
contact with a potential customer, researching the
market and collecting all relevant information
regarding your product or service. At this point, you
develop your sales presentation and tailor it to
your potential client’s particular needs.
3. Approach
In the approach stage, you make first contact with
your client. Sometimes this is a face-to-face
meeting, sometimes it’s over the phone. There are
three common approach methods.
 Premium approach: Presenting your
potential client with a gift at the beginning
of your interaction
 Question approach: Asking a question to
get the prospect interested
  Product approach: Giving the prospect a
sample or a free trial to review and
evaluate your service
4. Presentation
In the presentation phase, you actively demonstrate
how your product or service meets the needs of
your potential customer. The word presentation
implies using PowerPoint and giving a salesy spiel,
but it doesn’t always have to be that way—you
should actively listen to your customer’s needs and
then act and react accordingly.
5. Handling objections
Perhaps the most underrated of the seven steps of
a sales process is handling objections. This is where
you listen to your prospect’s concerns and address
them. It’s also where many unsuccessful salespeople
drop out of the process—44% of salespeople
abandoning pursuit after one rejection, 22% after
two rejections, 14% after three, and 12% after
four, even though 80% of sales require at least five
follow-ups to convert. Successfully handling
objections and alleviating concerns separates good
salespeople from bad and great from good.
6. Closing
In the closing stage, you get the decision from the
client to move forward. Depending on your
business, you might try one of these three closing
techniques.
 Alternative choice close: Assuming the sale
and offering the prospect a choice, where
both options close the sale—for example,
“Will you be paying the whole fee up front
or in installments?” or “Will that be cash or
charge?”
 Extra inducement close: Offering
something extra to get the prospect to
close, such as a free month of service or a
discount
 Standing room only close: Creating
urgency by expressing that time is of the
essence—for example, “The price will be
going up after this month” or “We only
have six spots left”
7. Follow-up
Once you have closed the sale, your job is not
done. The follow-up stage keeps you in contact with
customers you have closed, not only for potential
repeat business but for referrals as well. And since
retaining current customers is six to seven times less
costly than acquiring new ones, maintaining
relationships is key.
ADD INFORMATION FROM SIR BRYAN
At the end of this module the student should be
able to:
1. Implement marketing plans and strategies.
2. Sell the product or service to the primary and
the secondary target market. 3. Manifest an
understanding of starting and operating a simple
business.
Marketing Implementation - is the process of
executing the marketing strategy by creating and
performing specific actions that will ensure the
achievement of the firm’s marketing objectives.
Preparing a marketing plan and Implementing
 a marketing plan are two different
disciplines.
Preparing a Marketing plan
 Is a research based, very technical and
focused on coming up with a methodical
marketing plan
Implementing a Marketing plan
 Is strategy and tactics-based, needs
manpower to execute and is result-
oriented. Is an interactive process and does
not end after one round, it changes and
adapts to the internal and external factors
affecting the product or service
STEPS OF MARKETING PLAN IMPLEMENTATION
1. Divide the marketing plan into small
manageable pieces and manageable time
lines.
2. Explain and delegate the marketing tasks
to assigned individuals
3. Keep the communication line open
4. Monitor accomplishments and progress
5. Open yourself to relevant ideas of your
marketing team
6. Adapt to the internal and external factors
that affect the marketing function
7. Incorporate incentives and penalties for
motivation
8. Analyze and interpret the results
ACTUAL SELLING OF PRODUCT OR SERVICE
The first objective of a marketing strategy is
usually to create awareness. But the ultimate
objective of any marketing strategy is for the
product or service to be sold because this is where
the revenue comes in. Awareness cannot be
translated to peso value but sales can be.
VARIOUS SELLING STRATEGIES THAT
ENTREPRENEURS USE WHEN YOU SELL YOUR
ACTUAL PRODUCT OR SERVICE.
1. Cold calls - this is a selling strategy
whereby the seller calls a random person
who has no relationship with the business
yet but is considered as a potential
customer.
2. Consultative selling - is a dialog process
between the buyer and the seller as to how
the buyer’s problems or pain points can be
addressed by the product or service of the
seller.
3. Direct selling - this is a selling strategy that
is common in the Philippines. It is where an
independent direct seller goes directly to
the customer’s house or office and presents
his or her products for sale.
4. Persuasive selling - this is often associated
with being pushy, but persuasive selling is
different in such a way that it is selling with
subtlety. This is positioning the product or
service as rare, limited or recommended by
experts
STEPS IN SELLING A PRODUCT OR SERVICE
1. Find prospects
2. Sell credibly to your primary target market
(sales presentation)
4 TYPES OF SALES PRESENTATION
1. Stimulus response - offering the customer
 a compelling proposition that triggers them
to initiate purchase.
2. Formula selling - follows a standardized
selling approach or based on a formula
3. Canned presentation - is a sales
presentation memorized by the presenter
4. Need presentation - is a question and
answer presentation with the aim of
understanding the exact needs and wants
of the customers.
3. Manage customers’ inquiries and objections
4. Close the sale
5. Develop a long-lasting relationship with
customers
ELEMENTS OF MARKETING IMPLEMENTATION
1. Shared goals & values
2. Marketing structure
3. Systems & processes
4. Resources
5. People
6. Leadership
● Shared Goals and Values
 all employees within the firm are the
“glue” of successful implementation
because they bind the entire organization
together as a single functioning unit.
● Marketing Structure
 refers to the methods of organizing a
firm’s marketing activities. It establishes
formal lines of authority, as well as the
division of labor within the marketing
function.
STRUCTURES OF MARKETING
1. Centralized Marketing Structures - very
cost efficient and effective in ensuring
standardization within the marketing
program.
2. Decentralized Marketing Structures -
means that frontline marketing managers
have the responsibility of making day-to-
day marketing decisions. The frontline
managers can be creative and flexible,
allowing them to adapt to changing
market conditions.
● Systems and Processes
 are collections of work activities that
absorb a variety of inputs to create
information and communication outputs that
ensure the consistent day-to-day operation
of the firm
● Resources
 a firm’s resources can include a wide
variety of assets that can be brought
together during marketing implementation.
Tangible Resources it includes financial resources,
manufacturing capacity, facilities and equipment
Intangible Resources it includes marketing
expertise, customer loyalty, brand equity, corporate
goodwill, and external relationships.
● People (Human Resources)
 the quality, diversity and skill of a firm’s
human resources can also make or break
the implementation of the marketing
strategy.
Importance of Human Resources to Marketing
Implementation
1. Employee Selection and Training
2. Employee Evaluation and Compensation
3. Employee Motivation, Satisfaction and
Commitment
● Leadership
 called the art of managing people-
includes how managers communicate with
employees, as well as how they motivate
their people to implement the marketing
strategy.
Internal Marketing
 refers to the use of a marketing- like
approach to motivate, coordinate and
integrate employees toward the
implementation of the firm’s marketing
strategy. - is the process of motivating and
empowering the employees of a company
to work as a team for the overall
wellbeing of the customers and thereby the
company itself.
The goal of internal marketing is to align every
aspect of a company’s internal operation to ensure
they are as capable as possible of providing value
to customers. If a company can operate in a
coordinated and standardized way, that company
can provide a more consistent experience to their
customers.
GOALS OF INTERNAL MARKETING
1. Help all employees understand and accept
their roles in implementing the marketing
strategy. 2. Create motivated and
customer-oriented employees
2. Deliver external customer satisfaction
PRIMARY AND SECONDARY TARGET MARKETS
Target market
- is defined in simple terms as a group comprising
the customers that a company, organization or
business aims its products and marketing efforts
towards.
CLASSIFICATION OF TARGET MARKET
1. Primary Target Market - is defined as a
segment of the marketplace that it believes can let
it sell its products and services. Quite often primary
target markets include the group of customers who
are capable of buying a product from the business
directly
2. Secondary Target Market -This refers to the
segment of the market that a company would wish
to target after the primary target market.
In other words, these segments of the marketplace
come in second after the primary target market.
Secondary target markets are normally very small
that if the business puts too much hope in it then the
business can get dented. Several strategies are
used to identify a viable secondary target market
(Hiebing et al, 2012). For example, the marketing
department can conduct a marketing research or
determine the relationship with the primary target
market. Again, for General Motors the range of
products that the company offers defines its big
array of secondary target markets. Most often the
secondary target for the company include the
upcoming auto-industries such as the Honda,
potential customers

SMART SELLING & EFFECTIVE
CUSTOMER SERVICE
Principles of selling
- These are foundational concepts that
influence your sales perspective and point-
of-view. You can think of them as ground
rules to adapt in order to improve your
results and habits.
- Sales principles are foundational concepts
that influence your sales perspective and
point-of-view.
- It is a constant source of valuable market
research.
There are 11 steps on Principle of selling
● Make a good personal impression
● Know your product or service
● Believe in your product or service
● Know your field
● Know your customers
● Prepare your sales presentation
● Think positively
● Keep good records
● Make no truly “cold calls”
● Make an appointment
● Treat everyone you sell like gold
Sales Calls
-is an appointment with a potential to explain or
demonstrate your product or service.
- A sales call is a conversation between a
salesperson and a prospect about the purchase of
a product or service. These calls — most often
conducted either in-person or via video — involve
multiple parts, including initial agenda-setting by
the rep, the product pitch, a demo, prospect
objections and rep responses, negotiation, and
outlining of next steps.
During the sales calls, you will want to do the ff:
● Make the customer aware of the product or
service
● Make the customer want to buy of the
product or service
● Make customer want to buy it from you
E-mail, blogs & Social Networks
- Sending email or posting messages to social
networks or blogs can help contact sales
prospects and keep in touch with customers
you already have.
- But most users do not appreciate receiving
unwanted advertisements, called spam, and
respondents may respond angrily.
- Make an appointment for any sales calls
through social networks.
THE 8 STEPS OF SALES CALL
● Preparation
● Greeting
● Showing the product or service
● Listening to the customer
● Dealing with objections
● Closing the sale
● Follow up
● Asking for referrals
Multiple Methods for Communicating with sales
prospects
1. Electronic Mail
2. Blogs
3. Social Networks
SPAM - is electronic junk mail or junk newsgroup
postings. Some people define spam even more
generally as any unsolicited email. ... Real spam is
generally email advertising for some product sent
to a mailing list or newsgroup.
 Unwanted internet advertisements or e-
mails.
LURK - reading messages and getting a feel for
discussions on a Web site, newsgroup without
participating in the online conversation.
Prequalify Your Sales Calls
Prospect - a person or organization that may be
receptive to a sales pitch. Before calling to make
an appointment for any sales call, identify and list
your prospects, the people and/or organizations
that may be receptive to your sales pitch.
INCLUDE EVERYONE YOU CAN IMAGINE, BUT
THEN GO THROUGH IT CAREFULLY AND ASK:
● Is this individual in my market?
● Does he or she need it in my market?
● Will my product remove a problem or improve
the individual’s life?
● Can he or she afford it?
Focus on the Customer
 during each call, focus on one thought;
What does this customer need? Visualize
your product or service fulfilling that need.
Customer service - is the direct one-on-one
interaction between a consumer making a purchase
and a representative of the company that is selling
it.
 everything a business does to keep the
customer happy.
Sales person
- a person whose job is to sell a product or
service in a given territory, in a store, or by
telephone.
- The salesperson is responsible for greeting
customers, helping them find items in the
store, and ringing up purchases. To be
successful as a salesperson you must have
excellent communication skills. A good
salesperson meets sales objectives while
remaining polite and helpful to customers.
3 BEHAVIORS OF SUCCESSFUL SALESPERSON
● Let the customer talk more than you do
● Ask the right questions
● Wait to offer products and solutions until
later in the call
SOME SUGGESTIONS THAT MAY WORK FOR
YOUR BUSINESS
1. Know your customers by name
2. Deliver the product or service on time,
 every time
3. Help customers carry their purchases to
their vehicles
4. Suggest a less expensive product.
5. Provide a full refund to any customer who is
dissatisfied
6. Take time to listen politely and with
empathy to complaints
7. Provide a toll-free customer assistance
phone line that is easy to use.
8. Offer product or service information of
interest to customers in a nonthreatening
manner.
THE COSTS OF LOSING A CUSTOMER
There will be times when a customer may get angry
at you, complain or make demands that you
believe are unreasonable.
4 MAIN COSTS OF LOSING A CUSTOMER
1. Loss of current sales
2. Loss of jobs
3. Loss of reputation
4. Loss of future business
CUSTOMER COMPLAINTS ARE VALUABLE
● Always acknowledge complaints and criticism
and deal with them
● Do not overreact to negative comments and
above all, do not take them personally.
● Always tell the truth about any negative aspect
of your product or service.
Customer Relationship Management (CRM)
 is a company wide policy, practices and
processes a business uses with its customers
to generate maximum customer satisfaction
and optimal profitability.
 CRM affirms that customer service is an
aspect of marketing.
GOLDEN RULES FOR SMALL BUSINESSES WITH
RESPECT TO CRM
1. Put the customer first
2. Stay close to your customers
3. Pay attention to the details
COMPONENTS OF CRM FOR THE SMALL
BUSINESS
1. Conduct your own survey
2. Check employees telephone manners
periodically
3. Emphasize the importance of rules such as
prompt answering and a cheerful attitude
of helpfulness
4. Make customer service a team effort
5. Extend your efforts after hours
HOW TECHNOLOGY SUPPORTS CRM?
Database - a collection of information that is
generally stored on a computer and organized for
sorting and searching.
● The general conception of CRM is that
technology can be used to build and maintain
customer relationships.
● Certainly, as noted, the use of computer
technology can have a significant role in CRM, but
the system should be inclusive of all forms of
relationship management from: - greeting a
customer on the phone
 in person, or even on the homepage of your
Web site
 use of sophisticated software systems.
● Create a database on your computer to collect
any information you obtain from customers.
● Your database should include every customer
you have ever had, as well potential ones.
● The database should include contact information
 name, email add, phone and fax numbers
and mailing address
 pertinent personal information (b-days,
family hobbies and membership) - purchase
and payment history
Customer complaints
 are pieces of feedback that point out
problems with your company's product or
services. These are opportunities for your
business to improve its internal processes
and create a better customer experience.
 Customer complaints can be defined as the
expression of customer expectations that
have not been met in what business
promises in terms of the product or services.
8 TYPES OF CUSTOMER COMPLAINTS
● Long wait on hold
- If your team works in a call center,
Average Time on Hold (ATH) is one
of your most important call center
metrics. Customers want fast answers
and can't afford to spend their
afternoon with a phone glued to
their ear.
● Unavailable or Out of Stock Product
- It's usually a good sign when a
product goes out of stock, but if it
stays out of stock, customers can
become impatient for its return.
● Repeating the Customer's Problem
- Customers hate repeating their
problems to your reps. This happens
when they're either transferred to
new reps or dealing with an agent
who isn't paying close attention.
● Uninterested Service Rep
- Whether it's their tone, personality,
or even just the time of day, some
customers simply won't get along
with your customer service reps
● Poor Product or Service
- When your product breaks, you can
expect the customer to complain. In
some cases, the product isn't broken,
rather, the customer doesn't
understand how to use it.
● No first Call Resolution
- When customers call your service
team, they expect their issue to be
resolved after the first call.
● Lack of Follow up
- When you do have to follow up on
a case, customers will often have
different expectations for follow-up
communication. Some customers will
 expect an ongoing chain of updates
while others will be more patient.
● New Product Or Feature Request
- this one isn't necessarily a complaint
but is something that customer
service teams encounter on a daily
basis.

Loss of customer
- A lost customer means lost feedback and no
opportunity to improve.
It can Cost of losing a customer:
● Loss of money
● Loss of jobs
● Loss of reputation
● Lost of future business