A business may have developed terrific products and put together a supremely talented management team, but ultimately success hinges on persuading significant numbers of customers to select that company’s products or services rather than buying from someone else. Growing a business comes down to the ability to sell. Innovative strategies, a comprehensive understanding of consumer behavior and aggressive communication of the company’s message combine to bring about sales success.
Developing Strategic Vision
One of marketing’s functions is to constantly look for new ways of growing the company’s revenues. Strategic vision means being on the lookout for new opportunities and creating strategies for the company to take advantage of them. The company could discover exciting, emerging markets that it could supply products or services to. Devising ways of selling additional services or products to the customers that a company already has is another way to accelerate growth.
Creating Brand Awareness
For consumers to buy from the company, they first need to know the company exists and what it is selling. Advertising and promotion strategies are formulated to reach as many potential customers as possible and tell them what the company has to offer. To be successful, the company must have a good understanding of what demographic groups are most likely to become customers, and apply marketing expenditures to the media that serve these groups. Repetition is part of creating brand awareness. If the customer sees the communication from the company a number of times, there is a higher chance of making the sale.
Expressing Competitive Advantage
Marketing and communication strategies are designed to position the company as being superior to its competitors. The marketing message must show specific reasons the customer should purchase its products or services. Many times the message presents the benefits of these products or services — how they can solve a customer problem or meet a customer need. Highlighting the shortcomings of competitors is another popular tactic.
Companies use communication strategies to build an image of being a good corporate citizen. Publicizing the company’s charitable activities is one way this is accomplished. The marketing department in a company also tries to find community, regional or national events the company could participate in to generate publicity. Companies purchase sponsorships to sporting events that receive national TV exposure for example. But sponsoring smaller events, such as kids’ local sports leagues, can also be effective.
Informing The Investment Community
Companies send news releases out about milestones reached, such as sales or profits reaching a certain threshold. They also announce major events, such as joint ventures, acquisitions or introductions of new products. Besides creating general awareness about the company, the news releases alert the investment community to what the company is accomplishing. This can result in increased interest in the company’ stock, if it is a public company, or make it easier for potential equity partners to find the company, if the company is private.