Sales is transactions and activities related to the sale of goods or services.
Marketing is the process or technique of promoting and distributing a product or service.
Although marketing management and sales management are very integrated with each other, their results are quite different. Mastering marketing and sales for your business will make it easier for you to manage these 2 areas.
What is Marketing Management?
Marketing deals with the entire period from the production stage to the delivery of the product to the end consumer, sales is the process that aims to make the potential customer buy the product with the strategies and policies determined by the process.
If we consider the pricing, production and advertisement of a product and customer satisfaction as a marketing process, the sales process refers to the processes that will enable the consumer to convince and buy the product.
If we define the differences between marketing and sales more distinctively; marketing keeps track of net profit, while sales keeps track of revenue. Marketing manages the process and is with the product from the product's first stage, while the sales is responsible for the successful turnover of the product in the process. As marketing determines the needs of the customer, it increases the customer interest in the product, the seller serves the product to the customer and meets the needs of the customer.
*** Although we have talked about their differences, marketing and sales should go hand in hand. ***
What is Marketing Management and Its Importance?
Marketing is the key to success in your business. The correct management of your business depends on the successful execution of the marketing process. Marketing management has great importance in facilitating the activities and functions that play a role in the management and distribution of goods or services.
For businesses of any size, small, medium or large, turning these changes into opportunities is only possible with marketing management.
Marketing management has adopted the principle of offering consumers goods and / or services different from their competitors by determining consumer demands and needs through marketing research.
Marketing management has great importance in every sense. Marketing management fulfills tasks such as introducing new and quality products to the market, increasing the production of existing products and reducing costs while doing so.
What is Sales Management?
Sales management; is achieved by managing the sales force of the sales. Sales force is provided by the planning, execution and supervision of sales. To increase their sales power, businesses should provide the most positive feedback to customer needs, make product development continuous, determine the right strategies, and closely follow technology trends, especially today.
Sales has a significant impact on the sustainability of the business, as it is the only activity that generates most of the resources according to the scale of the business.
The goals of sales management are generally divided into two terms as short and long-term goals. Businesses aim to get a share from the market and maintain their share in short-term goals, gain profits and gain new customers with their sales. In long-term goals, gaining loyal customers, providing technological developments and developing products and services with customer feedback are the most important sub-topics of long-term goals.
How to Manage Strategic Sales?
Businesses achieve “strategic management” by seeing or predicting the future, determining strategies for themselves, planning and implementing the plans they have determined. Therefore, the management structure should be very flexible, open to new developments and easily adaptable. Strategic management aims to determine the superiors and weaknesses of the enterprises, evaluate the threats and opportunities in the market. These actions are called SWOT analysis. According to the result of the SWOT analysis, businesses determine various strategies and plans to increase their sales.
When doing strategic sales management, you need to consider your business mission. Existing customers, target audience, customer expectations and behaviors should be thoroughly evaluated.
Sales and Marketing Goals
While sales and marketing management are sometimes grouped separately, their functions are often overlapping. The most important goal of both sales and marketing is to increase sales.
Functions of Sales and Marketing Management:
(i) Sales research and planning.
(ii) Demand generation.
(iii) Sales costs and budget.
(iv) Price fixes.
(v) Development of products.
(vi) Creating sales territories.
(vii) Coordination of sales.
These functions differ from company to company depending on their size and the nature of their products.
Importance of Sales and Marketing Management
Sales management meets the increasing competition and the need for advanced distribution methods to reduce cost and increase profits. Sales management today is the most important function in a business venture.
The situations where Sales and Marketing management is used:
(i) The entry of new products into the market.
(ii) To increase the production of existing products.
(iii) To reduce the cost of selling and distribution.
(iv) Export market.
(v) Improvement in means of transport and communication within and outside the country.
(vi) Increase in per capita income and greater demand for goods by consumers.
The Role of Technology in Sales and Marketing
Today's technology has a key role in sales and marketing. It also facilitates cooperation between the two business units.
An important example of sales and marketing technology is the customer relationship management (CRM) system. A CRM acts as a single source for all customer information. This information helps sales teams better understand how a customer becomes a lead. For example, CRM may contain information about a potential customer's source, such as a trade fair or online advertisement.
In marketing point of view, a CRM helps to track potential customers throughout the sales cycle, and this information provides marketing teams with valuable feedback on which marketing channels are most likely to generate leads, actual sales, or the longest customer retention rate.
If you want to provide an extraordinary experience to your customers in all support and sales channels and easily manage all these processes from a single platform try Infoset free today.