Sales and marketing management plays a very pivotal role in successful business outcomes. The three interrelated key functions of marketing management are sales maximization, profit maximization and business growth.
Importance of Sales and Marketing management
Sales and Marketing management begins with developing the right products, setting the optimal prices and distributing in the right locations. It also encompasses customer service, marketing messaging and other selling efforts. Marketing professionals should add to their knowledge repository by enrolling in cutting edge marketing courses online.
The key functions of Sales and Marketing management are:
Market research is the preliminary stage in product development. This is done to assess the possible demand and growth prospects in the market. Marketing research can measure the attitude of buyers, expected market size, client preferences, product features and acceptable pricing.
Product, Promotion, Price and Place are the key functions of marketing management. The qualitative aspect of sales and marketing management concentrates on consumer perception, opinion and attitudes on a specific product or service.
Improvement in Process efficiency
Determining the best leads is a crucial factor in enhancing business sales. Converting those who are interested to buy the services/products leads to improving the sale process efficiency. Ensuring a constant flow in the sales process is a key function of sales management.
Utilizing a software solution to automate specific tasks like sending e-mails will ensure a smooth workflow and build customer relationships.
Product development and management
Next comes the making of the product. The right raw materials, fabrication and making of prototypes are critical details that need to be planned out with the manufacturing units. A key function of marketing management is good inventory management.
The product development encompasses the Product Life Cycle (PLC) which includes product development to product saturation. Marketing management should ensure the extension of PLC through advertising and value addition to products to alter the client’s perception levels.
Sales and Distribution
The pivotal aspect of the business process is sales and distribution. Marketing management techniques should ensure that the products reach the intended markets through robust distribution channels like regional distributors, retailers and wholesalers. This step is vital to make consumers buy and consume the product. Instances of too much advertising and suboptimal distribution processes should be avoided by the marketing management team.
Monitoring performance of Sales teams through dashboard reports
Reports production is essential to understand the levels of progress. Congratulate the team members who’ve exceeded the expectations and re-train those who are finding it difficult to keep up the pace. Always make use of dashboard reports to access the complete information on the sales representative’s location and the products that are being sold. This will be helpful to justify your decisions to the top management.
The Bottom line
The key function of the marketing management team is to make better financial decisions and improve staff quality. Proper utilization of information should be done to derive the best results from your team members. The sales and management team can take the lead in strategy formulation to boost sales and achieve business growth.