January 30, 2015

How to get prospects for sales?

One of the many challenges which a sales guy faces is getting the right prospects for his products or services. Thus, many sales guys are found asking how to get prospects for sales? There is a subtle difference between a suspect and a prospect. A suspect is a customer who can buy the product. The prospect is a customer who is more likely to buy the product or the service. For example –  If you are working with a company, you are a suspect for buying a house. But if you have the earnings and you are looking for homes currently, then you are a prospect, because you are more likely to purchase the house.

When you have good prospects, sales becomes easier because you have leads which are likely to convert and give you good sales figures. Thus, the challenge of the sales guy is to find the right prospects. The below mentioned 6 sources are the best ones to get prospects for sales guys.

Get prospects through references

1) Get leads from existing customers –  The top sales people use this tactic to get the maximum sales. There are two main reasons that using a reference from existing customers really works towards prospecting. One reason is that the existing customer might already be satisfied with your product, in which case he is likely to refer you to others who are also in need of the product (you directly get hot prospects). The other reason is that a reference generates trusts in the person who has been referred. Thus, if you show the example of the existing customer to the new referral, you will get the conversion easily. Getting references from existing customers is an excellent idea to get good prospects. [Read more…]

Marketing mix of Parle G

Marketing mix of Parle G

Parle G is one of the most trusted names amongst Indian brands. According to a recent poll, the company is one of the largest manufacturers and sellers of biscuits. Its parent company Parle Products was established in the year1929 and the company started the manufacturing of biscuits in the year 1939. After independence, ads were launched to project Parle G as an alternative to biscuits made by the British companies. [Read more…]

The blogging cycle and the process of blogging

Blogging cycle

There are many actions which are involved in blogging and which bloggers have to do repeatedly to reach the top. However, if you look closely, blogging is just like any other factory doing its business. You manufacture content, and then you market it to your readers. You keep manufacturing and marketing simultaneously. You will have new readers as well as old readers. So, like the manufacturing cycle, what if we were to make a blogging cycle? What would it look like and what would be the steps? Lets discuss. [Read more…]

How bad managers cause the right companies to fail?

Bad managers

Yours is a top of the line company, with a top of the line product. However, even after having a strong marketing mix, your company fails to really take off. Is that a problem in the company or in the employees themselves? Or is it a problem of lack of leadership and ownership in the company? The last one – Bad leadership or Bad management is one of the subtle reasons for the failure of the organization or the product. [Read more…]

12 hilarious jokes on customer service

1) Customer service jokes 1

[Read more…]

People in the marketing mix

People in the marketing mix

Though added later to the marketing mix, People are one of the most important elements ever of the marketing mix today. This is mainly because of the phenomenal rise of the services industry. Even products are being sold through retail outlets today. And if the retail outlets are not handled with the right people, the product will not be sold. Thus, the right people are important in product as well as service marketing mix in the current marketing scenario. [Read more…]

Geographic segmentation – Segmenting by geography

Geographic segmentation

One of the most basic forms of market segmentation, Geographic segmentation divides the market based on the units of geography –  such as location, languages used and other such basic elements which separate one geography from the other. For example –  The UK and the USA are both very different markets, with different values, attitudes and lifestyle. Thus, the segmentation for both these countries need to be different. Similarly, the differentiation can be done on regional basis, because one region might contain A grade customers (urban areas) whereas another region might contain average customers (rural or town areas). Thus, geographic segmentation devises the marketing mix based on the geography which the company is going to target. [Read more…]

Cost plus pricing

Cost plus pricing

In some previous articles we were talking about competitive pricing as a well known pricing strategy. In this article, we are going to speak about another very popular pricing strategy, known as the cost plus pricing or mark up pricing as it involves calculating the cost of the product and adding a percentage of the cost as mark up.

The basics of cost plus pricing strategy is that it sets prices for either products/services, which covers the cost of production and it provides sufficient profit margin for the firm to reach its target rate of return. In other words, the company decides the margins that it wants from the product, and then adds the margin on top of the cost to come to a selling value. Thus, the mark up pricing or cost plus pricing method can provide the company with an overview on how much profit they are going to have. [Read more…]

Primary market research

Primary market researchIn the market research process, secondary market research is the first step which is then followed by Primary market research. Primary market research is a process where in the market research company directly gets in touch with the end customer and asks the necessary questions to collect relevant data. Thus, where secondary research is data collected from different references, primary data is the original data gathered and analysed by the market research firm themselves.  [Read more…]

Top 6 FMCG rivals of all time

FMCG is an industry where the competition goes on for years. There are so many tactics to fight competition in FMCG, that the companies do not back off and from time to time they keep introducing new measures to ward off competitors. Furthermore, this industry is pockmarked with unorganised competition wherein small and medium manufacturers also give tough competition to established companies. Here we discuss the top 6 FMCG rivals of all time, companies which have been in competition with each other for years.

Pepsodent vs Colgate FMCG rivals

No 6) Colgate vs Pepsodent (Tooth Paste) –  One company vs one single product, always at war. Colgate is a complete company with its major focus being dental health. Hence colgate has several times come out with variants like Colgate for sensitive teeth, normal colgate, colgate gel etc. However, whatever innovation it brings, Pepsodent is not far behind. Pepsodent is a strategic business unit of Hindustan unilever ltd and is one of the toughest competitor for Colgate. These two toothpaste brands have always been at loggerheads and the situation does not look like improving in the near future. Where colgate has the brand value, Pepsodent has the powerful distribution suppot of HUL. Because of all other products of HUL, pepsodent reaches even rural areas easily and hence has a high turnover. Off course, there are other products in the toothpaste market, but these two are the toughest competitors amongst them all. [Read more…]