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Why MARKETING is so important? Because it's the first step which everyone has to take to setup, run and grow any business. Even if you have the world's most useful product/service with you, and do not know how to make it available to those who need that and has the ability and willingness to pay for that- you cannot setup a business.

MARKETING is the backbone of every business that's why there are so many Educational institutes imparting specialized knowledge on this concept and richest people in the world are those who know what to sell, how to sell and why should they sell what they want to sell.

Marketing concept I have divided into following segments:

PROSPECTING is the backbone of MARKETING.

• Identify who are your real prospects based on their requirements, preferences, location, buying habits and their ability to pay for your products/services.
• When you are a start up - do not spend too much on advertising and promotions, start small get settled and understand the game better before you play this game like biggies.
• Innovate-innovate-innovate the ways of finding and approaching your target prospects at cheapest possible cost. Stay ethical or you will not be able to stay in this game for long.

SELLING includes the steps/actions taken by your sales person to close the deal with a prospective customer or an existing customer. What are the key things to take care of:

• Selling happens when there is a buyer. There has to be visible or latent demand for your product or service. Do your market research before you start any business.
• You should not sell a product/service which you yourself would not like to own.
• You should be passionately in love with your products/services - so that you always yearn to know more and more about its past/present/future. In other words - You should know your product inside/out so that you can answer any questions on that in a professional manner.
• Your products/services should be useful for its owner and should satisfy at least one of the following needs/wants:
• Basic Necessities - Example: Food, Water and Fresh Air (May be we will get to see Fresher Air being sold at Walmart stores in next few decades)
• Entertainment - Example: Multiplexes, Movies, Video Games etc
• Health Improvement - Example: Exercising Equipments
• Time Saving - Example: Motor Vehicle and Internet
• Money Saving - Example: Domestic/Industrial Machinery (aimed at reducing human labor) and Online Shopping, Emails, VOIP
• Productivity Improvement - Example: Mechanical and Technical Devices/Softwares
• Self-Improvement - Example: Education, Books
• Life Saving - Example: Medicines and Medical Equipments
• Personal Safety - Example: Air Bag System in cars, Ammunition,
• Future Security - Example: Insurance
• Self Branding - Example: 'Luxury' items
• Peace Of Mind - Meditation related products/services

Definition of selling says: "Selling is offering to exchange something of value for something else, with an objective to benefit seller and buyer both".

Let me give you the key sub-parts of Selling:

• "Selling is offering" - Seller should offer its products/services. Seller should not persuade/hypnotize/extortionate the other person to buy his/her product.
• "To Exchange" - There has to be exchange of goods/services between Seller and Buyer. If one person is receiving a product/service without giving away something back to the other person - this is not sale.
• "Something of value" - Goods/Services being exchanged should be of some value to the Seller and Buyer both.
• "For something else" - This is already explained above - there has to be two way exchange of products/services
• "With an objective to benefit seller and buyer both" - The product or service on sale should benefit the buyer enough to make him give away his money happily for the benefits he is going to receive. This is most important part of making a sale - which mostly all sales person and marketing professionals ignore. Other way round - Sale do not happen if the Seller is not getting the equivalent amount of value in return for his product or service on sale. Only those companies survive in the long run who concentrate on their customer satisfaction. Mostly Buyers are not satisfied with their present Suppliers/Sellers.

There are two ways to overcome this problem:

• Segmentation - Your target market should be capable of paying you for your product or service.
• Reduce your costs and make your product or service available to your present target market while keeping your costs lower than your sales price.

DELIVERING includes steps/actions taken by the client servicing department, production department, finance department, distribution channels, technical department to make sure your company is delivering what was promised by sales department.

SURVIVING includes steps/actions taken by finance department and research & development department to develop better products at cheaper cost; At the same time develop new products having visible or latent demand in the market i.e. new products which can make life of your target customers better or can satisfy their wants for higher standard of living.

BRAND BUILDING - includes the steps, which affects a larger number of things like - company marketing strategy, company work culture in different departments, innovation and after sales services.

Brand is like your company's report card and on this report card your score grows with every satisfied customer you have.

Brand means trust which makes:

• your existing customers place repeat orders with you
• your existing customers refer your company to their friends, family, associates etc
• your prospects buy from you on the basis of their past track record

Enjoy selling - its really an interesting and self satisfying job. To end this article I would like to share with you my thoughts on - "Who should be in the profession of selling?" Please take a notice - it's a Profession which requires skills which are inborn and or can be acquired through proper training and education.

Who should be in the profession of selling?

• Who loves to interact with new people and is genuinely interested in delivering value to its customers.
• Who is disciplined and can meet its commitments made to himself, his customers and his family.
• Who is interested in working 1 extra hour every day.
• Who is good at time management.
• Who knows how to delegate - not so productive tasks to his subordinates. So that he can concentrate on acquiring more knowledge and skills to give better presentation in next meeting with his prospect.
• Who has a good personality and conversational skills and ample knowledge about his products and services.
• Who does not forget to ask the golden question - "Would you like to buy with us?" It's important that you ask the prospect if he would like to place an order with you. This will make him tell you, what he feels about your offerings. If he says YES - then BINGO!!! You got the sale. In case the reply is not affirmative, then you are getting a chance to ask your prospect - "I am happy, you shared your honest thoughts with me - would you please do me a favor by telling me what is making you to not to place an order with us - this feedback will be helpful to my company in improving our product/service."
  
  Here you are getting a chance to answer his remaining questions and you are getting a chance to clarify his doubts.
  
  After you answer his remaining questions and doubts, you can ask golden question again.

Enjoy Marketing!!!

Regards
Manish Bhalla
Date: 2nd July, 2010