Sales or Marketing?
The Key to Sustainable Business Growth
A World of Opportunity
Despite continuing uncertainty in world politics and economics, there has never been a more exciting time to be a business owner. Indeed, perhaps the backdrop of uncertainty acts as motivating factor for people who want to gain autonomy over their lives.
Furthermore, the evolution of technology is opening up new possibilities, as well as cutting down the costs of market entry. The result is seeing the launch of new, dynamic businesses that are breaking into new market areas.
Whereas the choice for consumers is now wider than ever before, all ambitious business owners want the same thing – business growth.
But in order to achieve sustainable business growth, you need to have a bespoke, considered strategy in place.
The Cornerstones of Business
Sales and marketing are the cornerstones on which any business is built. However, there are many different approaches; the right strategy for your business depends on numerous different factors. For example, how long has the business been established? What products or services do you offer? What are the routes to purchase?
In order to grow your business effectively you need to find the right sales and marketing strategy.
Understanding Sales and Marketing
Growth strategies should use sales and marketing together to work in harmony. However, the terms are commonly misunderstood, with people frequently struggling to distinguish between the two. Understanding the difference is crucial.
Sales is generally considered in the short-term. It is very target-focused, with success being measured through conversion rates – i.e. how many enquiries or sales prospects led to a sale? Salespeople often target a very specific demographic or business type at any given time.
Marketing considers brand and product awareness over the longer term. Marketing departments are concerned with raising the credibility and visibility of a brand. Through surveys, they measure what people know about a brand and how they feel about it.
Improving brand value over the long term naturally leads to enhanced sales.
Developing a Bespoke Growth Solution
How can you develop a coherent growth strategy for your business? Here’s our guide to success:
Analyse the Facts
Consider your business’ current situation. Analyse the monetary aspects as well as the current perceived value of your brand. Look at the current delivery of your product or services and the different routes to market.
Then, consider the future: what is your long-term vision and what are short-term goals are needed to deliver that vision?
Ensure your goals are created using the SMART technique (Specific, Measurable, Achievable, Relevant and Time-bound.
After you’ve set your goals, you need to start planning…
Developing a Growth Strategy
What do you need to do to reach your initial goals? It’s important to make sure different outcomes have been considered, and that your plan remains flexible; you’ll need to regularly adapt to different circumstances. Make sure you consider your longer-term visions and goals here too.
Measuring and Monitoring
How will you ensure your plan stays on track? Implement effective measures to monitor progress from the outset; doing so gives you the information you need to maximise the opportunity for success.
If you don’t measure, how can you know how effective your strategy is?
In summary, by implementing a coherent and well-considered growth strategy, your business will be well on the way to achieving sustainable success.
Charlesworth Business Growth Services can help you and your business towards the success it deserves. Click here to find out more.