The Four Principles
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Our marketing and sales planning approaches are built around Four Principles of Successful Marketing Planning®. When applied properly, these principles can be used to develop your entire marketing plan or your entire sales plan. You only need translate them into the relevant sections of your plan. For more information on how you can learn to apply the Four Principles process to your marketing and sales planning efforts, please see Training and e-Learning. IntroductionAre you having difficulty finding customers to purchase your product or service? Or, does almost every prospect you talk to have a need for what you’re selling? When you do find a prospect, are you spending a lot of time “convincing” them to buy? Or, do they easily see how you can fulfill their needs? If sales are difficult or time-consuming for you or your sales people, then understanding and applying the Four Principles of Successful Marketing Planning® may make selling easier for you. These requirements apply whether you are selling to consumers or to other businesses. Requirement #1Does your prospect recognize that she has a need or want, if she is a consumer--or a business problem to solve or opportunity to exploit, if she is a business customer? If your prospects clearly recognize their need, want, problem, or opportunity, then you can move on to Requirement #2. Note, though, that it’s not enough that you recognize that your prospect has a need or problem: she must recognize this, as well. If your prospects do not recognize their need or problem, then the first action of your marketing and selling activities is to create or heighten your prospects’ awareness of their need or problem. This requires specific effort on your part, and is typically done through an integrated marketing communications program. It’s far simpler, however, if you can identify a selected group of your potential customers who already recognize their need or problem. This group then becomes your target market segment, and your marketing and selling tasks become easier with this group. You don’t have to create or build their awareness before you can move on to Requirement #2. Requirement #2Is the want/need/problem/opportunity causing your prospect enough pain or the prospect of enough pleasure that she is willing to take action? If your prospect is ready to act to fill her need or solve her business problem, then you can move on to Requirement #3. If your prospect’s need or problem is not strong enough to motivate her to take action, then you must expend more sales and marketing effort to convince her that she will benefit from filling the need or solving the problem. Keep in mind that your prospects probably have several needs or problems, so you must show them the one you can fill or solve is of high enough priority that they should fill it before the others. This again requires specific effort your part, and is another requirement for your integrated marketing communications program. You can save yourself much of this effort, however, if you refine your target market segment to include only those prospects who already recognize their need or problem and who are willing to act on that need or problem. Then you don’t have to educate them before you can move on to Requirement #3. Requirement #3Does your prospect recognize you can fulfill her need or want, or solve her business problem? If so, then your marketing communications program has already done its job, or you have already built good relations with this prospect. You can move on to Requirement #4. If your prospect doesn’t recognize your ability to meet her need or solve her problem, then you must demonstrate to her your ability to do so. This activity should be part of your marketing communications program, and forms the core of your initial selling activities. Your prospect must recognize that you have a solution to her need or problem before she will commit to spending time or resources with you. If you have chosen a target market segment satisfying Requirements #1 and #2, then the bulk of your marketing and sales activities and expenditures can be spent on satisfying Requirement #3 and Requirement #4, below. Once you have educated your prospect on your ability to satisfy her need or solve her problem, you can move on to Requirement #4. Requirement #4Will your prospect pay you to meet her need or solve her business problem? There are two parts to this Requirement: Will your prospect pay? and Will your prospect pay you? Even though your prospect recognizes her need or problem, is motivated to take action, and recognizes you have a solution, she may not be ready or able to pay, or to pay you. You must ensure your prospect has funds budgeted or available to fill this need or solve this problem. You also must ensure you are dealing with the decision-maker. In the case of a family, the husband and wife may make joint decisions, especially on large purchases. In the case of a business, several individuals may comprise the “buying center,” including a purchasing agent, an executive, a financial officer, and possibly others. Once you have determined your prospect’s ability and willingness to pay, you must ensure they are willing to pay you--i.e., they recognize you can fill their need or solve their problem in a way that no other competitor or substitute product can do. They must clearly see greater value in what you have to offer them, and trust you to stand behind your product or service’s ability to meet their need or solve their problem. If your prospect can’t distinguish you from your competitors, doesn’t trust you, or can’t distinguish your product or service from other products or services offered to them, then a portion of your marketing and sales activities must be spent on educating her about your uniqueness and trustworthiness. Of course, uniqueness and trustworthiness must have value to your prospect before she is willing to pay for it. ConclusionEvery firm must satisfy these Four Principles of Successful Marketing Planning®. So, if you are having difficulty finding customers to purchase your product or service, or when you do find a prospect, you are spending a lot of time “convincing” them to buy, consider targeting your prospects to satisfy Requirements #1 and #2. Then, you’ll find that almost every prospect you talk to has a need for what you’re selling. You’ll then be able to concentrate your marketing and sales efforts on satisfying Requirements #3 and #4, to ensure they easily see how you can fulfill their needs better than any of your competitors. The result: shorter sales cycles, higher percentage of prospects converted to customers, and more productive use of your marketing and sales dollars. If you would like to apply the benefits of Four Principles of Successful Marketing Planning® to your marketing and sales planning efforts, see Training and e-Learning for more information. Good selling! |
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