Sales
or Marketing - Which is More Important for Growth?
by Lisa Bromma
Professionals frequently question whether it is better to expand their marketing or expand their sales efforts in order to grow their business. I am constantly asked which one of these methods—marketing or sales—is more important. Like all professionals, I have debated this issue myself. Tools such as marketing collateral, advertising, and PR enable me to brand my business. Having additional sales representatives helps to acquire more business and pay the bills.
Many professionals do not understand the difference between marketing and sales. That is because these two business functions are interrelated.
Marketing is the squeaky wheel that allows you to explain to your customers the product you are offering and your competitive advantage. Marketing activities include public relations, advertising, developing and maintaining your web site, and creating brochures and other marketing materials.
Sales activities are those direct actions taken to secure customer orders. They include submitting proposals and estimates, in person or on-phone sales calls, e-commerce on your web site, trade show presence, etc.
Most professionals try to do both. The problem is that people who are good in marketing usually can't sell, and the best sales people—those who can close the deal with the customer—are often terrible at marketing.
With limited budgetary resources and limited staff to execute our business plan, do we increase the marketing or find qualified sales staff? What is a good solution?
First, recognize you need BOTH marketing and sales to run a successful business. Second, outsource to a good marketing person who will work for you as a consultant, or offer a base salary plus a commission structure to a good sales person. There are many strong commission-based sales people looking for work as a result of the mortgage industry nightmare.
Solve the problem of increasing both your marketing and sales efforts, and watch your business grow.
Lisa
Bromma has been a real estate
investor since 1978, a note investor since 1998 and has worked with
some of the top
private mortgage institutional
buyers. She is President of The Entrust Group, the nation’s largest
network of self-directed IRA administrators, and the author of Real
Estate Investing for the Utterly Confused, and Wise Women Invest
in Real Estate.
Visit her websites at www.wisewomeninvestor.com and www.theentrustgroup.com.