My Marketing vs Selling - The Basics article was more of a dictionary explanation of what they are and what they do.
Today we'll discuss something that I have hardly seen anyone discuss, let alone teach.
I am a big fan of Rich Schefren, from Strategic Profits. When I think online marketing, he is the research guy, focusing on processes and business development - and not the guy who is selling the next shiny software tool. He is the one who talk about this 10x difference between marketing and selling in his blog post - The Most Powerful, Overlooked Marketing Strategy On Earth
Rich quotes Peter Drucker to explain what marketings purpose should be, and it says...
The goal of marketing is to make selling superfluous. Peter Drucker
To put it another way, the goal of marketing per Peter Drucker is to get rid of selling - make it unnecessary.
Well, how do you do that? and has anyone done it successful?
The example, that often everyone gives when it comes to amazing marketing is Apple, and Rich just highlighted the same in one of his webinars.
When you go to Apple store... Is anyone Selling?
When you go to Apple store... are you ready to buy?
Marketing is creating demand by helping prospects value what we offer so much... that they want to buy. Rich Schefren
Now, that you understand what marketing should be, its important to understand who you are marketing to.
One of the statistics you see going around in sales and marketing is the 3% who are ready to buy.
At any given time, 3% of your market is ready to buy, and the rest of the 97% is at different states.
Rich uses these stats to break down the market in his blog.
What's important to realize here is that your market is at varying stages of 'buying' cycle, some are ready to buy, a few are looking to buy, some are interested and a majority don't even know they have a problem let alone know of a solution.
So, as a marketer -
If you group those who are "ready to buy" and "looking to buy" and put them in one bucket - lets say they add up to 10% of the market.
This 10% has
- Already done research
- Already made up their mind
- Are hardest to convince and most importantly
- Are most expensive to reach as everyone is focusing on them.
The rest of the market is your 90%,
- The undecided
- The unaware
- Easy to reach
- Least expensive to market to
This 90% if targeted properly can 10x your business and hence can make the 10x difference between Sales and Marketing.