“Show me the money,” said the persuasive Jerry as he tried hard to motivate his new business partners. But was Jerry Maguire marketing or was he selling? Tricky in this case, isn’t it?
Often times, we think we know the difference between Marketing and Sales but the two concepts work very closely across organizations. And yet, in certain organizations they are departments that don’t even communicate with each other without affecting the growth of the business. So what is it? What differentiates the two? Let’s contemplate this question for a moment.
Without Marketing, you would not have leads, or rather; prospects to follow-up with, but yet without a good sales strategy, your conversion rate may upset you.
If we break it down to basics, selling is product focused and is wholly producer driven. Sales are the action part of marketing and functions with a short-term goal in mind – to achieve the market share. The ultimate goal of any sales activity is to maximize profits by maximizing sales. On the other hand, Marketing techniques are based on facts like the customer will prefer to buy a product of superior quality, and this approach acts as the guiding light for the marketing team to understand the customer’s needs, study the market, and analyze the competitor’s position and product.
Fundamental differences between Sales and Marketing
Both Marketing and Sales are largely practiced in the market and still rank as the most popular choices. Let’s discuss some of the key differences between the two –
Marketing is when you do everything to connect with your target audiences and persuade prospects, while the sales process involves doing everything to close the deal and get a contract or agreement signed by your prospect. Both are crucial to the success of a business and no business can function without either of the processes. If you strategically combine both the roles, you are in all likelihood- in for a blood rush!
Your marketing plan should be incorporated with strategies that can be measured to track the prospects and work towards persuading them. On the other hand, the sale process involves interpersonal interaction. It is often done by networking, one-on-one meetings, and cold calls. Think of the whole process like this, your marketing efforts begin the process of moving a potential client or a prospect closer to the sale. If marketing is carried out effectively, the same prospect can seamlessly be moved from the status of a cold lead to a “warm level.”
Seeking Quality Education for the Long-run Play
Marketing is more than simply a function – it is a discipline and a mindset. It is way of envisioning the world that is consumer-centric, ever-evolving, and insight-driven. Similarly, sales are more than surpassing your own activity expectations and quotas. Sales is about focusing on the customer’s needs, persuading them to purchase your product, and having a one-on-one interaction to keep them engaged. However, in reality, no professional is born with these skills. Business schools in today’s age focus on training students with a multi-disciplinary, innovative, and research-based approach to educate and develop the next generation of front-runners.
The Role of B-Schools
Jaipuria Institute of Management – Lucknow, Noida, Jaipur, Indore takes a novel approach to educate students and prepare them for the challenges that the cutthroat Marketing and Sales world might pose.
Jaipuria’s full-time PGDM students are trained with real-life examples and data from companies, government agencies, and non-profits to work on practical problems. PGDM grads with these skills are highly sought after by multinationals in the following sectors – healthcare, technology, banking, and consulting.
The point is- you need to understand the difference before you opt for the area of your specialization or work! Don’t confuse between the two- at any cost.