Reference

https://www.mirror.co/

Readings:

• What is the average marketing budget by industry?https://merehead.com/blog/average-marketing-budget-different-business-areas/
• Transactional selling vs solution selling: How to mix & match strategies.https://blog.close.com/transactional-selling-vs-solution-selling/
• How to Launch a Product, According to HubSpot's Product Marketershttps://blog.hubspot.com/marketing/product-launch-checklist
• Marketing Qualified Lead: Everything You Need to Know About MQLs https://blog.hubspot.com/marketing/definition-marketing-qualified-lead-mql-under-100-sr
• Marketing Simplified chapter seven "Delivering" the excitement of GO Time! Deadlines, priorities, and expectations rule the day.

Comparing Sales and Marketing for Different Industries, Product Launch Budget

Every industry will have its own norms for the sales stages, timing between stages, customer needs, customer benefits, etc.

For example, for a retail vendor such as Target, they are interested in moving customer traffic to their stores to purchase things like C test and mask or other needed health care products. These purchases may take place in a matter of minutes, involve a single buyer (you) and budgeting is simple - you use a credit card to pay for it. Done.

Selling a new multi-million-dollar super-computer system to a major corporation may take place over months or even years, have a long budgeting cycle and will probably involve large numbers of people to evaluate different aspects of the sale. There may be a single ultimate decision maker, but that person will be influenced by many others about how they should make the buying decision.

Two different types of selling environments that require different marketing approaches and budgets.

In this module, we will develop a deeper understanding of the realities associated with marketing and sales for different industry types.

Questions

1. What is the industry your product is in?(the mirror gym exercises )
2. Who is the typical buyer (decision maker) for your industry? Is this a single buyer or will it involve others, such as a procurement committee?
3. What is the typical buying timeframe (cycle) from the time of initial contact with the prospect to the time that they actually make a purchase?
4. How is budgeting done within your industry? Are the products easily purchased such as with a credit card or is there a more involved budgeting, invoicing, payment process involved? Explain your answer in enough detail for us to understand these characteristics.
5. What is the timeframe from the time of product purchase to the time of product delivery? If there is a substantial delay, please explain why?
6. Why is your industry set up this way? Are there some overriding factors that those in the industry adopt accordingly, and, which determine these timeframes?
7. What will determine an MQL for your product? Please tell us why.
8. Marketing costs can be directly impacted by how many steps are in your sales cycle, how complex your product is, and the cost of your marking plan. Consider the following basic questions for this assignment along with anything else from our class material:
   • What is your sales growth target for your product?
   • What is your price product price point or average deal size?
   • Number of Opportunities need to hit sales growth target?
   • How many leads does your team?
   • What is the Win Rate or Conversion Rate estimate? For example, how many leads turn into paying customers over a given period of time based on average sales cycle for your product? If your start with 10 leads and 5 of the become customers your WIN rate is 50%.
   • Sales Cycle Length - How many days does it take for prospects to move through your pipeline?
   • What is your product launch marketing budget request?
9. What are your Critical Success factors for a launch? Please tell us why.