FIMM-Diffrence S&M.pdfsdfhjkl;kjbvr

7/27/2019 FIMM-Diffrence S&M.pdfsdfhjkl;kjbvr

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CopyRight Protected by CTL Busisness

Solutions Sdn. Bhd 1

The Difference between

Selling and Marketing

Presented by Mike Lee, CFP,RFPChartered Marketer, Dip. M, MCIM


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Product vs. Service

TANGIBLE

Something you cansee and touch example: Shoes,

Cars, Houses,Computers,

Apparels etc

INTANGIBLE

Something youcannot see and

touch examples:Services relating to

Accounting,Taxation,

Management


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Product vs. ServiceTANGIBLE

Shoes

Cars

HousesComputers

Apparels

Food, Drinks

FEATURES

Separable

Returnable

Perishable

Warranties

Not Heterogeneous

Less Perceivable Risk

Evaluation before buying

Competition within location


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Product vs. ServiceINTANGIBLE

Accounting

Taxation

Management

Airline Service

Advertising

FEATURESNot Separable

Not Returnable

Not Perishable

No WarrantiesHeterogeneous

Greater Perceivable Risk

Evaluation after buyingCompetition in differentlocation


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What about these?(Are they products or services?)

Fast Food Business

Laundry Business

Petrol Stations

Cinema, Astro, Playboy Magazine?

Unit Trust

InsuranceFinancial Planning


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What is Selling?

SELLING is a process oftransferring a product or

service to a buyer at a priceregardless of his or her need


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What is Marketing?

MARKETING is a process oftransferring a product or

service to a buyer at acompetitive price in order tosatisfy his or her need


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Selling vs. Marketing

SELLING

Sells what the

producer has and

need not necessarybe a product orservice that the

Buyer wants

MARKETING

Markets a product orservice that meetsthe needs of theBuyer and is not

what the producer

has to sell


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Selling vs. Marketing

SELLING

Focus on the needsof the Producer

example, selling allthe funds of a fundhouse because they

are available.

MARKETING

Focus on the needsof the Buyer

example, a growthfund for childeducation or

income fund for aretirement plan


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Selling vs. MarketingTACTICS

Selling makes use ofshort-term tactics

to get sales

examples are freegifts, discounts,

rebates, bribes, etc.

STRATEGIES

Marketing makes

use of long-termstrategies to get

sales examples,value-added

service, customer

education, meetingobjectives


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Marketing ConceptsTraditional vs. Modern Approach

The Traditional Ps

1. Product

2. Price

3. Place

4. Promotion

5. People

6. Process 7. Physical Evidence

The Modern Cs 1. Customer Benefits

2. Customer Values

3. Convenience &

Channels 4. Communications

5. CustomerPreferences

6. Current Affairs

7. Competencies


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Marketing ConceptsTraditional vs. Modern Approach

The Modern Cs 1. Customer Benefits 2. Customer Values 3. Convenience &

Channels 4. Communications 5. Customer

Preferences

6. Current Affairs 7. Competencies

Rationale1. Meeting Objectives2. Add Values not costs3. Business can be done

anywhere4. Keep Clients informed5. Do Asset Allocation to

balance risk-return6. Education and sharing7. How are you

Different?


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How the benchmark has moved

Previously -The Cs

Career

Cash

Credit Cards

Car

Condominium

Now -The Ps

Professional

Plentiful Cash

Platinum Card

Porsche

Penthouse


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Marketing Tip 1 for Success

Market Creation

or Development

(find out where themoney is and focus on

that sector)

What are you good at cash or EPF, individual

or corporate, city orindustrial or kampong?

Create a categorywhere you are good

at your nichemarket.

If you fail, shift yourbattle ground and

fight where you are

strongest.


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Dont Try to Be

Better, Try to beDifferent!

Not all products arecreated equal so

are consultants

But if everything

becomes equal,

the Difference

will be YOU


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Go beyond

Database Marketing

(everyone starts with adatabase, usually a

limited one)

Marketing is notnetworking alone, you

need technicalknowledge, skills too.

Your Success =

Your Network +Technical and

Marketing Knowledge

and Skills(This gives you theconfidence to get new

sales and referrals toexpand your database)


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Motivating YourCustomers

(what is going on in themarket place am Iupdated on current

affairs?)

How do I share this with

my customers to getthem interested?

Always keep your

customersinformed whenthey understand

the situation better,your marketing

function is made

easier.


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RelationshipMarketing

(A good relationshipallows you to

understand the needsof you customer

better)

Regular

communication

will help you buildthat relationship the customer is lessconcerned of how

much you know but

more of how much youcare.


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Positive Thinking(Make your closingspeech simple and

assertive never askinvest or not or buy

now or later)

Use the

1-egg or 2-eggsapproach to secure

a sale.

Always close by

asking Cash orEPF, Fund A or B,

RM100,000 or

RM200,000(whichever option the

customer chose,you still make a

sale)

FIMM-Diffrence S&M.pdfsdfhjkl;kjbvr

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