Sales and Marketing (S&M) is probably the most important part of demand creation and revenue generation.
According to Ajay Shah of Shah Capital, it is really important to be first-to-market, which not only means you get the first revenue, but also means you establish yourself as an innovator and the trend-setter. “90% of all marketing programs are based on communicating the essence of the better product or service. Unless you are already the leader, these programs are bound to fail because the prospect assumes that the leader must have the better product."
Once lead customers accept the product, sales and marketing is required to create momentum and expand the customer base. To identify a customer base and give the sales force a target audience, it is necessary to identify the Target Market Segment, i.e. who is the audience/customer, which requires identifying customer's likes/dislikes, technical requirements, and price targets. It aids in developing the product so that it is a right fit for the customers.
Since there are always competitors or comparable products in the market, a well-defined value proposition and differentiation is a must.
- What value does this product add for the customers?
- How will it help them?
- Why should customers choose our product over others?
Being first-to-market, targeting a market segment, and having a strong value proposition are critical factors in getting customers and generating revenue.
The sales and marketing strategy should also define how to maintain and grow revenue. A disciplined sales methodology is required to sustain and grow revenue and drive products to the market. At any stage of sales and marketing, a closed loop feedback system is required to continuously fix and improve the overall process. Measurable goals and targets should be defined well in advance and a feedback loop on driving these metrics should be standardized.
 Marketing: The Importance of Being First by Al Ries and Laura Ries