Sales & marketing tools, terms & techniques you need to know.  

29th April 2003

 The following is a list of some commonly used sales and marketing tools, terms and indicators, which both sales and marketing people, and business managers, need to understand:

WIIFM – also known as ‘What’s In It For Me?’.  This question may be asked from the customer perspective, as in response to a sales pitch or offer, and if the customer is particularly difficult or having a very bad hair day, may be preceded by ‘Big Deal’.

The sales team, usually in response to marketing programs and directions, or new incentive schemes, may also ask this question.

Beware of the WIIFM, and always have an answer if you are to develop and maintain credibility!

Elevator Pitch – as in, if you met someone in a lift (on a very high floor) and you told them what you do, you would need to provide a concise, compelling and clear response in the time it takes to get to the bottom floor.  If, however, you are not in the habit of spewing out such information in lifts to your fellow travellers, this ‘elevator pitch’ can also be given at other times where time is of the essence.

Value Proposition – this should be a core component of your elevator pitch.  I’m not talking features and benefits, but what is the clear, and if possible quantifiable, value of your offering to the customer.  An ROI explanation is usually a compelling value proposition.  Most people relate well to $$ benefits.

USP – also known as Unique Selling Proposition.  What is it about your product or service that is different from its competitors?  You need to understand what the USP is, and make sure your customers understand it too.  Could also be referred to as a competitive edge, a point of differentiation, or a differentiator.  But, it has to at least be perceived as different, if nothing else.

Pipeline – last but not least, the pipeline is a critical indicator of potential sales around the corner.  A large pipeline is good, a well-qualified pipeline is better, and one in constant growth mode is the best.  For the real value of the pipeline indicator, read the next Marketing Matters article on “Build your pipeline and the sales will come…”.