Business Plan Marketing and Sales Section
- September 11th, 2014
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So you’ve told your readers what services and products your company will be offering, but now it’s time to show them how you plan to market those products and services, what kind of sales you expect to see, and your management plan to meet those goals. That’s where the business plan marketing and sales section comes into play.
Business Plan Marketing and Sales
Customers are the driving force of your company—without them you simply can’t exist. That’s why your marketing efforts, which help you to create customers, are so vital. Your first step is to define your marketing strategy, which can be done in many different ways. It’s important to make your strategy unique to your company and not the carbon copy of your competition. Also, it should be flexible enough to endure ongoing evaluation, so that if you find that something isn’t quite working, you can make the necessary changes to continue toward success. Although this plan should be tailored to the specifics of your company, there are some standard steps you can follow to help you through developing your sales strategy.
There are four strategies that your comprehensive marketing strategy should include:
A Market Penetration Strategy – Market penetration is how a brand’s popularity can be measured. The number of people who buy your specific brand is the measure of your brand’s market penetration. The goal is to take over your competitors’ customers, i.e. their market share, in order to expand your level of market penetration.
A Growth Strategy – You’ll need to plan for the future of your business, and that includes expansion. Develop a strategy for how you plan to scale your business—increasing human resources, acquisition strategies to buy out other businesses, the option to branch out through franchising, etc. Also consider whether you plan to employ a horizontal strategy, which would provide the same types of products to different users, or a vertical strategy, which would continue providing the existing products, but would offer them at different levels of the distribution chain.
A Channels of Distribution Strategy – How will your company get your products and services out to consumers? Will you be using original equipment manufacturers or manufacturing the products yourself? What kind of internal sales force, distributors, or retailers will you be using?
A Communication Strategy – Knowing how you’re going to connect with your customers is crucial. You can combine a variety of methods, such as promotions, advertising, personal selling, public relations, catalogs, flyers, brochures, etc. An increasingly popular method of communication is employing a social media marketing strategy.
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