The aim of every entrepreneur or organization is not just to manufacture products, but to sell their products and services and that is why it is very important to put in place strategy that will help you sell your products and services. The income you generate in your business is dependent on the sales plan that you have in place.
So, if you intend starting your business, you should not just make plans on how to develop your ideas into products or services, but also you should consider the strategy you should adopt that will help you penetrate the market. Of course you are certainly going to face competition in your industry that is why you must perfect your sales plan before launching your business.
If you do not perfect your sales plan, you might likely struggle to penetrate the market and that can serve as an early discouragement for you. Developing sales plan is a skill you must learn as an entrepreneur. You can as well work with sales experts to develop your own sales plan for your products.
Now let us quickly consider some of the surefire steps to follow to be able to develop your own sales plan from the scratch;
7 Steps to Develop a Winning Sales Plan for Your Product
The first step to follow in the bid to develop a sales plan for your business is to conduct a detailed market research so as to get familiar with the market. Conducting market survey will help you get a clear idea of the price of products that are in same category with yours. A market survey will also help you identify areas where your products are needed, the kind of clients that will buy your products and services and also it will help you to develop a product or services that can easily compete in the market place.
2. Define Your Market
Once you are able to conduct a market survey, you will be in a better position to define your market. You can only successfully develop a sales plan for your business only when you have been able to define your market. Defining your market involves identifying the demography of those who would need your services and how to take your products and services to them. As a matter of fact, there are different approaches for different classes of customers and that is why you must define your market, and then adopt the best marketing approach that suits them.
You are expected to evaluate your products and services in order to be able to effectively develop a sales plan for your business. Once you are able to conduct a market survey, you will have adequate information on the prices of similar products and services, and that will serve as a guide for you. You need to know if your products and services can comfortably compete with similar products in the market place. As a matter of fact, you would need to put in more effort to gain your own market share if you are introducing a new product or service.
Part of your strategy to penetrate the market is to develop a pricing structure for your products and services that will help you gain entry into the market. There are a lot of factors to consider when fixing price for your product or service, of course the law of supply and demand will always come into play.
But if you are new to the market, it won’t be a bad idea to step your price a bit lower than what is obtainable in the market for same products and services as yours. For example, if the market leader in your line of business is selling a similar product for $4, it will be wise to enter the market with $3.75 or even $3.99; you will be amazed to see the magic this little difference can do to your business.
Once you are able to identify your market, the next thing to do is to adopt the most suitable advertising platforms to advertise your products and services. If the demography of those who need your services are teenagers and young adults, then part of the advertising platform that will best serve you is the internet – social media. But if the demography of those that need your services is the elderly, then making use of newspaper to advertise your products would just be the most ideal platform for you.
Developing a sales plan for your business requires that you create a standard operating process for your sales team. For example; you can create a process that clearly defines the steps a salesman or saleswoman in your organization can follow from canvassing a new customer to sealing the deal.
It could start from cold calling, to fixing appointments and then to actually visiting the potential clients and closing the deal. Just ensure that there is continuous improvement on your operating process; you must continue to fine tune it until it becomes perfect.
7. Implement Goal Setting and Reward System for Your Sales Team
A sales plan can’t be complete without goal setting and reward system. So, part of what you need to do is to implement goal setting in your business for your sales team and also a reward system that will serve as a motivational force to get your salesmen and saleswomen geared up to meet their targets.
The hallmark of a sales plan for your business is to increase the income you generate for your business and that is exactly why you need to set goals for your sales team – you must have a clear picture of the income you want to generate within a given period of time.
There you have it; the surefire steps to follow to be able to successful develop a sales plan for your products.