When an entrepreneur decides to start a small business, the first step is to write an effective business plan. If the business owner wants to attract investors or needs a loan to get started, it is essential. The plan should be comprehensive and cover all aspects. This article looks at writing an effective marketing line of attack along with an emphasis on sales management tactics for a successful business plan.
Creating a Market Strategy for a Small Business Plan
Developing a market strategy is an important part of a sound business plan because it demonstrates how the company will attract and retain customers. This portion of the outline should illustrate the methods that will be used to attract customers to the product and/or services of the business. Some of the methods used as part of the marketing strategy may include:
- Advertising media methods
- Promotional strategies
- Market penetration strategies
- Demographical consumer data and infiltration
With each strategy used in the business plan, the entrepreneur should go into detail to illustrate why and how the strategies will be implemented. Furthermore, the marketing outline needs to explain why consumers will choose the company's products or services over the competition.
Creating a Sales Management Strategy for a Small Business Plan
Since the marketing plan illustrates how the business will attract consumers, the sales management outline illustrates how customers will be handled with daily sales activities. Sales activities and interactions with customer can vary widely depending on the business model. Some considerations for a sales management strategy may include:
- How payments are made for goods and services
- Pricing structures with competitive comparisons
- Delivery methods of products
- Outside and/or inside sales force
- Customer complaint resolution process
- Sales force compensation
- Sales training
Just like the marketing strategy outline, the sales section of the business plan should go into detail to illustrate why and how the strategies will be implemented. Depending on the business model, there maybe other factors to consider. These are just a few examples for developing a sales management strategy outline.
According to the U.S. Small Business Administration (SBA), the marketing and sales strategies outline should be the fifth section within the elements of a business plan. This section should follow the organization and management section of the business plan. Following the marketing and sales section is the service or product line section.
Each section of the business plan should be as comprehensive as possible. They should also be written in a manner that holds the attention of the reader, especially for potential investors or lenders. Any innovative marketing or sales strategies that will lead to increased sales and consumer confidence should be emphasized for increased profitability potential.
Source:
sba.gov
James Clausen - Clausen received a Bachelors Degree in Business Administration in Automotive Management and Marketing at Northwood University, graduating ...
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