• SH

Starting a Business! Part 4

Updated: Jan 22, 2020

An Overall Marketing Strategy would include:

  • Schemes fo making inroads in the market

  • Plans for enhancing your business

  • Strategy for establishing conduits for distribution

  1. Original equipment manufacturers

  2. In-house sales team

  3. Distributors or retailers

  • Communication strategy.

  1. Public relations

  2. Promotions

  3. Personal selling

  4. Advertising

  5. Printed materials

  • Catalogues

  • Brochures

  • Flyers

Sales Strategy includes:

  • A sales force strategy. You can either have the members of your sales force, if you plan to have one, as your direct employees or as independent agents. You have to work out the number of salespeople that you wish to have in your sales force and the recruitment strategies that you will adopt. You should also establish the training programs and the compensation package for the sales force.

  • Your sales activities. Your sales strategy should consist of several activities, which should be clearly defined. Some of these activities are:

1) Identifying your prospective customers

2) Prioritizing the list of your prospective customers

3) Establishing the number of sales calls that you plan to make in a specified amount of time

4) Estimating the average number of sales calls that would be required for each sale

5) Working out the average revenue earned from each sale

6) Calculating the average revenue per vendor

Service or Product Line

The description of your product or service should be included in this section. You should also highlight how your product or service will prove beneficial to your potential customers.

You have to zoom in on the plus points of your products or services identifying their distinct advantages. You should also highlight the deficiencies in the existing target market which your product or service would solve.