Here is a checklist for you to follow when developing your marketing strategy:
- MARKET RESEARCH
Do you know your target market, competitors and the trends within your industry?
Refer to the Market Research checklist for further information: sbbc.co/marketresearchchecklist
- VIABILITY ANALYSIS
Can you make money from this venture?
Work out your costs and break-even point to ensure that this business venture is feasible. See BPlans Breakeven Calculator: sbbc.co/breakevenbizcalculator
- DEVELOP A MARKETING PLAN
Do you know what makes an effective marketing plan?
Use your market research and the steps below to create your roadmap to success. See “Developing your marketing plan”: sbbc.co/CBNmarketplan
What do you want others to see, think and feel about your brand?
Define who you are, the essence of your business and what it delivers to your customers.
STAGE 2: THE 4 PS OF MARKETING
What are you going to sell?
Articulate the features and benefits of your product or service. Define your Unique Selling Proposition (USP) and understand what differentiates you from your competitors. See “Marketing basics”: sbbc.co/CBNmarketingbasics
How much can you charge for your product?
Costs, constraints, customers and competition all affect price. Research how much you can charge for your product by understanding price elasticity.
Where will people buy your product?
Manage your distribution to maximize revenues through direct and indirect channels in physical commercial environments and online. See “Choosing and setting up a location”: sbbc.co/CBNlocation
How will people find out about your product?
Highlight the types of promotional activities you will undertake such as sales calls, social media, networking and any other means of promotion that you will use to reach your target markets. See “Promoting and advertising your business”: sbbc.co/CBNpromoting
STAGE 3: IMPLEMENT AN EFFECTIVE SALES STRATEGY
- SALES FUNDAMENTALS
How will you implement a plan to increase sales and revenues?
Develop sales forecasts, a sales plan and techniques to drive revenues. Create performance measurement targets and key performance indicators to measure. See “Sales and customer relationship management”: sbbc.co/CBNrelationships
- ONLINE BUSINESS
Can the internet help you to grow your sales?
Assess whether you can provide superior customer service, streamline business processes, increase sales, and reduce costs by going online. See “Doing business online”: sbbc.co/CBNonlinesales
- CLOSE AND FOLLOW UP THE SALE
How will you ensure a sales opportunity does not get away?
Understand methods of closing, negotiating and building the client relationship to ultimately drive your bottom line.
- CUSTOMER CARE
How will you keep track of customer feedback?
Improve your reputation and increase the likelihood of further sales with your customers through exceptional client care. See “Manage You Customer Care”: sbbc.co/yourcustomercare
*Source – Small Business BC | Tel: 604-775-5525 | 1-800-667-2272 | Email: [email protected] | Web: smallbusinessbc.ca 09/2016