Manage your business
Marketing and Sales
Develop a marketing strategy to persuade customers to purchase your products or services and then decide how to accept payment once a sale is made.
Contents
Design a marketing plan
Marketing requires the investment of time, money and a planning. Designing a marketing plan is the best way to stay on track and on budget. It outlines all of the steps you must take to attract potential customers to purchase your goods and services.
The key elements of your marketing strategy must be included in your business plan. Your action strategy will be your marketing plan.
Make use of these sections in your marketing plan
These topics are covered in most marketing plans. As always, use the ones that best suit your company.
Target market
Give a thorough description of your target audience. Examine the market’s size, demographics, unique characteristics and trends as they relate to your company’s demand.
Competitive advantage
Describe how your product or service is superior to that of your competitor. It could be a better product, a lower price or a positive client experience with your product or service. For some clients, an ecological certification or a “Made in Aruba” label can be a critical factor.
Sales plan
Describe how you plan to sell your service or product to your customers. Mention whether you plan to sell as a retailer, wholesaler or through your own online store. If your client decides to buy your product or service, explain every step he or she will have to take.
Marketing and sales goals
Describe your marketing strategy and sales goals for the coming year. The goal of marketing and sales is to increase the number of email subscribers, market share or sales by a certain percentage.
Marketing action plan
Describe how you intend to achieve your sales and marketing goals. Mention the marketing tools you will use, such as online advertising, radio commercials or billboards. Describe your pricing strategy and how you plan to promote it. Consider and describe how you will keep your customers interested after the sale.
Budget
Include a detailed breakdown of your expenses in your marketing plan. Make an effort to be as precise as possible. Once you have implemented your plan, you will need to keep track of your expenses.
Plan to compare your marketing expenses to your sales to determine the profit generated for your company. You want to make sure you get a good return on your investment (ROI). Some tools, such as public printing or word-of-mouth campaigns, are difficult to quantify. Be innovative and open to other people’s ideas but be consistent in how you track the success of your marketing efforts.
Every year, a marketing plan must be updated. The return on investment (ROI) can be used to determine which parts of the plan are working and which parts need to be updated.
Do not forget about the image of your business
The impact of a company’s image on marketing and sales is often overlooked.
Simple aspects of your company’s image, such as your employees’ uniforms, where your product is manufactured and whether or not the product sold by you can be returned, contribute to a positive client experience This experience has an impact on how a client views your company and can determine whether or not that person will become a long-term loyal customer or will advise others to avoid doing business with you.
Decide how to accept the payments
Your marketing and sales will be influenced by the types of payments you accept. Accept payment methods that are cost-effective, secure and provide a positive experience for your customers.
Whatever payment methods you choose, you will need a bank account for your business.
Debit/credit cards
You must apply to the bank to be able to accept debit and credit cards. You will be charged small processing fees for each transaction, as well as additional costs for equipment installation.
Cash
Because it is faster, easier and less expensive, most small businesses only accept cash payment.
If you accept cash, keep in mind that dealing with large amounts of cash will take more time and requires additional security precautions. You should secure your cash, for example, with a cash register or a safety box.
Scroll To Top
