Writing the marketing and sales plan section of your business plan is really important. You are a company which sells goods or services, but no one knows what these goods or services really are? Then this is where your marketing plan becomes effective. You need to spread the word about what your company is all about.
But putting together an effective marketing plan is complicated as your ultimate goal is not simply to make your name heard but also sell your products and increase the profits of the company. So how can you write the marketing and sales plan section of your business plan? If you want to know just keep on reading for some of the best tips and tricks–it is all about the 5 P’s of marketing.
The 5 P’s of Marketing
If you are a business owner, older or newer one, then you are no stranger to the 5 P’s of marketing. They are the key elements in marketing you should take into consideration when creating your business plan. They refer to product, price, promotion, place, and people.
Product
Just like the title suggests, here is where you will get into details about the product or the service you are trying to advertise and sell. You need to include the full specifications of this product. If you want your customers to buy it then you have to show them what your product is, what it has been created for, and most importantly, how does it stand out from the rest of the products available in the same category. You will need a product management plan to market your products.
Understanding the needs of your clients and providing them with a solution that is different and not heard of before is what sets your product for success and your business for prosperity on the long run. After all, what the customers wants are solutions to their problems.
Price
Here you have to take into considerations the cost of production. What does it take to produce and bring to life your good or service? Also, you need to provide the customers with a price which is both convenient for you and which can help you make a profit, but also competitive enough to stand out from the rest of the products available in the same category.
Is your product mass-made or are you selling luxury goods? Will selling your product bring you an income? What about the possibility of buying in bulks or with a credit? These are all questions you should keep in mind when deciding the price.
Promotion
Includes critical areas of sales and marketing:
– Marketing Plan
– Marketing Tactics
– Product Management
– Sales Process
– Sales Admin
This refers to the methods you will be using to let the customers know about your product. Keep in mind, advertising can be very expensive. You need to come up with effective promotion plans which will help bring your money back and even more.
Place
Just like the name says it, the fourth pillar of marketing refers to the place where your product will be sold to your audience. Will it be sold online using internet marketing? Will you create a website for it? How will you transport the goods? Do you need to transport them? Are you using third-party websites such as Amazon? Are you selling your products in a physical store? All these things should be taken into consideration when writing an effective business plan.
People
Last, but certainly not the least, the people you are doing business with can make or break your business. You need to make sure you are hiring the right salespersons or customer care people who can deal with any problems in a fashionable manner. After all, if your product but your company’s services are not, customers are likely to want to do business with you.
The Bottom Line
To sum everything up, coming up with an effective marketing and sales plan for your business plan is complicated. Still, with the help of the 5 P’s of marketing, you should be able to do it without any worries.
Author Lori Jones is a professional writer and a contributor to RewardedEssays Lori has a big experience working with CRM platforms, creating content strategies and launching websites for many renowned companies.