A company exists solely to provide a product or service to an end user. But sometimes, even a great product can stumble out of the gate because it lacks the proper ‘push’. After all, if your product doesn’t exist in the minds of consumers, you’re deeply in trouble.
A lack of marketing focus can be found in both small and big businesses alike, according to small business consultant Oliver Juinio of Business Mentor, a business consulting company. According to him, structuring a good sales and marketing technique can help your business to take off.
Juinio lists a few steps to help business owners start crafting a sales and marketing plan:
1. Define who your ideal client is: Every company should have what may be termed as an \\\'ideal client profile\\\'. That is, you should have in mind your perfect customer. That customer who may buy a low-priced product from you and then move up to buy higher ticket items and ultimately stay with you for years, recommending your product and service to other potential clients.
“Zeroing in on an ideal client is essential, because it is a good yardstick of what your company will be in the future. This can help you determine who your existing clients are, or help you re-evaluate your sales strategy. Find a ‘niche market’ and continue to serve and exploit opportunities in that market,” Juinio said.
2. Define your product funnel: Ideally you should have a range of products and services, starting from low-priced items, and steadily moving up in price to your highest-ticket product or service. Juinio says sticking to your core product and maximizing it is the key at first, then as the business grows you can start diversifying.
“A common mistake is taking too many routes, too many products. Master one product line first, grow and stick to it, until such time it has become stable enough. Then, you can start thinking about expanding your services,” he said.
As an example, he cites a client of his that started a home-based bakery business that suffered from poor sales in its first few months. When he asked what kind of marketing strategy they were using, the business owner said he felt that the business needed little of it because he believed that the products would sell themselves.