Sales channels to reach your customers
Selling through retailers, wholesalers and other distributors
Selling through an intermediary may be a more cost-effective way of reaching your end-customers than selling to them directly.
If you are targeting business customers who prefer to deal with large suppliers, selling directly to them may not be a realistic option. Instead, you might aim to supply wholesalers who have existing relationships with those businesses.
If individual consumers buy low value quantities of your products, the best option might be to target retailers that sell similar products. Or you might choose to focus your efforts on a relatively small number of wholesalers who can in turn supply your products to many retailers.
Other distribution channels may also reach your end-customers. For example, technology suppliers often sell to resellers who can configure and install the technology to suit end-users’ particular needs.
Managing your distributors
You need distributors who will value your product. If they sell competing products, what will make them push yours?
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Think about how you set your prices. Distributors will be more enthusiastic if they can make a large profit – but setting too low a price will eat into your own margins.
Effective advertising and promotions can be vital. As well as marketing to the distributor, you can promote your products directly to end-customers. Distributors will be keener to stock and sell products that their customers are asking for.
The key terms of the supply relationship should be covered in a written contract. Key issues might include:
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how much stock the distributor will hold
what the distributor will do to promote your products
how quickly you can resupply and minimum order levels
whether the distributor has exclusive rights to your product (for example, in a particular territory)
what happens if either you or the distributor want to end the relationship
Business ideas, Marketing and sales , promotions and advertising ideas , articles
Managing a Startup Business
Managing a Startup Business
brianoconn
Business Strategy, Business Tips
May 13, 2015April 27, 2016
4 Minutes
If you cant find a way, then make a way!
Starting a business, any business is a brave step. But how do you manage a start-up business as well as find customers or put in place a customer acquisition strategy on tight or even zero budgets. Working with early stage and start-up companies I know first-hand how limited resources can be. The tendency for many small businesses is to focus on the product. They add in more and more features or take comfort in a well designed website or just even they talk about strategy rather than putting in place a plan to find and sell to customers so the business can getting on track to achieving business success AKA revenue generation. The below list is some actionable business tactics to get your small business sales pipeline moving and put you on the track to success.
Know your Target market dont try to sell to everyone
Product to marketing fit is critical to any business success however a business start-up should never try to be a great product to satisfy all buyers needs, this will simply not work as no one product will be for everyone. So step 1 is to try to focus in on one customer target group. It will make the business look more focused, knowledgeable, and professional plus it allows the business to channel its efforts into making one target group happy. The key now is to do a customer targeting exercise (figuring out who your customers are and what they want). I am not saying this is easy, especially if your business is new or you only have 1 or 2 beta customers. Brainstorm on what set of buyers or people who might need your product now by matching it back to what problem your product solves, this is sometimes called your USP- unique selling point or Value Wedge. Also check if it is a fluid market (low hanging fruit to be gathered) by doing some Google searches on related keywords. Balance the fact that you dont want to define your target market so small or so tightly that its something people wont search for. Think in terms of keywords, search terms or existing topics being discussed on forums or industry buzz.
One Swallow does not make a summer
The lesson here is stay focused on executing the business model and dont get distracted. A good example of this is a company in the SaaS space I work with, received a phone call from a big company about doing a demo of their product at their offices which would include a customization element. Even though the meeting went ahead, it came to nothing because my client company was not big enough nor could afford to serve companies in the non-SaaS way. They simply were not big enough to fulfil all the product amendments for this one customer or have a dedicated team to work on the project at the stage where they were trying to find the best product to market fit. This distracted the team for over 6 weeks when they could have been doing more productive lead nurturing work.
Make a plan
A business plan will at the very least serve as a guide or a roadmap along the way. Too many small businesses talk about being agile or nimble. That is a process or a culture; it is not a business model. What this can often mean is that their limited resources are waiting to respond to the next challenge thrown before them. I am not suggesting that this is wrong as sometimes it is necessary but not all the time so try to build a business plan. The goal is to develop a sound business strategy that provides a reference framework to keep the business on track to grow by building its awareness, developing brand consideration, attracting new customers and closing sales deals.
Tip: Use this Free Business Tools to focus on your business plan to success, time is precious, do not waste it.
Develop a clear brand for your business
A branding is not just for large corporations; from tiny acorns big trees grow! This does not mean spending vast sums on branding but rather it reflects your mission, values and what your product stands for. The major action here is to determine the core attributes of your brand and promote this .Always strive to present your company in the same way, carve out an awareness level on what your brand represents (product innovation, cost leadership, service leadership ) so that it contributes to the overall business in a cost effective way.
Publish great articles
The old adage about content is king is true. Along with being a product or service company also think of your business as a content publishing house. Articles get search traffic via targeted keywords (SEO) but just as important it positions your brand and business as thought leaders. But you have to stand out from the crowd to get attention. Articles need keyword optimised titles PLUS great content, make them factual or research based to further boost readership. No point in publishing articles as a box ticking exercise, make sure the articles you publish are the best so people want to read or download them or dont bother. Blunt but true.
A few tips on great content angles:
Be highly creative or controversial
Be the most knowledgeable
Have the most research
Write strange articles on your industry
Be Social Media Aware.
As a start-up you probably will read loads on inbound marketing, social media or social selling. Being social media aware is more than a few twitter posts or Facebook likes. Every business needs to have a presence and visibility on a variety of Social Media platforms. Create a social media plan (based on article sharing) and then schedule your social media activities so that you build relationships with social influencers, potential prospects, customers and the public. Learn the art of social selling share to receive.
Keep it lean and mean know which plates to spin
Like most start-ups you have a lean team so make sure you know what everyone is doing. Who is driving customer acquisition, marketing and sales? Revert back to your plan and prioritise the key initiatives (revenue and product) including major tasks such as content creation, social media interaction and social selling. Time management and knowing which plates to spin can sometimes be complicated for a small business as they dash around from pillar to post. Find and use the right tools, free business tools like Zoho or Trello should save you time or tears. Finally from me to you, a message of sincere best wishes in your business venture. Happy hunting!
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Published by brianoconn
Online Sales training programs and online sales training courses via The Digital Sales Institute. Passion for helping salespeople succeed in their sales career.
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Published
May 13, 2015April 27, 2016
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