Preparing to sell Introduction To be a success in business you need to sell a product or service and make profit. But before you sell anything, you must thoroughly understand your own business, rival businesses and the market place to give yourself a competitive edge. In this guide you will find information on the essential steps that any business must take before selling a product or service. You will find… Read More »Preparing to sell

Plan and forecast sales Introduction A sales forecast is an essential tool for managing a business of any size. It is a month-by-month prediction of the level of sales you expect to achieve. Most businesses draw up a sales forecast once a year. Armed with this information you can rapidly identify problems and opportunities – and do something about them. For example, accurately forecasting your sales and building a sales… Read More »Plan and forecast sales

What is your unique selling point? Every business needs a reason for their customers to buy from them and not their competitors. This is called a Unique Selling Point (USP). You can identify your USP by completing the phrase ‘Customers will buy from me because my business is the only…’ Your USP can change as your business or your market changes, and you can have different USPs for different types… Read More »What is your unique selling point?

Sales agents and distributors You can use a sales agent to act on your behalf. Although an agent may arrange a sale, the sale contract will be between you and the customer. An agent may be either an employee or self-employed. For further information see using a sales agent. A distributor is a customer of yours who sells your products/services on to their own customers. One advantage of a sales… Read More »Sales agents and distributors

Sales channels to reach your customers Reaching customers overseas Selling abroad presents a whole new series of opportunities but also challenges. For example: Do you have the financial and other resources to exploit the market? Have you done the necessary market research? Do you understand local regulations? How will you handle delivery and payment? How will you provide after-sales service? Selling directly to customers overseas requires you to deal with… Read More »Sales channels to reach your customers

Sales forecast assumptions Every year is different, so you need to consider any changing circumstances that could significantly affect your sales. These factors – known as the sales forecast assumptions – form the basis of your forecast. Wherever possible, put a figure against the change – as shown in the examples below. You can then get a feel for the impact it will have on your business. Also, give the… Read More »Sales forecast assumptions

Sales promotion examples You will need to use some form of promotion to encourage sales of your product or service. Sales promotions are often original and creative and there are many popular options, for example: Buy-One-Get-One-Free incentives such as bonus points, vouchers, money-off coupons, competitions and prize draws time-sensitive incentives can be used to encourage customers to purchase immediately rather than waiting for a better deal or shopping elsewhere promotional… Read More »Sales promotion examples

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… Read More »Selling through retailers, wholesalers and other distributors

Set up sales a contract A sales contract is an agreement that defines the rights and obligations of both the seller and buyer, and is an essential element in any business selling products and services. Your business should take legal advice on creating a sales contract and tailor it to suit the specific needs of your business. See choose and work with a solicitor. If a customer pays for an… Read More »Set up sales a contract

Setting sales activity targets As well as setting your salespeople targets for the number of sales you want them to make, you should set them activity targets. These are all the individual aspects of their day-to-day duties that your sales team will carry out as part of their jobs. These activities should ultimately lead to sales. The theory is that if enough of these activities are carried out, they will… Read More »Setting sales activity targets