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3 Key Factors for Creating a Successful Sales Strategy

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A recent survey by the National Federation of Independent Business indicates that small business owners are expecting an increase in sales over the next few months resulting in an increase in their capital spending and inventory purchases.

If you’re establishment is not achieving revenue expectations, you may want to review the following three key factors for creating a successful sales strategy.


Identify your target market


Your target markets are those who have a need for your product or service and are most likely to make a purchase. They may be consumers, businesses or both. Depending on what you sell, your target market may include single family homeowners, retirees, young professionals, etc. Also, most businesses will have more than one target so you may want to concentrate on the top five. If you need assistance a local marketing firm can help you zero in on your target markets.



Develop a system for reaching your target market


Once your target markets are identified, its time to consider reliable marketing channels that will reach prospective customers. Consistency and repetition is important. Some channels worth considering include flyer distribution, online advertising, social media marketing and cold calling, to name a few.


Monitor results


The only way you will know if your sales strategy is working is to monitor the results. It is important to verify whether or not your marketing campaigns are effectively increasing revenue among your target markets. This will enable you to refine your strategy as needed and scale up to further increase sales.


Remember that a sales strategy alone is not enough to make things happen. It needs to be implemented so you can stay in front of potential customers and make sure they are happy with your product or service. You know you are on the right track when they start recommending your establishment to others.

 

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