Learning Center

Sales and Marketing

Steven Wood on building a strong marketing plan and great customer relationships

Introduction

Your marketing plan helps you present your product and reach prospective customers. But what happens when you do reach them? Do you have a ready prototype; can you take payment; what does your sales channel look like? Here are 7 tips to consider when formulating your sales and marketing plans:

1. SALES is not a 4-letter word. You have a great solution your prospective customer needs. This is a win-win solution, so be excited!
2. One of your goals is to build and KEEP a great relationship with your customers. Your marketing plan helps you present your product and reach those prospective customers.
3. Monitor your industry closely. Look for changes in customer buying behavior; partnerships and new entrants; your competition. Stay flexible and be prepared to adjust when necessary.
4. Know your sales channel. This may be simple (direct sale) or complex (multi-tier channel with many partners). Understanding each participant in the channel is CRITICAL to building a successful plan.
5. Build a concept drawing or prototype of your product and use that to help you pitch your company and ideas. If you don't have capital, get creative. Use a presentation tool to simulate a software product; pull off-shelf technologies to demonstrate an application; contact your local college or university to find students, labs, prototype work; find a rapid prototype service provider; ask your incubator for ideas.
6. Be prepared when your customer says YES. Do you have the right manufacturing and packaging solutions? How will you deliver product? Collect payment?
7. Create a tactical marketing plan but be prepared and willing to change it. Ask your customers where they heard about you and why they decided to buy your product ... and use that feedback to adjust your plan accordingly. This will likely be one of the biggest moving parts of your overall business strategy.

This video session provides advice and suggestions on how to build your marketing plan and reach your first sale. The workshops are an interactive discussion, and provide venture "assignments" for follow-up with your mentors.

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