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There are a number of factors to consider before factors to consider to ensure success when selling a product or service.

Competition

All businesses face competition, and success is often based on how well you respond to it. You should be aware of your competitors and always strive to develop a competitive advantage over them.

To gain a competitive advantage, you could:

• raise or lower your prices
• improve your product quality or service offering - improving or modernising features or the manufacturing process
• use creative distribution channels - such as channels of distribution not normally associated with your product or service
• exploit supplier relationships to gain better terms

See understand your competitors.

Market share

Market share is the percentage of all sales within a market that is held by one brand/product or company and can be measured in several ways, such as:

• sales revenue
• sales volume

Market share is key to profit. Many companies aim to increase their sales compared to their competitors.

You can measure your company's performance compared to a competitor by its market share. Market Share is a company鈥檚 sales divided by total market sales.

You can increase market share by:

• providing more value for potential customers - eg improving product quality
• price cutting - to increase sales revenue, though this tactic may not succeed if competitors are willing and able to meet any price cuts
• adding new channels of distribution or increasing the intensity of established distribution channels
• promotion - increasing advertising expenditure, though competitors may respond accordingly

See increase your market share.

Customer base

The consumers that buy your business' goods or services define your customer base. Consider the things you should know about them, including why they might buy from you. See assess your customer base.

Niches

A niche is a small but profitable section of a market that is often suitable for a specific range of goods or services that meet a particular need. You can create a niche market by identifying customer needs or wants that are not being addressed by competitors and by offering products to those customers

Marketing strategy

Your company needs a strong marketing strategy. It will be your marketing roadmap and a key part of your business plan. See create your marketing strategy.

Brand message

Before you begin to sell a product or service, you should ask one question of your company - what does your brand stand for?

For your brand to stand out in the marketplace it should make an emotional connection with potential customers.

You should aim to sell an experience rather than a product, for example a financial service providing peace of mind.

Read more about branding for your business.

Wholesale value

Some products are sold via wholesalers. Wholesalers buy goods from producers at a reduced price. After adding on their profit margin, they then supply the goods to retailers who sell to the public.

Most businesses will be able to sell to wholesalers, as they can provide a good way to reach many retailers at once. However, you should look closely at the profit margin you need to make in order to remain profitable. This is important to ensure you don't sell your products too cheaply to the wholesaler who will always want the lowest possible price from their suppliers.

You can use promotion to boost 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 - attract customers by offering an extra product at no additional cost
• incentives - offer bonus points, vouchers, money-off coupons, competitions, and prize draws to engage customers
• time-sensitive incentives - encourage immediate purchases with limited-time offers
• point-of-sale materials and product demonstrations - use displays and demos to showcase product benefits
• free gifts and loyalty points - reward customers with freebies and points for future discounts
• discounted prices - temporarily reduce prices to stimulate sales
• joint promotions - collaborate with other brands for mutual benefit, either within your company or with external brands
• free samples - provide samples to let potential customers try before they buy
• fair-trade and cause-related products - promote products that 91香蕉黄色视频 charities or social causes
• finance deals - offer no or low-interest financing, or buy-now-pay-later options
• special deals for first-time customers - convert browsers into buyers with exclusive offers
• online coupons - give discounts to customers who register for an account or subscribe to a newsletter
• social media contests and giveaways - run contests where customers enter by tagging friends or sharing posts.

It is important to ensure that any promotions and offers will still make you a profit even if very successful and taken up by lots of customers.

Pricing

Strategically, pricing is very important as it is part of product positioning. It affects other marketing elements such as product features, distribution and promotion.

There are many ways to price a product, for example:

• premium pricing - a high price for unique products or services
• penetration pricing - an artificially low price to gain market share before increasing the price
• economy pricing - no-frills low price usually associated with economy brands
• promotional pricing

For further information see price your product or service.

The selling process starts with preparation. You should aim to always be prepared and look the part. Your surroundings need to be ready and you will need to have a sales plan.

Customer service is vital to retail success. Your staff should be well trained in customer service and sales techniques.

Retail can be a competitive sector. You should aim to be unique and approach retail sales in a way that positively sets you apart from the competition. See what is your unique selling point?

Customer relations

Customer service is vital to retail success. Your staff should be well trained in customer service and sales techniques.

You will need to build rapport with potential customers very quickly and treat each person as an individual. Consider using a customer relationship management system.

Selling technique

Emphasise the benefits of your product/service and not the product or service alone. Be passionate when you describe a feature of a product or service. Explain its function and how it can benefit a customer, providing evidence and making sure the customer knows 'what's in it for them'.

Always address objections fully and use it as an opportunity to sell more of the product or service benefits.

See negotiate and close the sale. 

Merchandising

Merchandising is about how you present your products to potential customers. It is an essential part of your business image and should be included in your marketing plan when your business starts.

You need to understand your potential customer and create:

• an attractive environment - inviting products, services, logo, store front, signs
• comfortable space to shop or do business in - welcoming, clean interior with appealing product presentation
• a place which encourages customers to return - professional, helpful

See visual merchandising for your retail business.

To sell online successfully, the principles of traditional selling still apply. You should have a product or service that potential customers want, at a price they can afford from which you can make a profit. The final step is to make sure your potential customers know about your product or service.

Online shop

You need to make it as easy as possible for potential customers to find you online and buy from you. You need to provide all the information that customers require to make a decision and make it simple to complete the process. Consider things that could be a barrier to customers completing sale, eg confusing navigation or unexpected delivery costs.

To maximise sales, make sure your site is easy to find, attractive, and simple to understand and use:

• focus on best practice in web design when creating your website
• use search engine optimisation (SEO) to make your site easy to find through search engines

See create an online shop for more information on developing an e-commerce site. 

Marketing online

To market your product or service online you need to consider how potential customers will find your website, for example through a search engine. For further information, browse digital marketing and social media.

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.

Benefits of using sales agents and distributors for your business

One advantage of using a sales agent or distributor is immediate access to target markets. This may be especially helpful for small to medium-sized businesses. This approach is cost-effective. It avoids the need to recruit and keep an in-house sales team and cuts operational expenses, reducing risks.

Sales agents and distributors have local market knowledge and established relationships, both of which are important for entering new and international markets.

Learn more about the advantages and disadvantages of using commercial agents.

Factors to consider for agent or distributor partnerships

Before deciding to partner with an agent or distributor, you should consider various factors. They will determine if the partnership is beneficial for your business. 

For example:

• access to your target market
• how they will fit in with your existing operation
• rights and responsibilities
• sales process - how involved do you want to be
• customer relationship - how close do you want to be with customers

Selling to agents and distributors

You will need to base your sales pitch on what you can offer the sales agent or distributor. Convince them that it will be worth their while to represent or stock your product or service. 

For example:

• easy to sell your product or service
• potential profit from sales
• boost their business - how your product fits with their existing range
• service and logistics - reliable supply and quality of products/services

For further information, see our guide on how to sell through a commercial agent.

If you have a brilliant business idea that you would like to launch quickly and profitably, you may want to consider licensing your idea to an established company. Licensing your idea can provide a faster route to market. It lets you use the resources and distribution channels of a larger partner.

Ensure your business idea is proprietary

Before you find any licensing partners you should make sure your idea is proprietary. This means it is made, offered, or sold only under the exclusive rights of the property ownership of a manufacturer or seller. These rights are governed by copyright, patent and trade secret laws. You should also research potential partners and industry standards.
Protecting your idea legally is crucial, so:

• seek legal advice - consult with a legal expert to understand your rights
• use non-disclosure agreements (ndas) - protect your interests when discussing your idea
• obtain intellectual property protection - secure patents, copyrights, or trade secrets as appropriate.

Prove your product鈥檚 worth

You will need to convince a company to pay you a royalty on the wholesale of your product/service by proving it is both worthy and capable of success. You can prove it by making a prototype or concept drawing.

If your product uses existing technology, you do not need to prove that it works. Instead, you should create a sell sheet for your idea. Instead, you should create a sell sheet for your idea. It should detail your fresh approach, new strategy, or whatever sets your product apart.

See get patent protection for your business.

Test the market

To test a potential market, your product and marketing plan are exposed to a chosen sample of the public. This is to gauge consumer reaction. The test results will help you decide whether to continue with or reject your product or service before its full scale launch.

See test the market.

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 a solicitor for your business.

Displaying terms and conditions

If a customer pays for an item when they buy it, they automatically accept the terms of the sale at the point of purchase. You can display your policies, terms and conditions and warranties on invoices, bills, your website or in your shop.

Key issues in sales contracts

The key issue with a sales contract is when it came into existence - when an offer is made and accepted. Unless your terms of trade have been agreed before this, they do not apply. At the same time, anything salespeople have promised is likely to become legally binding if the customer is relying on it. This applies whether a salesperson has agreed something in writing or not.

Unfair trading and consumer protection regulations

You can comply with most sales regulations in one simple step: by avoiding unfair trading and misleading marketing. Although the detailed requirements are extensive, common sense and an honest approach to doing business covers most of the ground.

Under the Sale of Goods Act, products sold must at least:

• match their description
• be of satisfactory quality
• be suitable for their intended purpose

There are similar requirements that apply to the sales of services.

See customer protection. 

Other key selling laws

If you sell via the internet, by mail order or telephone, the distance selling regulations will apply. These regulations give consumers some rights to cancel purchases.

You should seek legal advice to understand any other regulations that may apply to your particular products or services, eg offering consumer credit (which generally requires a licence) and data protection for customers' personal information.

Drawing up a sales contract

Your sales contract should reflect particular aspects of your business and have clear terms and conditions, such as:

• parties involved - clearly identify the buyer and the seller
• description of goods or services - provide detailed information about what is being sold
• price and payment terms - specify the price, payment method, and payment schedule
• warranties and warranties - outline any warranties or guarantees provided by the seller
• delivery terms - describe how and when the goods or services will be delivered
• return and refund policy - include terms for returns and refunds
• liabilities and responsibilities - define the responsibilities and liabilities of both parties
• dispute resolution - state how disputes will be resolved
• signatures - both parties should sign the contract to make it legally binding
   

To successfully bring a new product or service to market you should follow some essential steps.

Study the market

You should study your competitors' ads, websites, and so on. Find where your product is like theirs and where it is not. You will then be able to assess if customers are likely to buy from your or your competitors. See understand your competitors. 

This information will also reveal your ideal customer. You can then target them with your marketing.

A good method to use is a SWOT (strengths, weaknesses, opportunities and threats) analysis. See a SWOT analysis example.

Define your marketing strategy and tactics

You must choose the right sales and marketing channels for your product/service, eg shop, website or both.

Usually, a business that sells across many channels will achieve greater success because customers who can shop when and however they like tend to spend more and shop more often. See factors to consider before you sell.

You should ensure that many people know about your product or service. This includes potential customers, the media, and reviewers. See sales promotion.

Know the life cycle of your product or service

After introducing your product or service your marketing campaign will need to be updated as your product or service matures.

By carefully monitoring your marketing results, you will be able to see diminishing returns that will indicate when it is time to:

• revise the product or service
• alter your media message
• phase out and launch a new product/service

See product life cycle. 

In a business, your ultimate goal is to make money. To help you do this a sales plan is required.

A sales plan describes and quantifies over a period of time how sales of your products or services will be made and to whom.

A sales plan includes information about your business and customers. It can help you map out ways to increase sales with current clients as well as expand your business to attract new clients.

A successful sales plan is actionable and has a method for evaluating results once the plan has run its course.

You would normally create your own sales plan, often with the input of employees.

See our page on create a sales plan from a sales forecast.