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A good product or service description is extremely important for a business as it helps drive traffic, generate leads, and build sales. Therefore, you need to ensure that the description is well addressed in your business plan. How do you do that? Well, we’re here to show you. Read on to find out how to describe your product or service in your business plan.
Outline All Aspects Of Your Product
Write a description of your product or service, how it operates, and why it can be beneficial when it comes to problem-solving.
Compare It To Those You Compete With
Look at how your product or service compares to current market competition. Think on the following lines: What makes your product better than the rest? Why would consumers choose your product over another?
Price It Well
Incorporate the pricing and how it compares with other products or services being offered in the market. Include why you decided to price your product at a particular amount after taking into account manufacturing it, the selling price, and the profit margin.
Include Manufacturing Requirements
Include a description of the specialist materials, equipment, and technology used in the manufacturing process.
Get Testing Approval From Experts
Ensure your product or service has been tried and tested by industry experts. Don’t forget the inclusion of trademarks, certificates, patents, and copyrights. This will allow your product or service to gain credibility. This can help increase the value of your product or service as your company will be the only one that can create it for the lifetime of the patent.
Include The Product Lifecycle
With the addition of the product lifecycle in your description comes the idea, prototype, and expansion plans. If you’re still working out the idea, use this plan to figure out how you will have the product created and the value it can add to customers. But, what if you’ve already got your prototype sorted? Then, write down your plans for evaluating it as well as the manufacturing details. If you’ve been creating your product but require expansion for demand purposes, don’t forget to add that information also.
Describe Sales And Distribution Plans
Give a description of the location where your product or service will be sold. Your options for sales may include online stores, local establishments, or vendors. Add in who your vendors are and what area they operate in when completing this part.
Incorporate Effective Product Fulfillment
Write your plan for how you’ll get products and services to win over your customers. Manufacturing information and details about delivery should be included. For instance, if your goods are being outsourced then you should then give details about manufacturing for example the area your goods are being offered in and the production time. Additionally, information regarding methods of delivery and delivery time needs to be included.
Add Visual Media
The inclusion of visual media artifacts like photos on brochures or newsletters will help attract investors. While your appendix will incorporate photos as part of your business plan, you also need to include them within your product or service description.
Conclusion
For success in sales, a business needs to hold the product or service description to a high standard. Here, you’ve seen what’s included in a well-drafted description. Now, you’ll be able to sell your product or service with confidence that you’ll build a strong customer base while doing so. Feel free to seek out more information about effective business plans in articles such as this indeed.com piece.
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