Nikon Sales Plan

Defining and Analyzing a Set of Sales Goals for the Business and Rationale for Choosing These Goals

One of the goals for the business is to increase its market share by 15% within one month. Currently, Nikon faces stiff competition from Sony, Canon, Panasonic, and Leica. Therefore, it needs to increase its market share to create a competitive advantage. Increasing market share will also increase the company’s sales, thus increasing revenue that can be used to improve the company’s products to attract more customers. The second goal is to increase monthly revenue by 5% within two months. An increase in income will increase cash flow in the company to sustain research and development, thus promoting innovation, which could lead to the manufacturing of high-quality products that compete favourably against competitors. The third goal is to reduce the customer churn to less than 1% within two months. Customer churn is defined as the number of customers leaving a business (Baker et al., 2020). To maintain a competitive advantage, Nikon has to ensure that no customer leaves the business by maintaining high customer satisfaction and communicating the value of its products through marketing. Reducing customer churn also improves a company’s reputation, thus attracting more customers.

Analyzing Viable Sales Strategies and Tactics Suited To the Target Market and Rationale for Their Selection

One viable sales strategy for Nikon is solution selling. According to Blokdyk (2018), solution selling includes focusing on the needs of the customer without emphasis on the actual sale process. Nikon should consider identifying the needs of potential customers and the challenges they may be encountering so that the sales team can recommend the most appropriate camera for the customer. For instance, the company may conduct a survey to identify the needs of photographers to customize cameras in ways that meet the specific needs of professional and non-professional photographers. Solution selling is well suited for the company because the products that the company specializes in can be customized to create solutions and meet customers’ needs and preferences. Solution selling is also viable for Nikon because it makes customers feel valued because they are heard and given solutions tailored to meet their needs, thus creating a stronger relationship between the company and its customers, which will result in higher sales and conversions. The second viable strategy is social selling. Capaul & Schwitter (2021) define social selling as the tactic of first familiarizing the business with the defined target market and then building relationships with potential customers. Nikon should use social selling when venturing into new markets. The company can leverage its strong social media networks to establish its brand in new markets and engage customers in conversations to understand their needs and preferences.

One of the sales tactics Nikon should use to create a competitive advantage is asking customers to refer others. According to Makandar (2014), referrals are an effective sales tactic for brands facing stiff competition because they help generate valuable and successful leads because references are from someone a potential customer knows. Referrals are a suitable sales tactic for Nikon because potential customers need genuine information on the quality of photographs taken with Nikon cameras to decide whether to purchase. Another tactic is content marketing. Nikon should post pictures taken with their cameras on social media platforms to display their quality to potential customers. The company should also use storytelling and customer testimonials to communicate the value of its products to attract customers. Content marketing is suitable for Nikon because it will help the brand showcase the quality of photographs generated by different types of Nikon cameras, thus enabling customers to choose based on their needs and preferences.

Methods or Actions to Motivate and Manage the Sales Team

One of the methods that can be used to motivate the sales team is setting clear and achievable goals. Adler (2018) argues that goals create a sense of direction. Therefore, setting goals will guide the sales team on what should be achieved in the long-term and short term, thus selecting the most appropriate measures to ensure the goals are met. Setting goals can motivate and manage the sales team because it ensures that the team works towards the same objective and defines what the company expects of them. Nikon can also offer incentives to motivate the sales team to meet the goals. Incentives are vital in managing and motivating the sales team because they push the sales team to achieve the specified goals to get rewarded. Incentives can be successful for Nikon because the sales team will focus on meeting the company’s expectations, thus increasing sales.

Nikon’s sales team can also be motivated and managed through assigned responsibilities. Holding the sales team accountable for various activities in the company will help in effective sales team management because each team member knows what they are expected to do. Assigning responsibilities will also empower the sales team, thus motivating them to meet the company’s goals. Another method that Nikon can use to motivate and manage the sales team is engaging the team members in decision-making. Collaboration in decision-making will give the sales team a sense of belonging, thus motivating them to meet the organization’s goals and contribute to its success. Nikon should also maintain an open line of communication between the sales team and top management for an adequate flow of information on sales-related issues, such as challenges the sales team may be experiencing in completing assigned tasks and the resources needed to meet sales goals. Management also needs to give the sales team feedback on their performance and identify areas of improvement.

Creating a Well-Supported Evaluation Plan with Plausible and Thoughtful Rationales

Nikon’s ideal evaluation plan should include outcome-based, professional development, and behavior-based measures. The outcome-based measures should consist of sales results, efforts, and profitability indices. According to Blokdyk (2019), sales efforts include actions such as selling expenses and the number of sales and service calls made. Nikon should conduct a weekly review of the sales calls made by the sales team within the week and the number of sales calls that resulted in successful sales. Nikon should also measure the monthly profitability gained from new sales to determine whether the sales efforts during the month were successful or not. The company should access behaviour-based outcomes based on the activities that resulted in sales, such as the management of the company’s market share, customer relations, product knowledge, report preparation, timely submission, and personal attributes.

The company should identify changes in customer behavior that could arise from marketing efforts, such as negative product perception due to misleading information. Nikon should conduct a competency assessment to determine the characteristics of the sales team and conclude whether the team members are fit for the assigned tasks or not. Assessing the competencies of sales team members helps select suitable salespersons, thus increasing sales. Nikon should create a list of required competencies and assign sales responsibilities based on a salesperson’s competencies. Professional development should encompass sales performance assessment measures such as professional knowledge, professional selling skills, and personal attributes.

Analyzing an Integrated Marketing Plan and Its Impact on the Sales Plan and Business

According to Manoli (2022), integrated marketing includes targeting customers using a wide range of channels with consistent messaging. Nikon should consider using a combination of social media and event marketing. For instance, the company can create a photography event where people view a collection of photos taken with Niko cameras and take pictures using different types of Nikon cameras. The company can then post the photographs taken during the event on social media platforms and include short videos of customers explaining their experiences. The company may later launch an online marketing campaign based on the photography event. The campaign may include photograph challenges where individuals who attended the event are requested to post one of their best photos taken with the Nikon cameras during the event. The company may engage the audience in voting for the best photos and create a reward for whoever wins the competition to encourage many people to participate.

Combining digital marketing and event marketing will help Nikon reach many customers, thus increasing sales. The proposed integrated marketing plan will also help the company maintain a stronger relationship with its customers, thus reducing customer churn by increasing customer loyalty. The company may also collect customer feedback during the photography event and implement it to improve customer satisfaction. Feedback from the event may also help the company create an appropriate theme for the digital campaign to encourage the participation of many potential and existing customers. The integrated marketing plan will impact the sales plan by defining the sales strategies and tactics to be used. For instance, it must be aligned with the solution selling and social selling strategy by maintaining customer engagement.

References

Adler, R. W. (2018). Organizational goals and objectives. Strategic Performance Management, 43-52. https://doi.org/10.4324/9781351204033-5

Baker, S., Baugh, B., & Sammon, M. (2020). Measuring customer churn and interconnectedness. https://doi.org/10.3386/w27707

Blokdyk, G. (2018). Solution selling complete self-assessment guide. 5starcooks.

Blokdyk, G. (2019). Sales Efforts a Complete Guide – 2019 edition. 5starcooks.

Capaul, F., & Schwitter, M. (2021). Social selling: Übersicht. Let’s Link!, 51-62. https://doi.org/10.24096/9783039097951-51

Makandar, N. (2014). A study on referral marketing. ELK Asia Pacific Journal of Marketing and Retail Management. https://doi.org/10.16962/eapjmrm/issn.2349-2317/20140731.v5i3.01

Manoli, A. E. (2022). Integrated marketing communications. Integrated Marketing Communications in Football, 17-35. https://doi.org/10.4324/9781003140238-2

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

Instructions
In your sales plan:

Define and analyze a set of sales goals for the business and justify why those goals were chosen.
Be sure the goals are measurable.

Nikon Sales Plan

Analyze viable sales strategies and at least two tactics that are suited to the target market, and explain why they are suitable and were selected.
Create methods or actions to motivate and manage your sales team, including why the methods or actions can be successful.
Create a well-supported evaluation plan with plausible and thoughtful rationales.
Analyze an integrated marketing plan, including how it will impact the sales plan and business.
Cite any sources you use.