By On Jul 29, 2019 Templates
Too many organizations spend too much time and energy trying to secure new customers versus investing in getting existing customers to buy more often. By using retention strategies such as a monthly newsletter or customer loyalty program, you can increase revenues and profits by getting customers to purchase from you more frequently over time. Identify and document ways you can better retain customers here. The final part of your marketing plan is to create financial projections. In your projections, include all the information documented in your marketing plan. For example, include the promotional expenses you expect to incur and what your expected results will be in terms of new customers, sales and profits. Likewise include your expected results from your new retention strategy. And so on. While your financial projections will never be 100% accurate, use them to identify which promotional expenses and other strategies should give you the highest return on investment. Also, by completing your financial projections, you will set goals (e.g., your goals for your referral program) for which your company should strive. Completing each of the 15 sections of your marketing plan is real work. But, once your marketing plan is complete, it will be worth it, as your sales and profits should soar.
A strong customer referral program could revolutionize your success. For example, if every one of your customers referred one new customer, your customer base would constantly grow. However, rarely will you get such growth unless you have a formalized referral strategy. For example, you need to determine when you will ask customers for referrals, what if anything you will give them as a reward, etc. Think through the best referral strategy for your organization and document it. While your primary goal when conversing with prospective customers is often to secure the sale, it is also important to pay attention to the transaction price. The transaction price, or amount customers pay when they buy from you, can dictate your success. For example, if your average customer transaction is $100 but your competitor average customer transaction is $150, they will generate more revenues, and probably profits, per customer. As a result, they will be able to outspend you on advertising, and continue to gain market share at your expense. In this section of your plan, think about ways to increase your transaction prices such as by increasing prices, creating product or service bundles/packages, and so on.
Your marketing materials are the collateral you use to promote your business to current and prospective customers. Among others, they include your website, print brochures, business cards, and catalogs. Identify which marketing materials you have completed and which you need created or re-done in this section of your plan. The promotions section is one of the most important sections of your marketing plan and details how you will reach new customers. There are numerous promotional tactics, such as television ads, trade show marketing, press releases, online advertising, and event marketing. In this section of your marketing plan, consider each of these alternatives and decide which ones will most effectively allow you to reach your target customers.
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