By On Jul 27, 2019 Templates
Complete your Executive Summary last, and, as the name implies, this section merely summarizes each of the other sections of your marketing plan. Your Executive Summary will be helpful in giving yourself and other constituents (e.g., employees, advisors, etc.) an overview of your plan. This section describes the customers you are targeting. It defines their demographic profile (e.g., age, gender), psychographic profile (e.g., their interests) and their precise wants and needs as they relate to the products and/or services you offer. Being able to more clearly identify your target customers will help you both pinpoint your advertising (and get a higher return on investment) and better “speak the language” of prospective customers.
The Business Initiatives element of a marketing plan helps you segment the various goals of your department. Be careful not to include big-picture company initiatives, which you would normally find in a business plan. This section of your marketing plan should outline the projects that are specific to marketing. You will also describe the goals of those projects and how those goals will be measured. Here where you will conduct some basic market research. If your company has already done a thorough market research study, this section of your marketing plan might be easier to put together. Ultimately, this element of your marketing plan will help you describe the industry you are selling to, an analysis of your competitors, and your buyer persona. A buyer persona is a semi-fictional description of your ideal customer, focusing on traits like age, location, job title, and personal challenges.
Conversion strategies refer to the techniques you employ to turn prospective customers into paying customers. For example, improving your sales scripts can boost conversions. Likewise increasing your social proof (e.g., showing testimonials of past clients who were satisfied with your company) will nearly always boost conversions and sales. In this section of your plan, document which conversion-boosting strategies you will use. Joint ventures and partnerships are agreements you forge with other organizations to help reach new customers or better monetize existing customers. For example, if you sold replacement guitar strings, it could be quite lucrative to partner with a guitar manufacturer who had a list of thousands of customers to whom it sold guitars (and who probably need replacement strings in the future). Think about what customers buy before, during and/or after they buy from your company. Many of the companies who sell these products and/or services could be good partners. Document such companies in this section of your marketing plan and then reach out to try to secure them.
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