By On Jul 27, 2019 Templates
Marketing plans can get quite granular to reflect the industry you are in, whether you are selling to consumers (B2C) or other businesses (B2B), and how big your digital presence is. Nonetheless, here are six elements every effective marketing plan. In a marketing plan, your Business Summary is exactly what it sounds like: a summary of the organization. This includes the company name, where its headquartered, and its mission statement -- all of which should be consistent with the business as a whole. Your marketing plan Business Summary also includes a SWOT analysis, which stands for the business strengths, weaknesses, opportunities, and threats. Be patient with your business SWOT analysis, you will write most of it based on how you fill out the next few marketing plan elements below.
Dont mistake the Budget element of your marketing plan with your product price or other company financials. Your budget describes how much money the business has allotted the marketing team to pursue the initiatives and goals outlined in the elements above. Depending on how many individual expenses you have, you should consider itemizing this budget by what specifically you will spend your budget on. Example marketing expenses include a marketing agency, marketing software, paid promotions, and events (those you will host and/or attend).
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.
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