By On Jul 26, 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.
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.
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.
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