By On Jul 29, 2019 Templates
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.
To succeed in business, you need a marketing plan. To make it easy, I am providing the worlds simplest marketing plan template below, suitable for small businesses or early-stage startups. (And if you dont think you need one, read why you need a marketing plan below.) Just answer the 10 questions below. If any of the questions are hard to answer, that is great! The more you research your answers, the better your plan will be. Answer every question honestly and thoroughly, and I guarantee that your marketing will be stronger, more effective, and more efficient. Marketing is simply a process of communication and persuasion. It is communications, because you are putting a message into the mind of your audience. It is persuasion, because you are doing it to get them to take some action. Thus to do marketing right, you need to answer some basic questions. What is your message? Who is the audience? How will the message be interpreted? What action do you want them to take? All this is covered in your marketing plan. The marketing plan is designed to make this process of communications and persuasion explicit, thorough, and effective.
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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