By On Jul 31, 2019 Templates
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.
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 Market Strategy uses the information included in your Target Market section to describe how your company should approach the market. What will your business offer your buyer personas that your competitors are not already offering them? In a full-length marketing plan, this section can contain the "seven Ps of marketing." These Ps are product, price, place, promotion, people, process, and physical evidence. (You will learn more about these seven sub-components inside our free marketing plan template, which you can download below.)
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