Section 10: Marketing Plan In addition to your strategic plan, I recommend you develop a comprehensive marketing plan describing how you will attract prospects, convert them to paying customers and maximize your lifetime customer value.
Include a summary of your marketing plan in your strategic plan.
Also, once you determine the opportunities you will pursue, your financial projections will map out the goals.
For example, you’ll know exactly how many new customers you must attract in the next month, and at what price point, to achieve next month’s goal.
It also helps you identify which strengths you must develop in the near future to improve your company.
Section 5: Goals Setting and achieving goals is the hallmark of successful companies and is a critical element of your strategic plan.
For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. For example, if sales are affected by 1) number of visitors to your website, 2) number of visitors who complete a contact form, 3) number of proposals you issue to these leads, and 4) the proposal closing ratio, then each of these KPIs should be tracked.
Then, if for instance, the number of visitors to your website decreased, you would know and fix this immediately, rather then waiting until sales plummet later.
However, you should conduct an analysis to ensure the market size is growing (if not, you might want to diversify), and to help identify new opportunities for growth.
Section 9: Competitive Analysis & Advantage Similarly to your industry analysis, your competitive analysis doesn’t have to be a thorough report listing every detail about every competitor.