Answer these 5 questions to improve your Marketing Plan Now !
5 Questions You MUST Answer in Your Marketing Plan
Question #1: What is your promotions strategy?
As you know, the lifeblood of any business is getting new customers in the door each and every month. And the best way to do this is to employ multiple promotional tactics, particularly tactics that will most cost-effectively bring you an ongoing flood of new customers.
So, you need to choose and document all the promotional tactics that you will use such as print advertising, flyers, direct mail, gift certificates, press releases and so on…
Question #2: What is your online marketing strategy?
No matter what business you’re in, you should be able to generate a ton of inexpensive traffic, and turn that traffic into paying customers using the right online marketing strategy and tactics.
So in your marketing plan you need to detail how you will use the 4 core online marketing strategies, mainly:
- Keyword Strategy
- Search Engine Optimization Strategy
- Paid Online Advertising Strategy
- Social Media Strategy
Question #3: What is your sales strategy?
Sales (or “conversion”) strategies are the techniques you’ll use to turn more prospective customers (or “leads”) into paying customers. As you can imagine, increasing your conversion rates just slightly can massively boost both your revenues and profits…
Question #4: What is your pricing strategy?
Next, you need to determine your pricing strategy.
In particular, you should figure out how to maximize your average transaction value. In other words, you need to explain how you will get customers to pay more each time they buy from you.
For example, did you know that McDonald’s doubled its worldwide profits simply by training its cashiers to ask “would you like fries with that?”
However, most companies don’t use these transaction boosting strategies, even though there are ways to use these strategies in any business (and ways to use them without being pushy and which actually improve customer satisfaction).
So you need to document these ways in your marketing plan…
Question #5: What are your financial projections?
Next, you need to document how much each of your marketing strategies will cost, how much revenue you can expect to gain from them, and how they will affect your bottom line profits.
Also, you must decide when you will schedule each marketing activity within the coming year.
Clearly, you shouldn’t execute on any marketing plans until you have a defined goal, expected return-on-investment (ROI), and benchmark against which you can judge your performance.
How to Finish Your Marketing Plan Faster
By highlighting a few of the critical questions you must answer in your marketing plan, I have already cut the time needed for you to complete your marketing plan… because now you can focus on the questions that really matter.