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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.So, it’s critical to identify the KPIs you will track in your business and list them in this section of your strategic plan.
This is because the more you can “speak” directly to your target customer wants and needs in your marketing, the better you will attract them.
Section 8: Industry Analysis Your industry analysis doesn’t have to be a comprehensive report on what’s going on in your market.
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.
Section 7: Target Customers In this section of your strategic plan, you will identify the wants and needs of each of your target customer groups.
This is important in focusing your marketing efforts and getting a higher return on investment on your advertising expenditures.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.Finally, you’ll map out each of your initiatives, ideally in a Gantt chart, so you know when each project will start and who will lead them.Section 13: Financial Projections The final section of your strategic plan is your financial projections. First, you can use a financial model to assess the potential results for each opportunity you consider pursuing.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.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.Then work backwards two more times to determine your goals for the next quarter and the next month.Ideally you update you strategic plan monthly to modify this section.