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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 6: Key Performance Indicators (KPIs) Great businesses understand their metrics and KPIs.
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.
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.
They key is to first identify your 5 year or long-term goals.
Next, identify your one-year goals; that is, what you must achieve in the next year for it to be successful and to put your company on the right trajectory to achieving your 5 year goals.
Section 2: Elevator Pitch An elevator pitch is a brief description of your business.
Your elevator pitch is included in your strategic plan since it’s key to your business’ success, and often times should be updated annually.
Rather, in addition to defining who your key competitors are, you should list their strengths & weaknesses.
Most importantly, use this analysis to determine your current competitive advantages and ways to develop additional advantages.