How do you monitor a strategic marketing plan?

It is difficult to know how to answer your question without knowing the business you’re in. For most sales businesses, monitoring sales quotas in dollar amounts is a good way, but often after-the-fact. You may want to know what leads to a sale and monitor that process.

One way is to set up a system of actions that lead to sales and then monitor the number of occurrences of those actions on a quarterly basis.

For example, in the sales business, contacts will generate leads, leads will generate appointments, appointments will generate active clients, and active clients will generate sales production. So, you need to determine, on average, how many contacts it takes to generate a lead. Let’s say that 300 contacts will generate 100 leads on average (that’s 33%); then if 25% of your leads generate appointments (on average) that will produce 25 appointments; if 25% of your appointments generate an active client, you will have 6 active clients from every 300 contacts (on average); if one-third (33%) of your active clients produce sales, you will average 2 sales for every 300 contacts. Knowing how many contacts it takes to produce a sale will allow you to set your goals. Take the average sale price of your product and work backwards. Set your monthly goal at a dollar amount and you’ll know how many sales, active clients, appointments, leads, and contacts you’ll need per month to achieve it. Then set up a quarterly spreadsheet to track (monitor) your progress.

The strategic plan at that point will be comprised of effective methods of making the most productive contacts. You’ll need to study market statistics, area demographics, and existing competition to develop an effective plan.

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