Strategy and Implementation Summary
We will differentiate ourselves with results. We will establish our business offering as a clear and viable alternative for our target market, from the scores of unrefined, one-time seminar, consulting, and "feel good motivational" companies.
Build a relationship-oriented business
Build long-term relationships with clients, not single-visit deals. Become their advisor and partner of choice. Make them understand the value of long-term relationships.
Focus on target markets
We need to focus our offerings on small business owners and entrepreneurs who have a passion for their business and have the willingness to work for what they receive. We do not want to compete for the buyers who seek "get rich quick" types of resources. We need to be able to sell to smart, quality-conscious clients.
5.1 Competitive Edge
The most unique benefit that Coaching Company offers to clients is the ability to experience ongoing, reinforcement development, versus a typical "one-time" seminar format. Coaching Company provides development and support for a year or more. Since each Strategic Workshop client will be immediately qualified for one-on-one coaching, we will manage and monitor the specific progress of each client to ensure appropriate development.
5.2 Marketing Strategy
Coaching Company plans to reach their target companies by four methods which have been proven to be effective. They are:
Lead Generation Program: Coaching Company will do a direct mailing to 3,000 potential customers in the A and B county areas. Interested companies reply by mail or phone. In this industry, an average of 3% of the recipients typically respond.
Sample Previews: These are invitation-only workshops that Coaching Company will host for referral sources (i.e., accountants, attorneys, financial planners, insurance professionals) as well as owners of businesses in a target market. The previews will be the actual first year program offered to paying clients. The intent is to provide value and proof of the Strategic Workshop process so that clients will be comfortable making referrals. Coaching Company will be responsible for the generation of the lists to which these invitations will be sent. The franchiser, Coaching Company, recommends that one of these briefings be held monthly. Referral sources and business owners who attend and are interested will have a follow-up call made to them to further discuss what Coaching Company can do for their company.
Free Talks/Networking: These are talks given to Chambers of Commerce, trade councils, professional organizations, etc. It has been industry experience that it is most beneficial to have at least two of these talks per month and attend two networking events per month.
Referrals: Referrals will not be a large part of Coaching Company's business until late in the first year. In the second and third year they should account for as much as 50% of new business.
Other Income Generators: Special Project Assistance. This includes writing private programs for specific businesses, designing custom programs and retainer based coaching on an ongoing basis.
5.3 Sales Strategy
Coaching Company will make a significant profit through the delivery of top-of-the-line professional development services. The company will see profit within the first year due to beneficial word-of-mouth advertising and referral networking. The company expects to double its clientele every six months, for the first 18 months.
Strategic Workshops (two year program) - $3000 for year one, $2500 for year two. Includes 1 hour per month one-on-one coaching.
Platinum Package - $5000 for one year of Strategic Workshops, 1 hour per month of one-on-one coaching & membership to the On Demand Coaching.
Gold Package - $4000 for one year of Strategic Workshops, 1 hour per month of one-on-one coaching.
Silver Package - $3000 for one year of Strategic Workshops
Second year - $2500 per year for any client continuing with Strategic Workshops (applies to workshop only)
One-on-one Coaching - $125/hr for any personalized coaching for non-workshop clients. $100/hr for workshop clients.
On Demand Coaching - $250 per month. minimum purchase of 3 months.
Special Projects - Priced as needed
5.3.1 Sales Forecast
Coaching Company expects a slow start to 2005, but a strong finish with referral marketing beginning to replace hard marketing dollars. The core business will be the Strategic Workshops, which have a second year tied to the initial purchase (two year program - $3,000 for year one, $2,500 for year two). Based on this, we should be able to obtain and manage a 25% increase in sales. Sales exceeding the 25% would place a tremendous burden on the acceptable delivery of service. Consistent efforts made by Coaching Company based on the marketing plan will drive enough opportunities to supply both initial and ongoing growth. At this growth rate, Coaching Company will be in a position to hire one more salesperson beginning year four (2008).
Potential obstacles to achieving these results:
- Prospecting/marketing plan not followed
- Poor delivery of service
- Any health problems of owner
Coaching Company has a big year coming. In order to achieve the sales and marketing goals that have been outline in this business plan, the company has deadlines to meet and ideas to implement. Frank Smith is accountable for all items. Some of these are outlined below:
- March 1, 2005 is the date Coaching Company must commence operations. This requires a trip to Anytown in January 2005 with final franchise agreements signed by February 1, 2005. Frank Smith will be visiting Anytown on January 14, 2005 to take care of this.
- March 1, 2005 is the date specified to begin the Lead Generation Program (direct marketing) which includes direct mail, email marketing, advertising and phone sales calls.
- February 28, 2005 is the deadline for joining two chamber of commerces (Anytown and Pleasantville), and other networking groups; this is key to the marketing/networking effort. This will be effective immediately after submitting application and membership fee. Frank Smith will begin scheduling free talks immediately.
- April 15, 2005 is the deadline for scheduling the first of monthly Sample Previews.
- Marketing materials. Printing costs are involved in printing brochures, business cards, and developing website. This can't be done until after the photo/logo design work (costing $1,000) has been completed.
- February 28, 2005 is deadline for joining the Anytown Chamber of Commerce and a secondary Chamber. Cost is $195-$225/year. Benefits include networking, marketing and free talks.
- February 28, 2005 is the deadline to join Local Business Network. Cost is $360/year. Benefits include networking, marketing and free talks. May also be used to populate first workshops.