Customer Acquisition and Conversion

 Customer Acquisition and Conversion – how will your target customers learn about your product and what selling motion will you use?

Create a Conversion funnel plan that is robust enough to meet the sales goals and submit your plan. Make sure it includes the following:

1.

1. How will your target customers learn about the product? Traditionally this is done with advertising campaigns, and/or a sales force. Doubling sales when the base is small is easier than when the base becomes large.

2. How will you leverage your positioning to convince customers that your product is superior to the competition? This is the process of developing customer preference?

3. How will you sell the product? Why is this the best sales path? This is where you explain your channel strategy. Describe the channel(s) you plan to use. What is the cost of the channel(s)? Make sure your channel strategy includes a description of the installation process and cost. Remember, a poor installation can be very expensive. There is the direct cost of correcting the installation and warranty repair and the indirect cost of a dissatisfied customer.

4. A forecast of the target market penetration for each year in the 5-year horizon. If you extend your target customer segments over the 5-year horizon make those extensions clear

5. Identify the largest risk(s) to your channel strategy and sales plan. Don’t include the shared market risks that are common to all strategies and competitors like economic downturns, or cybersecurity. Identify the risks that are specific to your product and strategy.