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The paper “Vision Coaching Plan for Annual Improvements in Retention Rate” is a helpful example of a marketing business plan. The enclosed documents demonstrate the plan to achieve a 40% overall improvement, from 10% to over 50%, in client retention rates at Vision Coaching, resulting in a significant return on marketing investment…
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Extract of sample "Vision Coaching for Annual Improvements in Retention Rate"
Vision Coaching Plan for ANNUAL improvements in retention rate Client retention project – No. 100010 Scope Document Introduction Improvement in client retention is a major player in contemporary companies’ ability to grow and build a customer base, according to Lisa Ford, author and business expert, improvements on only 5% in customer retention can account for nearly 100% boost in profit, with minimal marketing and acquisition costs compared to acquiring new customers [1]. Customer retention requires building a solid plan for communication, customer service, and conflict management.
Project Scope Statement
The project will a develop a plan for improvement of client retention demonstrating both an immediate and long-term return on marketing investment in new clients. The plan will be developed and implemented in the course of routine scheduling and not interfere with services offered to clients currently.
Problem/Opportunity
Initial investment in attaining new clients is high, representing over five times the investment of retaining current clients by the company’s estimate. The company would like to improve retention rates from 10% to 50% or better within the next twelve months.
Project Duration/Timeframe and Budget
The project will be carried out within 3 weeks, to create a plan to span a twelve month period of operations at Vision Coaching. The budget is $10,000 to complete the 3 week project.
Performance Reporting
Progress will be measured on a weekly basis of plan vs. actual progress, communicated by a weekly meeting to Vision Coaching employees and management.
Deliverable and Specifications
The deliverable will be an action plan for twelve months, split into months and weeks, which will result in boost from 10% to over 50% client retention. Outlined will be the responsibilities of each stakeholder, concentrating on procedural changes for management and employees.
Critical Success Measures
Provide adequate information about reach to current clients.
Develop marketing measure to improve reach to current clients.
Build brand identity.
Improve Company-to-Client communications over customer life, both during projects and afterwards.
Assumptions
Adequate information on existing customers will be available and accessible within the project timeframe and budget.
Necessary staff and resources will be available within the project timeframe without interfering with routine business activities.
Stakeholders
Vision Coaching – Management, Administration, and Employees at the company will be impacted.
Project Team – The members of the project team will have a stake in the project plan, particularly as team members are ongoing members of the company with routine job duties that will be impacted by the plan.
Contract Employees – Business, Corporate, and Personal Coaches will be impacted.
Third-Parties – Other third parties, such as additional contractors and service providers, may be directly or indirectly impacted by the plan.
Attachments
Client Surveys
Comment Cards
Interview Answers
Summary
The enclosed measures will leverage the knowledge and experience of the Vision Coaching team to improve client retention and boost overall profits and marketshare of the company.
Vision Coaching Plan for ANNUAL improvements in retention rate
Client retention project – No. 100010
Work Breakdown Structure (WBS)
Vision Coaching Plan for ANNUAL improvements in retention rate
Client retention project – No. 100010
PERT Network Chart
Critical path shown by shortest time from start to finish.
Vision Coaching Plan for ANNUAL improvements in retention rate
Client retention project – No. 100010
Gantt Chart
Tasks with float marked in Gray.
Vision Coaching Plan for ANNUAL improvements in retention rate
Client retention project – No. 100010
Budget and Cost Timeline
Vision Coaching Plan for ANNUAL improvements in retention rate
Client retention project – No. 100010
Progress Report – Wk #1
Introduction
Developing a plan for client retention to boost marketshare and profits, as well as maximizing marketing investment, is the goal of this project.
Milestones
The week consisted of the development of the project plan, outlining major steps and theory based on literature and expert review, as well as the expertise of team members. Survey and data collection has been designed an initiated.
Budget and Cashflow
Client and Company surveys have commenced, involving an investment of $6700 that serves to communicate and record customer and employee opinion in order to identify relevant factors and areas that may be improved in order to increase client retention.
Accuracy of Project Estimates
Current budget adheres to the specified schedule and is expected to show returns immediately in the form of increase customer satisfaction, based on increase communication with customers. This serves to initiate a customer invested interest in Vision Coaching that will ultimately be fostered by the program this project puts in place.
Completion Forecast
The project is on schedule, and estimated completion time is two weeks, during which time a plan and proposal will be generated for client retention.
Stakeholder Motivation
A primary aim of this project is to allow stakeholders, including client, contractors, third-parties, and employees to be heard. Investment by each stakeholder in the form of open communication with the project team is crucial to the success of the project, and the project team encourages yours involvement.
Vision Coaching Plan for ANNUAL improvements in retention rate
Client retention project – No. 100010
Progress Report – Wk #2
Introduction
Analysis of the current client-company interaction and opinion is imperative to assessment of Vision Coaching’s unique customer base in order to provide improved client retention.
Milestones
Results are in from client and company surveys, and the data has been analyzed in order to demonstrate strengths and weaknesses of the existent client-company relationship. Planning for improvements has begun.
Budget and Cashflow
A total of $2,750 was spent, bringing the total spent to $9,450. The budget is within planned requirements, according to the project plan.
Accuracy of Project Estimates
The estimated final budget is within the $10,000 allotment, demonstrating the effectiveness of the data collection portion of the project. The final plan is a summary based on this report, with specific outlines of possible actions to improve client retention.
Completion Forecast
The project is on schedule, and estimated completion time is two weeks, during which time a plan and proposal will be generated for client retention.
Stakeholder Motivation
At this point, stakeholders are able to access a wealth of organized data that has been collected from the company and its client indicative of general opinions based on a number of surveyed criteria as well as interview results. The plan to be distributed at the final meeting will report on these results and recommendations made based on analysis of these results.
Close Out Report
The Client Retention project finished on budget with a $10,000 total expense line over the course of three weeks (15 business days). The project team has proposed a plan to increase client retention expected to boost profits by over 100% during the next twelve months and to increase overall company growth and marketshare.
Deliverables include a plan to increasing Client Retention by 40%, from 10% to over 50% over the course of twelve months. Additionally, the project has provided a wealth of data on client and company relationships that has been stored in a database for future updates and reference, allowing a dynamic program for the improvement of client-company relationships a the Vision Coaching firm for years to come.
Stakeholders are encouraged to reference this information, particularly those in administrative functions at Vision Coaching.
The project team has returned to routine function; however, the team encourages administration to consider investing in the ongoing storage of client-company satisfaction information as a tool for maximizing marketing investment and increasing client retention.
The project management style has allowed for individual brainstorming, survey, interview, and other qualitative data in the form of questionnaires, comments, and contributions made by individual clients and employees. As such, this form technique has generated a highly specified result for the company.
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