This driver deals primarily with gaining and growing customers and market share.
Tools and support What sort of tools and support is required? You may need certain tools to carry out your strategy. So you need to identify all such tools. For example you may need certain tools for keyword research, rank tracking, social media tracking etc.
Measurement model and KPIs What to measure and how? What you measure is entirely dependent on your goal. Definition of success and failure What should be counted as success and what should be counted as failure? Deadline What is the estimated completion time?
Remember without deadlines no goal is unachievable. So setting deadlines is critical to solving a problem. Cost How much it will cost to implement the strategy? You need to keep the cost into account while solving problems.
So if your strategy is not affordable to execute then you need to re-evaluate it. Determine possible barriers to your proposed solutions Below are possible barriers to your proposed solutions which you must consider before you execute your marketing strategy or present proposed solutions: High barrier to entry You are operating in a highly saturated market where big brands have a monopoly.
Consequently it is very hard for you to capture search market share. These are not the only barriers. Barriers vary from business to business.
So you need to figure out the possible barriers in your situation. Once you have determined your barriers, you need to re-evaluate your strategies and other requirements to solve each problem. Take action This is the most important step. Seeking perfection is a great time sucker and the enemy of good enough.
Over planning and over analysis can make things very complicated and they can keep you away from taking any action. So take action and refine your strategy as you move on by repeating the steps from 1 to 5. Make mistakes and learn from it.
Do you want to Learn Web Analytics in 4 Weeks?a Department of Finance, Operations and Information Systems, Faculty of Business, Brock University, St. Catharines, ON, Canada b Department of Accounting, Faculty of Business, Brock University, St.
Finally, we translate goals and strategies into concrete action through development of objectives. If you would like additional information about the steps of the strategic planning process, contact us at [email protected] You want to set goals that convert the strategic objectives into specific performance targets.
Effective goals clearly state what, when, how, and who, and they are specifically measurable. They should address what you need to do in the short-term (think years) to achieve your strategic objectives. Learn to translate Business Objectives into Measurable Goals through a easy 5 step process.
Process to translate business objectives into measurable goals.
Step Determine where you are now. 6 Simple steps to Create and Analyze a Marketing Strategy. 2. Expertise/area of responsibility.
People: Employ professionals who create success for customers. Training: To develop the leadership abilities and potential of our team. Culture: To align incentives and staff rewards with performance. Knowledge: To continually learn and adopt current best practices. Remember, these are just examples of strategic objectives.
Targets are the quantifiable goals you hope to achieve. Comparative standards are the data points that are used as a comparison or standard of achievement for a particular indicator or outcome. Comparative standards help to provide insight into how your targets relate to or improve on past performance.