Eek! We’re more than halfway through 2018. So before you dig into another meeting or go chasing after another client, I want you to ask yourself a critical question: Has the first half of 2018 been successful for your business? There's no question that "success" has different definitions for different businesses. If you know what yours is—number of new clients, for example, or bottom line revenue—then you've got a solid starting point. If you don't, then you've got foundational problems that need to be addressed. In either case, now is the time for a hearty assessment of your business's strategic goals. This kind of assessment should be completed at least once a year (and preferably two or more times). While the specifics of that assessment depend on your success metrics, there are a few good strategic starting points. Refine your vision and mission An assessment without a clear vision is basically useless. So, take the time to revisit your mission statement. Your company's vision and mission are what guide your business towards where you want to go. They provide a solid basis for developing a strategic plan internally, while conveying your priorities, methods, and goals to the public. SpaceX's mission statement, for example, highlights both their short-term goals and long-term aspirations. Fittingly, then, success takes many forms for the company. Elon Musk has leveraged public accountability for some of his company's goals by announcing them during press events. For example, in 2017, he announced his intention (on behalf of SpaceX) to successfully launch unmanned spaceships to Mars by 2022. This aligns with the company's mission: To "revolutionize space technology with the ultimate goal of enabling people to live on other planets." Smaller, though no less important, goals include the company's acquisition of assets to fund launches like the one Musk announced. What are your big and small goals? Are they clearly articulated? Do they align with your mission and vision? Do you have set metrics to determine success in these areas, and are they broken down for easy review at biannual assessment meetings? As your company is confronted with the day-to-day hassles of operations, your mission and vision serve as a reminder of what is important and what you should focus on, so make sure they are up-to-date. Look at your competition A big part of your marketing and sales priorities are greatly affected by how your company has fared against its competition. Conducting a competitive analysis allows you to take a close look at your market, your competitors, their strengths and weaknesses, and learn what others are doing in your industry (i.e. best practices). You should also consider how your customers are engaging businesses in your industry, where they’re buying, and other relevant behaviors. For instance, consumers in 2018 buy more for benefits and value—as well as overall experience—than mere product functionality or service reliability. Thus, more and more businesses are investing in marketing centered on the right experiences, often referred to as “emotional branding.” Apple is a perfect example of a company that utilizes this approach; their product campaigns often urge us to be something bigger than ourselves. In one particular case, an ad for the MacBook became an ad for self-expression. The inclusivity campaign that became popular a few years ago is another great example; viral views topping 59 million were possible because the Ad Council tapped people's innate desire for connection and love. Staying on top of your competitors' marketing strategies greatly helps you establish effective product development initiatives, so make sure you're active on the right media and have crafted appropriate messaging. 3 Read on at earlytorise.com: 6 key ways to create strategic goals for your company... |