Start with your objectives. Do you want to drive brand awareness, user impressions, revenues, or target gross margins? Remember that your objectives do not have to be, nor should they be mutually exclusive. Creating an effective business strategy should involve the right combination of brand awareness, user impressions or revenues with target gross margins. The question really lies with what is of the uppermost importance today. What short term objectives do you have, long term goals and how do the two meet through your strategic business plan.
At the core of all strategic planning is data such as target customer behaviors, market size or financial projections. Data drives good business decisions. Good business decisions give you the best chance for success. Understanding how each piece of information translates back to your bottom line numbers is the key.
The challenges with data, in my opinion, are identifying what information is most important, what information is dependent and then turning the results into a plan of action.
Keep it simple and work backwards. What are your objectives based upon in hard numbers?
- How much money do you need to make this month to cover bills?
- How many impressions do you need to show up on the "buy list" for target advertisers?
- How many stores do you need to have your product in to meet your target sales growth?
Once you know what you need to achieve, identify what efforts can help you meet your objectives with the greatest margin. If you set up the right spreadsheet, for lack of a better term, you will easily be able to see which tactics move the needle across any category from impressions, to gross margins to product sales.
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