With 2016 almost over, it’s time to plan for success in 2017.
So, in-between Christmas parties, present shopping and those tasks you committed to complete before the end of the year, you need to define your ambition and objectives for 2017!
A lot of businesses don’t spend enough time defining their ambition and objectives, and those that do often fail to remain committed to them throughout the year. Successful brands however, plan and remain committed to achieving their objectives throughout the year.
If you struggle to set objectives that are ambitious and achievable, the process below should help.
1. Define a big, juicy ambition for your brand in 2017
Dare to think big and imagine what could be. The ideal ambition should leave you feeling excited and a little scared (in a ‘can I achieve that?’ way).
2. What does your brand ambition look like in objective, measurable terms?
What level of sales revenue increase would you like to achieve? What level of profit increase? What new markets or distribution channels do you want to get into, and how could you measure this? Be challenging, but realistic.
3. What consumer behaviour change is needed to deliver your ambition?
Do you need more of your target consumers to buy your brand? The same consumers purchasing more often? Or paying more for your brand? Or do you need to widen your target, seeking additional consumer groups who don’t buy your brand currently?
Ensure both the change in consumer behaviour and the quantity of new consumers you need are specific and measurable. This will help you identify the strongest activities to deliver the results you desire and also ensure you can measure performance.
4. Which activities will best drive this behaviour change?
Will your activities focus on product, price, promotion, placement, positioning or packaging? Do you need to increase distribution? Drive greater awareness and trial? Develop NPD or new packaging formats to tap into new occasions? While there are many activities you can run, what are the 3-4 focus areas that will deliver your brand ambition and measurable objectives?
Having defined your ambition, objectives and outline activity for the year, follow these three steps to make it happen.
1. Break your annual activities down into quarterly objectives and monthly goals
2. Block time in you diary to work on these activities throughout the year
Blocking out time will ensure these activities become a planned part of your working week and an on-going habit. Forming a habit of working on these activities is important, as willpower alone will not ensure you deliver your objectives…especially when ‘urgent’ issues come along and threaten to derail all your best intentions!
I can’t stress this enough. Plan to work on your objectives first and let everything else fit around them.
3. Measure and track your progress monthly and quarterly
Measuring progress monthly and quarterly enables you to change your approach if you’re falling behind in particular areas. That said, don’t be afraid to add to/amend your objectives and activities as you progress and learn more throughout the year.
Using this process will ensure you’re clear on what you’re working towards, how you’re performing and will help you achieve far more throughout the year than you thought possible.
At BrandWorks, we support food brand owners in reinvigorating and accelerating brand growth.