Future Proof Your Store with Strategic Goal Setting

79

We are all looking for a competitive edge, especially during this pandemic. It all boils down to two things: goal setting and execution.

Effective goal setting is the most important component of your strategy across every business function. Without well-defined goals and objectives, you will never know if and when you hit your target. More importantly, effective goal-setting creates the roadmap to help you achieve your objectives. It will provide you with the blueprint for success.

A well-defined strategy includes guard rails to help keep you laser-focused on goals and outcomes, which keep you from the many distractions that derail most businesses.

Scorecarding is advanced goal-setting on steroids. You should use scorecards in every area of your business. This can be incorporated into your SMART goals: Specific, Measurable, Actionable, Relevant/realistic, and Timely. We’ll use category management to illustrate how this works.

You should have a scorecard for every category. A category scorecard is organized and broken down into smaller “micro goals,” all designed to grow the category, segment, brand, and itemize sales. This includes all of your merchandising, promotional, pricing, and growth goals and objectives. For example, if you want to grow sales by 5%, then you need to answer these questions and place them in your scorecard:

  • What distribution gaps do you need to fix?
  • How can you improve your merchandising?
  • What does your everyday price need to be?
  • How often do you need to promote?
  • What should your promoted price be?

Place each one of those questions into your scorecard with your SMART objectives. For example, distribution:

  • Specific: We want to increase distribution on item “A”
  • Measurable: Who is responsible for filling distribution voids?
  • Actionable: What is the estimated sales increase for closing/filling the distribution gaps?
  • Reasonable: What is an achievable distribution goal?
  • Timely: When should the voids be filled by—what date?

Each of these objectives should also be focused on increasing shopper satisfaction—meeting their wants and needs.

The more specific the objectives and goals, the easier they are to target, assess, and measure.

Work closely with brands to help you reach and exceed your goals. Hold your brand partners accountable for sustainable growth. Leverage their insights to give you a competitive edge and to keep shoppers coming back!

Previous articleKeys to Happy, Healthy, & Stress-Free
Next article2020 Year in Review Part 3: Calls to Action: Elevate 2021
Daniel Lohman, CPSA
Dan Lohman is a CPG and Natural and Organic Industry Strategic Advisor. His company Brand Secrets and Strategies provides innovative ideas, actionable insights and strategic solutions to the challenges that brands and retailers face. Dan assists retailers and brands in expanding their distribution, growing sales and getting their products on more store shelves and into the hands of more shoppers. His extensive knowledge reaches beyond traditional category management and has earned him recognition throughout the industry as an influencer, expert, speaker, trainer and thought leader. Dan is passionate about empowering brands and raising the bar. His Brand Secrets and Strategies podcast is a popular natural and organic products accelerator for food startups, healthy brands and retailers. In addition to sharing his 25 years of experience, Dan talks with well-known thought leaders, CEOs and founders of successful industry companies who candidly share insider secrets. As a top contributor to the leading trade publications, he has published over 300 articles. A trusted and respected member of the natural and organic community, Dan’s weekly newsletter, podcast, free resources and online mini courses have become an invaluable resource for brands and retailers seeking to grow sales and gain a sustainable competitive advantage. To learn more please visit: www.BrandSecretsAndStrategies.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here