September 15, 2020

BOARD and Customers

Before you set an objective, you try to understand what is happening to customer behavior. The analyst creates a set of facts that form the foundation for "how" 2021 Objectives will be written.

Say your Omnichannel-fueled business, pre-COVID, was struggling in the retail channel but was acceptable via e-commerce. Your analyst creates a set of "truth" that everybody follows. Take a look:
  • 2018 In-Store Buyers:  58% buy from the brand next year, 46% buy in Stores, 22% buy via E-Commerce.
  • 2017 In-Store Buyers:  61% buy from the brand next year, 50% buy in Stores, 20% buy via E-Commerce.
  • 2016 In-Store Buyers:  63% buy from the brand next year, 54% buy in Stores, 17% buy via E-Commerce.
  • 2015 In-Store Buyers:  64% buy from the brand next year, 56% buy in Stores, 14% buy via E-Commerce.
The "truth" is that your in-store retail buyers have been leaving your brand for the past four years (see the rebuy rates for the overall brand).

The "truth" is that your in-store retail buyers have been shifting to e-commerce for four years (see the rebuy rates for in-store retail buyers moving into e-commerce).

Now, if your Executive Team doesn't agree on the facts (and that happens, folks ... sure does happen in politics, doesn't it?), then no Goal/Objective is going to matter. It's not worth your time to set a Goal if the Employee doesn't agree that the Goal helps the company achieve and Objective. Have a discussion with the Employee, if the Employee digs in for no good reason, move on from the Employee. If the Employee gives a credible counter-argument based on actual customer data, LISTEN to the Employee and potentially CHANGE the Objective you wish to write.

Then COVID mucks up everything, creating uncertainty. So please, write an Objective that offers flexibility to account for uncertainty.

Need help with this stuff? We'll talk about that soon.

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