Strategic Plan Part 3 – Goals
What does an organization want to be recognized for in three (3) to five (5) years? Who will be the beneficiary of that effort? What does the organization want to have achieved?
Long Term Goals
What is your organization’s BHAG? What is your organization best and passionate at? How is your organization fueling those goals and passions?
An organization needs a “Big Hairy Audacious Goal” (BHAG) which is intended to inspire and motivate an organization to achieve greatness. An organization’s BHAG should be inspiring, achievable and help motivate the organization’s staff and partners around a common goal. Some examples of organization’s BHAG:
- Google: “Organize the world’s information and make it universally accessible and useful.“
- Microsoft: “A computer on every desk and in every home, all running Microsoft software.“
- Amazon: “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.“
- Ford: “Democratize the automobile.“
- Coca-Cola: “To refresh the world, inspire moments of optimism and happiness, and create value and make a difference.“
There are four (4) types of BHAG: target-oriented; competitive; role model; and internal transformation. For more information about BHAGs, click here.
Hedgehog Concept
Jim Collins in his book “Good to Great” (book / short form / audible) developed the Hedgehog Concept. The concept consists of three (3) overlapping circles that represent what an organization is good at, what it is passionate at, what is driving the organization economically. Some examples are:
- Apple: Design, innovation, and simplicity in user experience
- Southwest Airlines: Low-cost flights, excellent customer service, and employee happiness
- Walmart: Low prices, wide selection of goods, and efficient logistics
- Nike: Design, innovation, and performance in athletic gear and footwear
- Starbucks: High-quality coffee, welcoming and comfortable stores, and personalized customer service
There organizations have focussed their Hedgehog Concepts on creating a sustainable competitive advantage which helps drive their long-term success. They have uniquely positioned themselves and focussed their resources on those areas that make them successful.
Transformative Activities / Events
Transformative activities and events are organization activities the help transform the organization from the way it is to the way management wants, or helps the organization standout and differentiate themselves from their competition. It could be:
- a new product or service launch
- a new method for launching products and/or services that is unique to the organization;
- an industry recognized event where an organization brings together all of their customers and prospects to showcase themselves and their offerings and activities; or
- an activity or event that is recognized as special to that organization.
Apple has their annual Developer’s Conference where all the world’s top developers are brought together. Oracle has Oracle OpenWorld where all of Oracle’s customers and prospects learn about the latest Oracle products and services and how they may be applied in many different industries. Warren Buffett has his annual Berkshire Hathaway Annual Meeting in Omaha, Nebraska.
Value Proposition
A value proposition is a statement that explains how an organization solves customer problems, fulfills their needs and provides unique benefits that their competitors cannot match. A great value proposition resonates with their target customers and differentiates themselves from their competitors. A strong value propoistion helps organizations attract and retain customers which drives the organization’s growth. Some sample value propositions include:
- Tesla’s electric cars provide exceptional performance, innovative features, and a sustainable, environmentally-friendly driving experience.
- Amazon’s vast selection, competitive prices, and fast, reliable shipping make it the most convenient and cost-effective way to buy anything online.
- Airbnb’s platform allows travelers to find unique, affordable accommodations and experience local culture and hospitality around the world.
- Netflix offers an extensive library of on-demand movies and TV shows at a low monthly subscription cost, providing convenient and affordable entertainment options for its customers.
- Uber’s ride-sharing service provides convenient, affordable transportation and allows users to easily and safely get around without owning a car.
Brand Promise
Brand promise is a statement or set of statements that conveys what customers can expect from the organization and what makes it unique. The brand promise embodies the essence of the organizations’ identities and reflects their values, beliefs and mission. Here are some examples:
- Nike: “To bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete.“
- Apple: “To create innovative products and services that enrich people’s lives and empower them to do great things.“
- Coca-Cola: “To refresh the world, inspire moments of optimism and happiness, and create value and make a difference.“
- Google: “To organize the world’s information and make it universally accessible and useful.“
- FedEx: “To simplify the process of doing business globally by providing reliable, on-time delivery of documents and packages.“
By consistently delivering on a brand promise, an organization will build a strong, loyal customer base and establish themselves as leaders in their industry.
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