How to Consistently Measure Your Strategy’s Success Post-Launch
So, you’ve launched a sales strategy, marketing strategy, customer relations strategy, business development strategy, and 34 other strategies… Now what? You’ve built a route to your peak, avoided obstacles, scaled your summit, and upon arrival realize that you’ve exhausted all consumable resources. Foresight is a key skill not only for scaling mountains, but also for managing your strategies post-launch. In this post, we’ll discuss how to measure the success of your already launched strategies, and some tips on how to adjust them when necessary.
The key points to consider when measuring your launched strategies are:
- Feedback (internally or externally)
- New information or issues that arise with an unstable strategy
- Inspection and management
Regular communication with your team is a must. How often you meet varies based on how complex your strategy, but the main point to keep in mind is that clear communication fosters ongoing success. If your strategy meetings are held infrequently (quarterly or less often), it is wise to use other communication mediums like email or phone calls in order to stay up to date.
The data refers to the state of the company. If you’re measuring data on your sales strategy for instance, you may want to review how much revenue your sales team has generated, in what sales territories they’ve generated the most/least, and perhaps any competitor movement in the market. If you’re measuring data on a social media or email campaign, you may want to review how many clicks your emails are receiving, or what links your followers gravitate toward. Keep tracking the data as it changes and communicate key information to the team. Data is critical and helps separate what we feel may be happening with what is actually happening. In other words, you may feel like a specific campaign is producing great results, but the hard data could prove you wrong. It’s important to base strategic decisions on that data.
Asking for and incorporating feedback from the team when adapting your strategy is healthy practice for gaining a holistic view on the progress of the strategy. Allow for easy feedback to come to you from the group, whether in meetings, responses to emails, memos, company newsletters, etc. This feedback should also be data driven, as opposed to being emotionally driven.
When new information surfaces, continue to task your team and not take everything on yourself. Once new information is analyzed, present the new data to the team so they can formulate ideas and suggestions on how to incorporate the data and its impacts on the strategy. A good way to do this is in written form, with a gap in time, followed by a meeting where the new ideas can be presented and captured. After a decision is made, the strategy can be amended and re-agreed upon to make sure everyone is on the same page.
Inspection and Measurement
Continue to inspect, measure, and report the results as you progress, and review and edit your strategy at regular intervals to keep it fresh and relevant.
What have you found to be helpful while measuring your strategy’s success? Feel free to post questions about measuring your strategy’s success below! For more information on measuring strategic success, get in touch with one of our Guides.