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19 Jun
 
Having clear goals is best practice for any business and absolutely crucial for online retailers. More to the point setting goals that are SMART -  Specific, Measurable, Aspirational, Relevant and Timely.
 

Tip - BE SPECIFIC

Just as important is ensuring that any strategies executed within your business to achieve set goals are defined to a specific outcome and measurable. If you’re looking to be cheaper than the competition, then set a percentage target and success timeframe. This could be to remain 10% cheaper than your competitors for a specific product for the next 12 months.

Tip - BE REALISTIC

It is important to make sure that these goals are actually attainable. Assess the tactical options through which the set goals can be achieved against available resource. To be 10% cheaper than competitors over a twelve month period requires automated, accurate and timely competitor monitoring.

Tip - SET TIME LIMITS

Understanding the real business impact of these goals being achieved is a good indicator of how relevant the goals are. Why are achieving these goals important to your retail business? Understanding why these goals are relevant and setting a timeframe for the goal to be achieved keeps the business motivated and accountable.

 

ASK YOURSELF

1. How do you plan to maximise sales volumes and margins?
 
2. How do you plan to leverage omni-channel opportunities?
 
3. What metrics do you use to measure goal achievements?

 

TAKE ACTION

Set milestones – Set targets to be reviewed within a specific timeframe. These should be based on key business strategies to remain competitive.

Understand your business capabilities – Consider a timely review of internal capabilities to deliver on your strategic priorities within a set timeframe. This could be daily, weekly, monthly or quarterly.

Monitor your competition – Be proactive by familiarising yourself with their products, prices, stock availability and anything else that could be a threat to your business.

 

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