Goal Setting And Measuring Success Esay
Build key performance indicators that relate back to business goals for quantitative measures of success.
The tourism board you work for receives budget dollars from the state government through an established contract for promoting the destination. Because of this, the organization has been awarded stimulus dollars in the form of a business development grant that it will receive in the upcoming year and now needs to decide where to spend it.
It has been decided there is an opportunity to grow the local economy by improving sales of tickets to local attractions, and the online store has been selected as a candidate to receive attention. The leadership has stated some goals for the website work to be completed. Specifically:
The new website should look more modern and engaging.
The online shopping experience should be user-friendly, and pleasing for customers.
A good percentage of visitors to the website should buy tickets and lots of them.
There should be more ticket sales for each month compared to the same month of the previous year.
Repeat shopping should be common for people visiting the site.
After reviewing these goals, you feel there is a lot of possibility for confusion, and you feel it might be difficult to measure success. You bring your concerns to your manager, who decides you need to create a presentation for the Chief Marketing Officer (CMO) who is responsible for setting these goals and measuring success, and offer your feedback and suggestions for modifications.
The questions they are presenting you with include:
Are these goals quantitative or qualitative? Do we want or need both types of goals to meet our objectives?
Are these goals measurable? How will we determine success?
Do these goals need to be rewritten? Are there goals missing?
Record a presentation using the screen sharing Webware/software of your choice (an Internet search will reveal many free options). Your presentation can be recorded with your own voiceover and visuals, just as you would if you were giving the presentation live.
Your presentation should explain why the stated goals may be challenging. Your presentation should explain the importance in determining proper performance indicators, as well as how they can be measured. It must also address each goal indicating any potential challenges with measuring, and make suggestions on how the goal could be modified or replaced with a more measurable goal.
In addition, you will write an executive summary outlining the key items in the presentation that can be used as a take-away for your CMO so they may share it with the marketing team in discussion and change implementation.