At Baker Marketing, the Marketing Strategy Development process begins with the Company Vision Timeline (CVT). As its name suggests, the CVT is a forward looking document that answers the big picture question where do you want to be in 5 to 10 years?
Like a Company Vision Statement, its purpose is to provide direction and inspiration, but unlike a simple statement, it gives greater clarity of direction by including milestone dates. This process differs quite markedly from work related to a mission statement, as mission statements are more focused on the present and why a business exists.
In answering the important question, ‘what will success look like?’, a CVT should list achievements that go beyond purely top line turnover and profitability targets, to also include some of the major accomplishments that will have the greatest impact on top line sales and margins.
To give you an idea of how your CVT can take shape as a tool to help you keep focused on key priorities, I have created some categories under which you could list your visionary goals.
Sales & Profitability
- Turnover (Units, $s)
- Gross Profit ($/%)
- Product Mix / Range Extension
- People (internal v outsourced)
- Operations / Capacity
- Marketing $s
- Information & Reporting
- New Product Development / Commercialisation
- New Market Entry
- Quality Control
- Customer Relationship Management
- Distributor Relationship Management
- Market research
- Brand plans
- Brand identity development
- Brand style guide
When completed, your CVT may look something like this:
Like any business objective, your big vision goals should be stretching (perhaps even audacious!) but also realistic. Your goals are hardly going to motivate your team if they are too far – fetched and totally unrealistic. On the other hand, big picture goals need to be ambitious or brave if they are to inspire.
A final point to note with your CVT, is that like any plan, it’s not set in stone. CVTs should be reviewed at least on an annual basis with changes or additions made as required.
If you would like any help in developing your Company Vision Timeline, please do not hesitate to contact Baker Marketing on 8352 3091
In my next post I’ll commence discussing the strategic planning process required in order to turn your core marketing goals into reality.