Many organizations have a challenge prioritizing initiatives. Here are two questions that will help you find the most important priority for the year:
- What is your ideal future state?
- What is the fastest and most effective way to reach it?
Once you have answered the two questions above, you will have identified your one priority. Then prioritization becomes easier. Does the future initiative you are proposing allow you to achieve your ideal future state faster and more effectively than what you are currently doing?
Let’s use this real live client example. You are a $250 million organization and your ideal future state is to grow your customer base by at least 10% and increase the retention of existing customers. That answers question #1.
So what is the fastest and most effective way to grow the customer base and retain current customers better? In this case, it was identifying the organization’s ideal customer. Who would most benefit from what this organization had to offer and would be willing to pay for it?
Once we identified the ideal customer (the target market), we implemented strategies to attract and retain them. Every idea and initiative tied back to attracting and retaining that ideal customer group. Results were a growth in the customer base, an increase in customer retention, higher revenues, and increased profits.
This will be one of the concepts I cover in more detail in my free workshop on accelerating growth.
Finding your one priority allows you to focus your entire organization on the opportunity that can offer the greatest impact in the quickest amount of time. How did you answer the questions above?