POWER OF THREE (part ii)

In my last post(part i) I began discussing the "Power of Three" and TORCH, a marketing acronym (Target / Objective / Resources /Calendar / How). I left you with step one homework, selecting three different "T"s or target audiences for your marketing program.

I'm going to use WIDGET INC as my imaginary clients. WIDGET INC makes...you guessed it! They've decided they're going to market to (1)factories, (2)construction companies and (3)janitorial companies. My first question would relate to number 1 - "factories". That is a potentially vague market segment. After all, there must be thousands of different types of factories. It may very well be that WIDGET INC has a product or service that spans every conceivable industry, but they don't, so I'm going to ask them to narrow the first item down. The second and third are just fine. So instead of "factories", they're going with "Factories that make plastic dinosaurs".

STEP 2 : OBJECTIVE

The objective has to be measurable. "Making money" is not terribly measurable. How much money? $10? Okay, that's more measurable. Remember, we're picking an objective for each of our three targets. Things to consider as measurable objectives might include a certain number of sales, or a monetary return. It should be tangible and achievable. While I'm all for "the sky's the limit", I firmly believe that the easiest way to eat an elephant is "one bite at a time".

WIDGET INC has decided on the following:

Target: plastic dinosaur factories
Objective: $100,000 in new income

Target: construction companies
Objective: 5 new clients (possibly with income)

Target: janitorial companies
Objective: $100,000 in new income

The second objective, "5 new clients" is a big deal for WIDGET. The construction industry is a new one for them, so there's going to be some learning time. Their goal is 5 new clients in the first 6 months, something that's realistic to them.

POWER OF THREE

Another reason we pick THREE different targets, clients, plans etc is to allow for backup. If one plan isn't working as well as it might, we have two others to support us while we sort out the third. Not only is this a matter of spreading risk, it's helpful (we hope) when it comes to motivation. While one or two plans might be having trouble, we have a third that should be doing at least "okay".

YOUR MISSION...

...should you choose to accept it, is to now pick three business objectives for your three target companies or industries. These must be measurable goals. If they're not measurable, how do you know you're succeeding?

As always, feel free to contact me and I'll see you for part iii.