{"id":2141,"date":"2013-10-28T13:13:02","date_gmt":"2013-10-28T13:13:02","guid":{"rendered":"http:\/\/somametrics.com\/clone\/?p=2141"},"modified":"2020-03-02T23:32:49","modified_gmt":"2020-03-02T23:32:49","slug":"high-growth-strategy-formulation","status":"publish","type":"post","link":"http:\/\/somametrics.com\/clone\/high-growth-strategy-formulation\/","title":{"rendered":"How to Formulate A High-Growth Strategy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2141\" class=\"elementor elementor-2141 elementor-bc-flex-widget\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-1ed082d7 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"1ed082d7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-element elementor-element-36fb1713 elementor-column elementor-col-100 elementor-top-column\" data-id=\"36fb1713\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1c770234 elementor-widget elementor-widget-text-editor\" data-id=\"1c770234\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p><span style=\"font-weight: 400;\">Most companies grow through an organic process of making adjustments and improvements as they go. While this process keeps most companies in business, it is difficult to become a market leader without any clear strategy for doing so. Companies aspiring to transcend their competition need to go through a High-Growth Strategy Formulation Process in order to create a viable plan.<\/span><\/p><p><span style=\"font-weight: 400;\">The goal is to define a clear, coherent, and effective roadmap that is accepted and adopted \u00a0by ALL senior team members. The best way to accomplish this goal is to physically move the best minds in the company away from the constant distraction \u00a0of phones, emails, and drop-ins, and have them focus on just the one task of cranking out an effective roadmap to sustainable 100% growth in 24 months.<\/span><\/p><p><span style=\"font-weight: 400;\">The preparatory steps are:<\/span><\/p><ul><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set a clear goal of defining a coherent strategy for how the company shall double its revenue within 24 months.<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Determine who will be involved in this planning session. The end result should be about 10 \u2013 20 of the top people in your company participating \u00a0in this effort.<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set the time and place. It should give participants enough time to clear their calendars, and the location should be either easily commutable or accessible through company-sponsored transportation and accommodations for the duration of the meeting. <\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Find a suitable moderator to run the sessions. The CEO should focus on the actual work rather than moderating the sessions.<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make sure everyone understands that their ONLY priority during the two days of the retreat is to leave with a clear and coherent plan that they are completely committed to.<\/span><\/li><\/ul><h4>\u00a0<\/h4><h4><b>Day 1: Identify the Optimal Growth Market Segment\u2014Part 1<\/b><\/h4><p><span style=\"font-weight: 400;\">The most important decision that any company can make toward doubling its revenues within 24 months is choosing what market to go after.<\/span><\/p><p><span style=\"font-weight: 400;\">The key is to understand that while the process of selecting a target market is important, far more important is the decision to stick to the chosen market. In other words, the results are far more dependent on the discipline of execution, rather than whether or not the target market was the best choice.<\/span><\/p><p><span style=\"font-weight: 400;\">The day\u2019s work is divided into the following sections:<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Session 1\u2014Select the target Product<\/b><span style=\"font-weight: 400;\">. Your company may have many products and services. However, for growth strategy planning purposes, only one product or product family will be taken into consideration. \u00a0A voting process can be used to determine the consensus around which product should be the primary focus of this exercise. This typically should be completed in the first 30 minutes or so.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 2 \u2013 Select the target End Users.<\/b><span style=\"font-weight: 400;\"> For the target product, open the brainstorming session and ask participants to generate as many possible end users for the product as they can. The idea here is to be able to \u201cthink outside the box\u201d and uncover previously neglected potential customers for the flagship product. Stop the brainstorming when the suggestions become repetitive. This should be completed within about 90 minutes.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 3 \u2013 Build Customer Scenarios.<\/b><span style=\"font-weight: 400;\"> Divide the participants into small teams of three members, taking care that no two members are from the same department. Have teams pick as many as five potential end-users for which they will build customer scenarios. The team will take each scenario through the scenario builder to ensure that a rigorous customer scenario is built and ready for evaluation. Someone on the team should be responsible for typing these into a laptop so they can be \u00a0easily read and reproduced. Teams should spend an average of 30-45 minutes on building each scenario, or about three to four hours on building about five scenarios.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">This should end the first day. So far, the participants have selected the top product, generated all possible end users they can think of, and created compelling customer scenarios for each end user type.<\/span><\/p><p><span style=\"font-weight: 400;\">SOMAmetrics has the skills and tools to assist participants in quickly and accurately building customer scenarios.<\/span><\/p><h4><b>Day 2: Identify the Optimal Growth Market Segment\u2014Part 2<\/b><\/h4><p><span style=\"font-weight: 400;\">The goal on the second day is to arrive at the top three target customer groups and rank these from first to third place.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Session 4 \u2013 Evaluate and score each scenario.<\/b><span style=\"font-weight: 400;\"> The teams will put each of the scenarios they have built into an evaluation and scoring matrix. This will likely take 20-30 minutes for each scenario, or about 2-3 hours to complete all the scenarios and rank them according to their scores.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 5 \u2013 Present the Scenarios<\/b><span style=\"font-weight: 400;\">. Each team will take turns to present their scenarios, one round at a time starting with their first choice, and moving last to their last choice. Teams should limit their presentation to no more than five minutes per scenario, or no more than 30 minutes total. Assuming there are between 5 and 7 teams, this should take about 3-4 hours to complete.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 6 \u2013 Vote on the top three scenarios<\/b><span style=\"font-weight: 400;\">. The rest of the day\u2019s work is left for the Voting committee, which reviews the presentations and written evaluations and moves to vote on these\u2014until they have the top three customer segments ranked #1, #2, and #3.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">This marks a significant milestone in the strategy planning effort. The company now knows exactly which customers to go after and why these are the best customers for it.<\/span><\/p><p><span style=\"font-weight: 400;\">SOMAmetrics has the skills and tools to enable participants to quickly and accurately evaluate and rank customer scenarios.<\/span><\/p><h4><b>Day 3: Build the Go-To-Market Strategy\u2014Part 1<\/b><\/h4><p><span style=\"font-weight: 400;\">The goal for Day 3 is to build an integrated and coherent go-to-market strategy for the top customer group. This includes defining targeted competitors, positioning, pricing, communication, and distribution strategies.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Session 1: Identify the Buying Scenario.<\/b><span style=\"font-weight: 400;\"> For complex products, this step is critical in identifying the buying committee that will likely jointly make the buying decision. The goal is to define what the potential issues are for each product and determine what the company must be able to provide to address each issue. This should likely take about 2 hours.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 2: Identify the key competitors<\/b><span style=\"font-weight: 400;\">. Competitors come in different types. Some are direct and offer the same product to the same customer group. Others offer different products that provide the same benefit and therefore are viable alternatives. The company should identify all possible sources of competition and determine what it can do to beat these competitors. This will likely take about 2 hours.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 3: Define the Whole Product.<\/b><span style=\"font-weight: 400;\"> The scenario building would have already provided the must-have product requirements for this customer group. During this session, the team will identify what is already available, what can be quickly built, and what capabilities will take the longest to find. \u00a0This is a major section and will likely take 3-4 hours to complete.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">At this point, the team has identified the buying team and their main issues; the key competitors that target the same customer group with the same benefit and how to counter that; and what the whole product will need to look like in order to beat competitors.<\/span><\/p><h4><b>Day 4: Build the Go-To-Market Strategy\u2014Part 2<\/b><\/h4><p><span style=\"font-weight: 400;\">During Day 4, the team works through the remaining go-to-market strategy elements. Day 3 has defined the foundational elements that provide the context for the rest of the strategy formulation effort.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Session 4: \u00a0Define the Pricing Model.<\/b><span style=\"font-weight: 400;\"> The next step is to determine the pricing model and values. Pricing depends on a number of factors, including the value that the company can convincingly communicate to customers, the customer\u2019s ability to pay, competitors\u2019 pricing, and the input cost to the company. Regardless, the goal for high growth should be to ensure that pricing is no hurdle for winning customers. This should be completed within 90 minutes.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 5: Define the Positioning.<\/b><span style=\"font-weight: 400;\"> The next step is to create a simple, clear, and compelling positioning statement that will serve as \u00a0the foundation for all of the company\u2019s communication efforts. This is a crucial step that must be done very carefully. Companies should allow 2-3 hours to come to a consensus on what the company offers and how it is different from competitors.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 6: Define the Sales Strategy.<\/b><span style=\"font-weight: 400;\"> During this step, the team will determine \u00a0three things: how it will sell the product to the target customer group, the top five customers that must be won, and the 12 month and 24 month revenue targets. This session can take about 2 hours to complete.<\/span><\/li><\/ul><h4><b>Day 5: Integrate<\/b><\/h4><p><span style=\"font-weight: 400;\">The goal of the final day is to integrate the work done so far, and to ensure that each department now understands what it must do to implement the plan.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Session 1: Integrate the Strategy.<\/b><span style=\"font-weight: 400;\"> The CEO will present the integrated go-to-market strategy that the team has worked on during the past four days. From now on, the team should focus on implementing this plan into all departments. This will take about one hour.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 2: Departmental Targets and Key Performance Indicators (KPI).<\/b><span style=\"font-weight: 400;\"> The participants will break up into departmental teams and work on setting their targets and key performance indicators. The first quarter will be devoted to making the transition from the current way of doing business to what the new strategy dictates. This is a critical and pivotal period, and the KPIs should reflect that. At the end of the session, each team will have anywhere from 3-5 sets of eight (8) quarterly departmental key performance indicators. This will take about 3-4 hours to complete.<\/span><\/li><li style=\"font-weight: 400;\"><b>Session 3: Present Departmental Targets and KPI.<\/b><span style=\"font-weight: 400;\"> Each department will present its Key performance indicators over eight (8) quarters. These will be the targets that each department will be committed to delivering over the next two years. Each department will take about 10 minutes to present its KPIs.<\/span><\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Most companies grow through an organic process of making adjustments and improvements as they go. While this process keeps most companies in business, it is difficult to become a market leader without any clear strategy for doing so. Companies aspiring to transcend their competition need to go through a High-Growth Strategy Formulation Process in order &#8230; <a title=\"How to Formulate A High-Growth Strategy\" class=\"read-more\" href=\"http:\/\/somametrics.com\/clone\/high-growth-strategy-formulation\/\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The High-Growth Strategy Formulation Process - SOMAmetrics<\/title>\n<meta name=\"description\" content=\"Put the best minds of your company together to define a clear, coherent, and effective roadmap that is accepted and committed to by all senior team members.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/somametrics.com\/clone\/high-growth-strategy-formulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The High-Growth Strategy Formulation Process - 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