Now that we’re well and truly into 2019 we’ve got a quick video (and transcript if you prefer to read), complete with 'homework' for you to identify gaps in your business and how to bridge them.
Let's start with the video, and if you prefer you can read the transcript. If you've already watched you can skip to the end and start ploughing away at your KPIs, actions & self assessment.
Welcome to our first Whiteboard Wednesday of 2019. I'm super excited to be here. Got some great content for you this year. Taking off the back of last year, of course there was some exciting transformations of how we're gonna roll out our content on white board Wednesdays to you guys.
At this point in the year, it's inherent that you want to start seeing some goals, start thinking and reflecting on how you can make 2019 better for your business this year. So we've kicked off our first Whiteboard Wednesday with some key quick tips on how you can make that easy for yourself.
1) What are the three KPIs that you're going to set that define success for you this year?
2) What is the one thing that you're going to do that's going to transform your business in 2019?
3) Picking up from a Whiteboard Wednesday last year about being your own customer. What I want you to do now, and if you're brave enough, comment in the post, give yourself a rating, a full experience customer rating, out of 10 for your own business. What's it like to navigate your website? What's it like to checkout on your website? What's it like to visit your store? What's your delivery experience like? Sum it all up, and give yourself a score out of 10.
And then the key thing about this is, now you know what the gap is to make your business better. And then all your focus is now, is to close that gap.
So I hope these three tips, you can check out our blog later (tips below), link in the post, to get more on this topic.
Thank you for joining us for our first Whiteboard Wednesday of 2019, and look forward to seeing you again soon.
Homework for your business
We have some listed some example KPIs, actions to transform your business and markers to score yourself out of ten. Build your business this year with them in mind and use these to define what success looks like at December 31 2019. Leave us a comment in the blog on what your KPIs are and anything additional businesses should be looking at.
Some example KPI’s to set for 2019:
1) Reach 3000 Active Customers
2) Achieve average of 15% month on month (MoM) growth
3) Achieve 2% conversion at checkout
4) Achieve 18% Repeat purchase
5) Life-time value (LTV) to customer acquisition cost (CAC) ratio of 4:1
6) Achieve Net Promotor Score (NPS) of +70
7) Single view of a customer
8 ) £90 average basket value
Some example actions to transform your business in 2019
1) Full inventory awareness - roll out new software or project
2) Make use of my business data to drive a connected customer experience
3) Fully visible and measurable supply chain from factory to customer door
4) Reduce customer churn by 5%
5) Digitally enable the business through the full customer lifecycle from acquisition, to on-boarding to post sale support.
Some example markers to rate your full experience out of 10
1) What's it like to navigate your website?
2) What’s it like to visit your store?
3) What’s your delivery experience like?
4) What’s it like paying at checkout?
5) What’s your customer service like?
Now sum it all up and give yourself a score out of 10. 📝
Well done you. 👏👏👏
Check out Ben's Retail Predictions of 2019 on precisely what happens when you don't get ahead of the trends.