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Prioritize Your Strategic Initiatives

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Prioritize Your Strategic Initiatives

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  1. Prioritize Your Strategic Initiatives Executive SummaryPrioritize your Strategic InitiativesStrategic planning is a great way to identify which initiatives can add the most valueto your organization. The next step is to prioritize initiatives with a systematicmethod. Use our downloadable Priority Index Tool to guide you through theprioritization process, and help you drill down on the value added for each proposedinitiative.What are the Most Important considerations?Feasibility • Customer Value Proposition (CV) - what value does this deliver? • Economic Upside Potential (UP) - what impact could this have on revenue? • Industry Attractiveness (IA) - How well is this competitively positioned?Strategic Fit • Fit with Company Goals & Objectives (CG) - is this aligned to our goals? • Ease of Implementation (EI) - how difficult would this be to do? • Skills & Resources (SR) - do we have the required resources in-house?Risk • Over Forecasted Budget (OB) - how likely is this initiative to go over-budget? • Over Forecasted Timeline (OT) - how likely is this initiative to go over-time? • Technical Risk & Complexity (TR) - how complicated is this initiative?Action Plan: 1. Consult your Strategic Plan - review your strategic plan and add each proposed marketing initiative into your Priority Index Tool. 2. Evaluate each Initiative - score each initiative based on its feasibility, strategic fit, and risk, to obtain a score out of 100 for each. 3. Sort your Priority Index - once you have completed the scoring process, sort your initiatives by total overall score (highest to lowest). 4. Delegate & Execute - now that you have prioritized your initiatives, start with your most important & urgent projects. To optimize your efficiency, hand off less strategic initiatives to your team for completion. © 2009 Demand Metric Research Corporation

  2. Executive Summary 5. Review Next Quarter - get into the habit of updating your strategic plan each quarter, and revisit this prioritization process to ensure you can adapt to changes in your business environment.Bottom-line:A strategic plan without rigorous prioritization will not be effective. Develop a strongand systematic prioritization process to ensure you are delivering maximum value,given your time & resources. © 2009 Demand Metric Research Corporation Executive Summary 5. Review Next Quarter - get into the habit of updating your strategic plan each quarter, and revisit this prioritization process to ensure you can adapt to changes in your business environment.Bottom-line:A strategic plan without rigorous prioritization will not be effective. Develop a strongand systematic prioritization process to ensure you are delivering maximum value,given your time & resources. © 2009 Demand Metric Research Corporation

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