In past weeks we’ve discussed some important steps in the process:
- Understanding strategic alignment.
- Creating functional strategies around the revenue growth value chain.
- Understanding the difference between strategy and tactics.
- Developing both internal and external alignment.
- Using market research to fuel strategy.
You now understand that strategy is about making choices. It’s about increasing the odds of success, and combining rigor and creativity. Your strategy is your operating plan.
And strategic alignment makes sure all the functional strategies operate in harmony.
Now it’s time to go a little bit deeper.
There are six steps to achieving alignment with your revenue growth strategy.
1. Market Research:
Market research provides deep understanding of the market, accounts, buyers and users. This information enables you to differentiate your company from the competition. It also helps you prioritize your accounts and align your strategy with buyer needs.
Market research is absolutely critical to external alignment.
2. Corporate Strategy:
This step is the allocation of people, money and time in the pursuit of profitable growth.
The corporate strategy leads the way for the rest of the functional strategies. The rest of the functional areas will organize around it. It is the most important strategy to get right to hit your 2016 number.
3. Product Strategy:
In the product strategy step, you will solve market problems. Here you launch products and services that are aligned with corporate strategy.
Product strategy defines the direction for the company’s products. It requires you to make choices about which products to invest in. It also sets the marketing and sales strategies up for success.
4. Marketing Strategy:
The marketing strategy will drive demand and generate leads for products and services. It must build on the insights of the external marketplace while aligning to corporate strategy.
This step requires choices regarding which market channels to invest in.
5. Sales Strategy:
Sales strategy turns leads into sales revenue by selling products and services to buyers. Like the marketing strategy, it must build on the insights of the external marketplace. It must also remain aligned with corporate strategy.
The sales strategy requires you to make choices about which sales programs to pursue.
6. Talent Strategy:
The final step: You will build a team capable of executing the functional strategies. Placing the right talent in the right performance conditions is key.
The talent strategy supports the talent needs of the previous three functional areas. Talent strategy supplies the people that execute product, marketing and sales strategy.
A Deeper Dive:
In the following weeks, we will go into more detail about each of these steps. We will also provide more practical guidance and actionable insights around strategic alignment.
If you can’t wait, however, you can download our full report right now. Click here to download How to Make Your Number in 2016.