In this series, we’ll examine the first 90 days from a variety of perspectives and provide lots of links to different resources for more in-depth looks at individual topics.
Once you’ve made it through the first few days of new hire fundamentals, it’s time to dive deep into the business. You’ve of course done your due diligence on the basics; you did that before accepting the job. Now we dig into the details you didn’t have access to before joining the company.
What are the overall business goals and metrics? Remember the power chart from fundamentals? Every person on the power chart has their own goals and metrics, but the business overall has its own goals that may or may not be aligned with the goals of the power brokers.
Long-term success as a marketing leader means aligning your personal/departmental goals, the power broker goals, and the business goals.
Make a table or spreadsheet of the different goals as you learn of them. For example, the CFO may have a goal to curtail expenses by 5%, while the VP of Sales has a goal to increase new revenue by 3%. The business overall may have a net revenue increase target of 6% – so understanding where the CFO and the VP of Sales are helps you achieve the overall business goal faster. If the CFO is succeeding with a 5% cost reduction, the VP of Sales may only need to bring in 1% new business to hit the overall business net revenue increase of 6%.
Conversely, if the CFO has only curtailed 1% of expenses, the VP of Sales’ life will be made miserable by the CEO or Board of Directors. He or she will be under pressure to increase new revenue by 5%, regardless of their goal, in order to hit the 6% net revenue target.
Understanding the goals of your organization, your peers, and your power brokers will help you map out who is likely to be a champion, and who may have reason to oppose your marketing initiatives.
Conducting a single SWOT analysis isn’t enough. The SWOT analysis is a useful tool, but it requires several versions. Collaborate with the various top power brokers on your power chart to do a SWOT analysis together, because you’ll end up with, in some cases, wildly different answers.
- The CEO’s perspective of strengths and weaknesses may be different than the VP of Sales
- The VP of Sales may not see opportunities in the same way as one of their direct reports
- Your own direct reports may not be able to articulate your strengths and weaknesses or understand the marketplace threats
In addition to the power brokers and the people in your chain of command, who else should you sit down and do a SWOT analysis with?
- A prospective customer, if one is amenable to a chat
- One of your top customers
- A former customer
- An industry analyst
You will likely need to dip into your coffee/food budget to obtain this information, but having multiple perspectives on the business will be invaluable to your marketing efforts.
Mission and Vision
Finally, understand the mission and vision of the company by talking with the same people you did the SWOT analysis. Be clear when you speak with them about what these two statements mean.
- The mission statement is the reason why you get up to go to work every day. What is the mission of the company? What are you fighting for? What are you fighting against?
- The vision statement is what the world will look like when you’re done with your mission, when you’ve achieved greatness.
Interviewing your stakeholders, direct reports, customers, and power brokers is essential. If everyone answers similarly, your company is in a good place. Everyone is clear on what you do, why you do it, and a general sense of what big picture success looks like.
It’s a red flag if you end up with wildly different answers, especially from your different power brokers. If no one agrees on why you exist, what you do, and what success looks like, expect significant internal conflicts as you carry out your marketing mission.
It’s a giant, consider-running-away red flag if people are unable to answer your questions at all. If no one knows why you exist or has any concept of what success looks like, in the long term, your company is doomed. You may achieve tactical marketing successes, but strategically you are set up for failure.
It’s Not Fluff
Mission statements and SWOT analyses seem like fluffy intangibles or expensive, pointless consultancy fees to many. However, they’re critical for your understanding of the business. You don’t necessarily need to hire a massive consulting firm to conduct these exercises; as long as you understand the basics, you’ll achieve “good enough” results to inform your marketing strategy.
In the next post, we’ll examine resources and business mechanics.
You might also enjoy:
- How to Set Your Public Speaking Fee
- The Evolution of the Data-Driven Company
- Best Practices for Public Speaking Pages
- How to Set Your Consultant Billing Rates
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers (2019 Edition)