Strategy Development Worksheet:
Company: Warby Parker – selling prescription glasses online
Step 1: Define a clear and simple goal
What is the big picture goal? Write down a specific corporate goal like increase revenue, grow brand equity, improve customer relations
Grow sales from zero to profit
Step 2: Determine the duration
What is the duration of this strategy?
How long will it take to accomplish your big picture goal realistically?
Step 3: Create a measurement plan
How will you measure success of this strategy and the various campaigns that are components within it? Do you have systems in place to measure? What are you measuring?
Sales: Profit = Revenue – Expenses > We will measure this weekly and monthly
For campaigns we will start with free monitoring tools, like
- Google Analytics
- Facebook Insights
and then determine if we have the revenue to purchase a more robust management and monitoring interface on a subscription basis
Step 4: Describe your audience
Who are you talking with? Define your publics. Who are the people you wish to engage with?
People who need prescription, may buy online and are looking for a good deal
Step 5: Know and write down your strategy
Remember the goals and what you’re aiming to achieve. This will define your strategy. What is your overall marketing strategy? Be able to describe this before you think about your social media marketing strategy.
Sell lots of prescription glasses online… through
- creating a great customer experience,
- lower prices,
- better quality,
- ability to try them on
- create beautifully designed things
- ensure that there is a compelling narrative to it
- be authentic
- do something unexpected
Step 6: Learn from competitors
Competitors are your best teachers. Do a SWOT analysis of them.
Write down what worked and why. What would you do differently? Could they have done something better?
Lower prices through lower revenue
Great customer service
Socially responsible – donating to non-profit
Knowing our customer: People will buy glasses because
they want to look good
Socially responsible benefit (feel good)
Zero brand awareness
No other company is selling prescription glasses online
Lots of competition (offline) – Lens Crafters, Target
Competitors and other companies SWOT
Zappos.com sells shoes online,
– their return policy is great, but it their rate of return is very high
– they are a socially responsible company
BlueNile sells engagement rings online
- how do people choose what will look good?
Traditional eye glass companies are very expensive
Customer experience is bad – you always feel like you’re being ripped off.
Step 7: How is Social Media going to help you reach your goal?
What is the goal with social media? Make sure you understand why you’re using social media. Don’t just use it because it’s there. Are you supporting an existing strategy or creating a new form of buzz?
Build something with viral elements baked in and great customer experiences.
Promote the brand through word of mouth
Social media is used for customer service, creating a great customer experience by allowing people to choose and see what the glasses will look like and share their pictures with friends
Step 8: Determine your distribution channels.
What communications tools are going to be most effective? Why are we choosing these over others?
Facebook for enabling customers to share their pictures with different glasses
Twitter for customer service, customer support and news distribution
Step 9: Create your Content Plan.
Think editorial calendar. What is your content strategy? Will you be posting to multiple channels automatically through a cross-promotion tool or will each channel have it’s own distinct posts and content? Be general.
Think, calendar events, news, random thoughts, human factors, contests, photos, videos, blog posts, sharing other’s content
Allow customers to share photos of themselves with up to 5 pairs of glasses they are trying
High quality designed products in the fashion industry
Social responsibility in the eye care industry
Blog – 2x /mo
Tweet – 6x/day
Facebook – 1x/day
Video – 1/quarter
Step 10: Implement and start measuring
Be ready for the need to respond in real-time in addition to carrying out your content plan based on pre-determined calendar and scheduled campaigns. Benchmark before you start and also on the first day, weekly, monthly, quarterly and at the end of each campaign and/or completed strategic plan.
Excel sheet showing benchmark numbers