Online store goal, strategy and business case
Now that you’ve looked at both external and internal factors around your online store plans, you need to bring those different elements together into a clear goal, strategy and business case.
Your goal will usually be a sales target to give you an idea of the size of business you are looking to go for.
“We will sell $1m of (our product) through our online store in 2021″ for example.
Or, “we will convert x% of our current sales into online store sales by the end of 2021”.
However, your goal doesn’t stand alone.
Your online store strategy then covers ‘how’ you will actually deliver the goal. It should be an easy to understand short summary, that outlines who the target audience is, why there’s an opportunity, what you are going to do about it, and why you believe it will work.
The target audience you will have identified as part of your external analysis. And, the opportunity should relate to a benefit or need that you believe is currently unmet or poorly met.
So, for example, this might be that you offer a wider range of products than anyone else, Or you offer specific products that aren’t available elsewhere. Or, you offer a specific service such as faster delivery or subscriptions, that make life easier for the online shopper.
The way your online store meets the opportunity is sometimes referred to as the value proposition. It defines in the words of the online shopper why they’d buy from your online store.
You then need to outline the key big steps you need to do to deliver against the opportunity or value proposition.
We will focus on maximising the range available on our website and in our warehouse.
We will make products X,Y and Z exclusives to our store.
Or, we will work with key delivery partners to get the products as fast as possible from warehouse to doorstep.
Of course, in reality, your strategy will usually be more refined and goal oriented, but this gives you a general idea of the sorts of things it can cover. Whatever, the factors are you also need to build some internal confidence that consumers will buy into what’s on offer. And that this will deliver profitable sales for you.
That normally comes through in a business case.