Oops! Were You Following Pessimistic Forecasters?
I worry about managers limiting their potential when they rely solely upon alleged ‘forecasters’ when setting their targets.
In the U.S., for example, forecaster Barclays originally predicted a 4% decline in radio revenues for 2010. They have had to repeatedly revise their forecast for radio upwards. They are now forecasting radio will grow by 7.4%!
How many stations have limited their growth or just barely achieved pessimistic targets based upon Barclays’ or other forecasters’ original gloomy forecast?
Is your business plan a self-fulfilling prophecy?
One of the stations I work with consistently just barely reaches target every month. I can’t help but wonder, “Would they still have ‘just barely hit target’ had we set the targets higher?” Or, “Do they quit selling when they reach their goal?”
Henry Ford said it best when he said, “Whether you think you can, or think you can’t, you are right!”
Targets are unquestionably important motivators and can be self-fulfilling prophecies. When you plan for 2011, we recommend not sticking your head in the sand or simply going along with industry prognosticators.
Don’t simply look at things as they are, or predicted to be. Look at what could be and what you can do to get there.
When we work with stations in their planning cycle, we have two underlying principals we apply to targeting.
First; targets must be realistic. By ‘realistic’ we mean from your point of view and your staff’s point of view…get their input. ‘Realistic’ is a perceptual term, but whether you perceive targets are achievable or unachievable, will dictate your level of commitment to them.
Secondly; targets must be challenging. There is no satisfaction or sense of achievement in hitting ‘safe’ targets. Push the envelope with extraordinary initiatives and you are destined to hit extraordinary targets.
One final thought on targets. Don’t measure ‘success’ by your share of alleged radio budgets. Build a plan that helps you capture a larger share of overall marketing budgets….your station will grow and overall radio budgets will grow as a result of your efforts.
Jack Welsh once said, “Our problem is not that we set our aim too high and miss. Our problem is we set our aim too low and we hit our target.”