BUSINESS TARGET
21/10/24, 22:47
BUSINESS TARGET
BUSINESS TARGET 🎯 Monitor store and Client Advisor performance
💡 Organize a shared folder between Store Managers, Retail Head, and Retail Performance to communicate and monitor business targets
Daily Store Target: Set by the zone based on last year's performance, launch calendars, merchandising strategy, and day of the week Adjusted by Store Managers along the way The Daily Store Target is challenging but achievable
Monthly Store Target: Set by zone Communicated by the zone at the beginning of each month Shared with Client Advisors during morning brief Mid-month assessment to make adjustments if necessary
🔎1 - How and when to change the store target Increase the daily target if the performance at the beginning of the week/month is lower than expected. But be sensible. Setting a nonachievable target is counterproductive!
Example: The monthly store target is €60k, and the daily target is €2k https://fendi.sharepoint.com/sites/CICERO/SitePages/BUSINESS_TARGET.aspx
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21/10/24, 22:47
BUSINESS TARGET
At the end of week 1, sales are €7k RTA = 60-7 = €53k You may increase the daily target to reach the monthly target Daily target €53k/(3 weeks x 7 days) = €2,5k instead of €2k Do not reduce the daily target if the performance at the beginning of the week/month is better than expected. Just go for it! ❗ Never change the monthly target! (It is the base for the calculation of the store team’s variable pay)
🔎2 - How to set department targets Discuss with the Retail Manager how to allocate the store target by category. Target allocation by department is based on: Specific objectives by category Clienteling campaigns and launch calendars Buying strategy and investments Target by category is set on a yearly/monthly/weekly basis.
💡 For stores with more departments, split your target by category and ensure that the sum of all the categories equals the monthly store target 💡 If you set a daily target by category, use quantities (e.g., 6 bags per day), instead of revenue. It is much easier to translate into actions
🔎3 - How to set individual targets? General practices: https://fendi.sharepoint.com/sites/CICERO/SitePages/BUSINESS_TARGET.aspx
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21/10/24, 22:47
BUSINESS TARGET
Set a different monthly target for each CA based on their past performance and the number of working days in the month Give a higher monthly target to CA selling RTW/Fur Give a lower monthly target to CA covering specific roles within the store (e.g., VM Ambassador) Store Managers do NOT transfer “their sales” to Client Advisors.
💡 Click here to download the Excel file
💡 The individual target is not monitored by the zone, it's monitored at store level and is the basis of the Monthly Touch Base 💡 For stores with several departments:
Set a target for each department and allocate it by team member Ensure the monthly department target equals the sum of its Client Advisor targets
https://fendi.sharepoint.com/sites/CICERO/SitePages/BUSINESS_TARGET.aspx
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Source: TEAM/TEAM PERFORMANCE/TARGET AND MONITORING/BUSINESS TARGET.pdf