As we step into the final quarter of the year, it’s the perfect time to reflect on our current trajectory and strategize for the future. Whether you’re a consultant, entrepreneur, or business owner, having a structured approach to planning can significantly enhance your effectiveness. Enter the COSTAR method—a framework that breaks down your planning into six key components: Current Situation, Objectives, Strategies, Tactics, Action Items, and Reviews. Let’s illustrate this method through the example of Ann, an online membership site owner.

Current Situation

Ann runs a successful online membership site focused on personal development and wellness. Over the past year, she has built a loyal community of subscribers who enjoy her content, including webinars, articles, and community forums. However, as she enters Q4, Ann has noticed a plateau in new memberships and engagement levels. She realizes it’s time to reevaluate her approach to boost growth and retain her existing members.

Objectives

Using the COSTAR method, Ann begins by outlining her objectives for Q4:

1. Increase Membership by 20%: Attract new members to grow her community.
2. Enhance Member Engagement by 30%: Increase interaction within the platform to improve retention rates.
3. Launch Two New Courses: Expand her offerings to provide more value to her members and attract potential subscribers.

Strategies

Next, Ann formulates strategies to achieve her objectives:

• Content Marketing: Develop a robust content marketing plan that leverages blog posts, podcasts, and social media to reach a wider audience.
• Referral Program: Implement a referral program that incentivizes current members to invite friends and family to join the membership site.
• Member Feedback: Actively solicit feedback from existing members to identify their needs and preferences, ensuring the new courses are aligned with what they want.

Tactics

With strategies in place, Ann outlines specific tactics to execute:

• Content Calendar: Create a content calendar that includes weekly blog posts and bi-weekly podcasts discussing relevant topics in personal development.
• Referral Incentives: Design a referral program offering current members a month of free membership for each new subscriber they bring on board.
• Surveys and Polls: Use surveys and polls to gather member feedback, using the insights to shape her upcoming courses.

Action Items

Now it’s time for action. Ann breaks down her tactics into actionable items:

1. Content Creation:

• Write and schedule four blog posts by the end of October.
• Record and release two podcast episodes each month.

1. Referral Program Setup:

• Develop the referral program details and promotional materials by mid-October.
• Launch the program at the beginning of November.

1. Feedback Collection:

• Create a survey by the end of the first week of October.
• Send the survey to all members and analyze results by the end of the month.

Reviews

Finally, Ann establishes a review process to monitor her progress and make necessary adjustments:

• Weekly Check-Ins: Schedule weekly meetings with her team to review progress on action items and discuss any challenges.
• Monthly Metrics Review: At the end of each month, assess membership growth, engagement statistics, and feedback received. This will allow her to make data-driven decisions moving forward.
• Mid-Quarter Reflection: Conduct a mid-quarter review in November to evaluate if adjustments are needed in her strategies or tactics based on the results so far.

Conclusion

By implementing the COSTAR method, Ann has created a clear and structured plan for Q4 that not only sets her up for success but also ensures she remains agile and responsive to her members’ needs. This systematic approach empowers her to tackle challenges head-on, adapt as necessary, and ultimately drive growth and engagement within her online membership site.

As you embark on your Q4 planning, consider applying the COSTAR method. What does your current situation look like? What objectives will you set for yourself? By following this structured approach, you can create a roadmap that guides you to achieve your goals and finish the year strong.

Register for our webinar to learn more about how to discover hidden business opportunities