Attention marketers! Our crystal ball is just that good, better in fact. As we were putting the final polish on our monthly marketing insight brief, a corporate giant experienced an unfortunate blemish to its highly touted diversity commitment when a rogue guest made an offensive remark over the public address system at one of its retail locations. This incident is a good study of the topic we’re pleased to present this month.
Use Scenario Planning to Forestall Disastrous Business Outcomes
By N.L. Hohns
Scenario planning by definition is a business model for learning about the future. In this model, you form a strategy by examining a number of possible situations and how they may impact issues important to the future of your business. Sounds a bit daunting, for sure. Nevertheless, by taking a serious and thoughtful look at a wide range of potential events and their consequences, and the know and unknow key driving forces that affect your business environment, you will be thinking way ahead of the curve.
Decide today to plan for tomorrow. We have compiled a few action steps to steer you in the right direction.
Take a look at what is working, what is not and what needs improving. Is it just as important to think about what to do, as it is to think about what not to do and what to do better. Are you prepared to accept that something you are doing is failing?
Communicate. Discussing a shared vision of how to respond to the "what ifs" provides a clear view of how different factors affect business outcomes.
Focus on developing sustainable, long-term market share by being current and relevant. Creating a nimble environment that is poised to adjust to current market crisis or opportunities strengthens strategic vision and enhances capabilities for future growth.
Take a look at what is working, what is not and what needs improving. Is it just as important to think about what to do, as it is to think about what not to do and what to do better. Are you prepared to accept that something you are doing is failing?
Communicate. Discussing a shared vision of how to respond to the "what ifs" provides a clear view of how different factors affect business outcomes.
Focus on developing sustainable, long-term market share by being current and relevant. Creating a nimble environment that is poised to adjust to current market crisis or opportunities strengthens strategic vision and enhances capabilities for future growth.
Visit our website to read the entire brief, which includes more scenario planning action steps.
