The past few years are one of the most unforgettable years of worldwide history. We have seen unprecedented disruptions have thousands of companies bankrupt as a consequence, and other companies are finding it nearly impossible to plan for the future. Therefore, Companies need a new and different approach to create development strategies.
A four-step approach to reset and create development business strategies
But is it even worth trying to predict the unpredictable? Sure, uncertainty means risk, but it can also spell opportunity. Handled correctly, it gives organizations the chance to expand beyond the boundaries of their current business, potentially in unexpected directions.
Of course, the main point is “handled correctly.” Turning a world of instability into a world of possibility requires leaders to change perspective and mindset in order to sense the slight opportunity in the mess then booming them into a great success.
Companies need a different approach to devising strategy, one that relies less on looking at what the company can do and more on imagining what it could do — and then doing whatever is necessary to make that possible, however much it goes against past assumptions and established practices.
How to Rethink Strategy
Firstly and most importantly, what do your clients desire? Finding out what they are fond of is vital in devising a strategy. But stop drawing up endless customer profiles, and focus to consider what individuals want to achieve in a specific circumstance, you will get the beyond-expectation result.
Next step, Finding a way to involve the entire organization in the strategy development process is equally precious. This is not a playground for only corporate strategy teams, it is a business competition, a real war and everyone is welcome to contribute.
Moreover, the process of devising and revising strategy should be continuous. You define the ultimate outcome that you want to achieve then adjust and adapt the strategy on an ongoing basis. But there is an interesting point about business strategy, especially digital marketing strategy, that nothing is certain. It means the execution method to achieve the goal is able to change according to real circumstances at that moment. Therefore, learning more real experience and improving the approach method is the safest way in the insecure world.
1. Formulate the right question
The first step is to find the absolute question which your strategy then seeks to answer. Besides, this question helps your brand to determine its value. Instead of trying to predict what customers look for, let’s talk to your audience about what they desire and what trouble they are dealing with.
2. Break down your huge vision into the small reachable and measurable targets
Next, break down the big goal into small targets related to different parts of your operations or business process. This allows anchoring the strategy and making the big vision be able to reach and measurable. Keep coming up with new questions about what you want for your organization. One of the most effective methods for brainstorming is the one by Hal Gregersen. It will be useful with an emphasis on creating new questions rather than searching for answers.
3. Answer all the questions to generate ideas
In this 3rd step, take time to answer one by one all the questions and generate ideas and choose strategic options. The key here is you no longer think of the questions, wonder if there is any missing, there is any need to be adjusted. Put all your focus on finding the great answer and create specific ideas for your strategy.
4. Pick out the best ideas
After step 3rd, now you own a bunch of ideas, in this 4th step, all you need to do is find the winner of those.
The way to approach this includes 2 keys:
Number 1, defining what success looks like for the part in question. The success should be measurable so that you could see the change and devise revising the strategy.
Number 2, running in parallel the new strategy to the existing one until you see the alternative solution’s result outperforms the current one. Then you could stop the incumbent strategy completely. And continuously do this to get closer to opportunities in uncertain markets.
Here 2 questions to keep you on track:
Is this part of our true value proposition?
Do we have the capabilities and resources to master this area?
And YES is the right answer for both questions, so you should only do the things that help you with the “YES” answer. Otherwise, you should consider what you are going to process since it will against your target.
Maybe “Ridiculous ideas” is the one help you survive in this unpredicted world
Sound weird and has no logic at all? But reality proved the craziest ideas made their mark in human history.
As far as you know when comes to creating a strategy, people usually focus on what they have, question what they are doing, and try to make what they are doing to be better.
Instead, you are encouraged to open your mind, think outside of the box and play with ideas in a fun and creative way.
Following the 4 steps above, you may find some ideas you previously ruled out become possible and profitable.
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