Rather than just tweaking our current strategy, we need to take a look at the marketplace, and how it is changing. To gather insights we need to:
- talk to customers to get an accurate
picture of what they need, how we can help them make money or save on costs.
- watch our competitors so as to gain a good idea of what they are up to.
- talk to our company employees, who have been in the thick of the crisis dealing with customers, suppliers, and channel partners. They know our ability to respond to changing customer requirements
- keep a wary eye on the economic drivers for our business and our customers’ businesses.
- stay up to speed on government actions, both those that slow us down and those that help us muddle through.
Putting our market insights to work, we can formulate a new or updated strategy that fits the new reality. We need to:
- revisit markets and market segments we serve, changing priority and rethinking ones that no longer make sense.
- look at our offerings, focus on the promising ones, and let go of the others.
- overhaul positioning and messaging of both our company and our offerings.
Are we talking to customers’ unmet needs, the way they are in the COVID-19 era?
- consider disruptive moves that could be major game-changers for our business.
With a Strategy built on solid Insights, the next step is to plan how to get things done. We need to make sure the right resources and go-to-market are in place.
- Do we have the resources needed to carry out the strategy?
- Marketing and Sales need to collaborate on new tactics to reach target buyers and influencers.
- Finally, we know what gets measured gets done, so we put in place metrics for everyone
From a process standpoint, it is a good idea to set aside a day with no other engagements for the exec team to work on this 3 Step checklist. Many companies I work with use an external facilitator to challenge the thinking, keep the meeting on track, take notes, and bring in new perspectives in ideation and brainstorming.
For the results of a strategy review to be good, it is important that discussions are candid and honest, and action items are realistic. This demands a leader that is honest and not afraid of receiving feedback. Are you ready for recovery?