Based on your analysis of these environments Forecasts and scenarios and having established the level of uncertainty your businesses face, you must create scenarios based on what you expect the impact of this crisis to be, to provide your business with options and give your strategy flexibility.
Below is an example based on the identified level of uncertainty as well as information collected in step two.
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Level one: A clear enough future.Forecasts and scenarios
Based on this level of uncertainty, you kuwait email list can create one or two different strategies based on the analysis you performed and the probability of risk occurring again.
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Level two: Alternative futures.
If the situation could result in alternative futures, you need to create solutions for each of the possible scenarios. At this level key stakeholders need to understand how and what actions they should take based on the scenario that plays out.
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Level three: A range of futures.
With an uncertainty level of three, a range of possible futures, you should create a response based on a set number of variables. The easiest the benefits of blogging for high seo ranking way to plan for a range of futures is to focus on the probability of outcomes based on ‘trigger’ events or scenarios that may create the projected future outcome.
- Level four: True ambiguity.
When faced with too many uncertain variables to forecast the number of potential outcomes, the best solution is to apply a thorough situational analysis, use earlier market indicators or, those of similar markets or situations, to predict and inform your scenarios, strategies, projections and actions.
STEP 4: Consider and implement
Once you have created your possible scenarios, understand the level of uncertainty you face and have established how to best remedy each scenario according to a well thought out strategy or strategies. It is time to analyse each one fax marketing and implement the best strategy to remedy your current situation.
Armed with this information and strategy to guide your business’s actions, you can take the necessary steps to safeguard your business.
It is important to remember that in times of volatility and uncertainty the market may present many unique opportunities and if your business is able to provide value or a unique offering during a time of turbulence, it can boost your market share.
For example, the COVID-19 virus pandemic and subsequent lockdown rules implemented by governments around the world, has presented a unique opportunity for a business to establish a strong digital presence, to convert from a traditional business into a fully-fledged digital business or to expand its offering digitally. The lockdown has also enabled the acceptance and has created innovation around employees working remotely, leading to possible cost efficiencies for a business.
STEP 5: Feedback loops to improve strategy
It’s important to review and improve your strategy continuously to strengthen its weak points and create remedies for future unknowns – that is what makes a strategy dynamic, relevant and useful.
Whether you need help creating an effective marketing plan, refining your business’s target market, implementing your business’ social media and digital marketing strategies, we can help you.