So how adaptable isyour digital strategy forthe inevitability ofchange?
Can it handle change inMacroeconomics + an Internet Minute
A great strategy must makepieces of a puzzle fit to tell one“cohesive story”.
But in an unpredictableenvironment, is your digitalstrategy looking for (measuring)the right patterns?How well does it consider Returnon Investment?Is it built to handle change?
Too many strategies are built in luxury. So calledstrategists are bloating budgets and overspending inlow returning channels. Even worst, they have built their strategies on theframe that everything will remain as is.
“Strategy is an iterative processthat relies on the cycle of analysisand agile decision making forwhen things don’t go to plan andthe dance must change.“
Strategy is now 80% agiledecision making and 20%analysis.
Be prepared to pause or dropa plan(e.g. blogger outreach)from the strategy at anymoment, and let that be‘OK’.
2. Each touchpoint in thestrategy must considerReturn on Investment.
What are you investing?Time? Money? Creativity?How are you measuring your return?Sales? Productivity? Engagement?Awareness?Ask yourself these questions?
&How does this ladder up to thebusiness objective?
Are your touch-points optimised forperformance?If you could get a better ROI out of GooglePPC than Yahoo, then you would investmore in Google right?Well...make sure you’ve considered the ROI at atouch-point vs touch-point level where the goalis the same.
3. The whole team must‘get-it’and have the ability to‘do it’.
If a strategy can’t be executedthen it’s useless.
To execute a cohesive strategy,you must have a cohesive team.
True Success is in Collaboration!“The right people, with a unified visionthat have the ability to make agiledecisions as one entity”
Consider:When building the teamWhat skills are required?Who has those skills?Are the people available?Do they have the power to make decisions(empowerment)?What experience do they have?
Consider:Nimble Frameworks•What’s the process required to make changes?•Are regulatory bodies involved?•What’s the turnaround time to get a green light?Internal Process Considerations
Consider:Nimble FrameworksKnowledge Share•Does everybody involved know the strategy and know theirrole in that strategy?•Are you keeping documents and files in a place all requiredteam members can access and share?
Consider:Nimble FrameworksCommunicationHow often do you meet/communicate?Keep people accountable and clear. However, If you meet toooften, you don’t make enough decisions. If you don’t meetoften enough, you’ll make the wrong decisions.
Contingency PlanningWhat’s your reaction plan? How are you being proactive?The risks: Identify as many as you can, work in your teams anduser their expertise to list them, then rank the risk by impact.+ Find at least one alternative solution to every risk!
Contingency PlanningWhat’s your reaction plan? How are you being proactive?The Merlin:Go two years ahead from today, look backand ask yourself what could’ve you donediﬀerent?E.g. What mistakes did you make?What decision didn’t you take?
SummaryYou can’t plan for everything, a part ofbeing agile means to acknowledgeyou can’t predict the future but areprepared to accept whatever happensas a means to a new opportunity.
SummaryTruths:The great Australian economy won’t last forever and whenthings sour, without the new rules applied you can expect...•Strategies that aren’t nimble will resist change. These will failyour objectives.•You will be forced to make decisions, but won’t know what’sworking and what isn’t.•You will have to cut costs but won’t know it’s impact on yourreturn until it’s too late.One word, CHAOS!
SummaryHowever,by having:1. A lean strategy.2.ROI Performance considered at eachtouchpoint and is measured correctly.3. A cohesive team with empowered people.4.Contingency plans.
You will be able to make better decisions withless process i.e. more agility.
And each decision will be accountable,measurable, and performance optimisable!
Thank youFabian Di MarcoStrategy DirectoryFabian@MadeMen.com.auW:http://www.mademen.com.auLn:http://www.linkedin.com/company/made-menTw:https://twitter.com/MadeMenAU