With COVID-19 slowly fading away, executive recruiters are seeing the full impact the shutdowns have placed on the way business gets done. Consumers are increasingly spending more, marketers are seeing more traffic, and businesses have the opportunity to grow even quicker than before.
That being said, now is the time for companies to sit down and start planning. Are you prepared for another change? Do you have the right marketing strategy and team? No one has a crystal ball. We do know that those who move swiftly and aggressively to maximize their marketing and customer experience will gain benefits for many years to come.
However, before you take action, you need to assess your situation in your industry. Where is your brand now? How are your customers responding to your strategies? Are you still trying to recover from the last change in the economy?
According to Forbes and leading executive recruiters, these are the most important questions you need to ask yourself as a marketing leader:
- How will the burst of business affect you?
- If there is a shortage, will you be able to manage it?
- Were there any growth opportunities COVID created for you?
- What is your plan for sudden changes?
- What should you invest in to ensure more growth opportunities?
It is undeniable that the future changes in the world will affect your business and marketing practices again. As a leader, you have to determine the most effective way to convert any negativity into a positive growth opportunity. Therefore, as the leading chief digital officer executive search firm, we are sharing steps you can take to make sure you are prepared when change happens.
Chief Digital Officer Executive Search Guide To The Upcoming Economic Changes:
Facts or Assumptions?
Every great marketer understands you cannot make the best decisions based on assumptions. However, when executives are put under pressure, it can be easy to mistake facts from assumptions. Therefore, executive recruiters find that the best tool during times like this is the Uncertainty Matrix. The Uncertainty Matrix is a powerful tool that separates facts and questions into four distinct groups, each of which will be addressed in its manner.
The first group is called the “Known Knowns”. This group is composed of all facts. What kind of information did you pull from last year? How did customers respond to your last marketing strategy? You want to find a historical pattern to back up each fact.
The rest of the groups are Unknown Knowns, Known Unknown, and Unknown Unknown. These categories will be a combination of facts, assumptions, and a lot of trial and error. As a marketing executive, you need to make sure you are studying all the factual data you have to make the best decisions for unknown scenarios. You need to set a vision and encourage all of your marketing team to collaborate. Great teamwork will always yield great results.
Always Have A Plan B
While we can plan for the boom, we can’t assume omniscience. There is no telling which direction the world is moving in. Therefore, executive recruiters suggest you develop a plan B. Having a clear alternative solution will not only save time but also help you recover quickly and efficiently if your original plan does not work.
Creating a plan B is more than imagining the worst, middle, and best scenarios. You need to come up with detailed steps on how your marketing strategy will play out in different scenarios. You want to make sure that each path has specific strategies to accomplish and surpass your end goals.
As the leading chief digital officer executive search firm, MarketPro finds during your brainstorming session it is helpful to imagine common complications or obstacles that could arise. You want to make sure you are prepared for anything this upcoming boom has in-stored.
The reality is, speed now plays an even bigger factor in a company’s success. Being prepared is the only way to ensure your marketing team can get back up quickly and start running again. Overall, this upcoming boom could take your brand to the next level or trip you up with its rapid changes. Only the top marketing executives with a strong marketing team will be able to steer their company to success. Are you prepared for the boom?