,Once we return to some form of normalcy look for companies of all types to place greater importance on using data, along with their brightest strategic thinkers to inform how they can plan for every conceivable scenario in the future.
This crisis has taught us the importance of data to inform decisions.
Moving forward, data will be an even more important necessity for those of us in the radio marketplace as we work at capturing market share and we try to best tell our story.
Brad Adgate is a well known media analyst and he says:
"Data has become the oil of the industry. For audio to keep pace with competitive ad supported media, it is important that they use advanced analytics. Not only do they expect this type of granular information, audio can also charge a premium. The ability to hyper-target consumers with a relevant message has also been widely accepted by customers."
One trend that will likely emerge with the help of data will be scenario planning.
Scenario planning is a strategic planning method that many organizations use to make flexible long term plans.
Scenario planning makes assumptions on what the future is going to be and how your business environment will change over time in light of the future.
This is a strategy that gets you out of the week to week, month to month mindset and forces you to think long range.
Scenario planning pushes you to expect the unexpected in battle and to game how to be in the best position for success when the dust settles.
As we evaluate the wake of what we all experienced, none of us were prepared for this crisis.
As leadership strategist Charlene Li said:
"Scenario planning to figure out alternative futures will be crucial in developing a strategy, creating product/services and hiring the right people."
Think of how many business models would have benefited if they used scenario planning to try to plan for disruption that they ultimately would face.
The Global Recorded Music Industry
The Global Newspaper Industry
The TV Industry
Could those industries have anticipated?
Doubtful, but this current crisis teaches us we need to better plan for the unexpected.
It will be interesting to watch an innovative company such as Disney emerges post Covid 19.
Are you and your team prepared for every scenario your business might face?
Buzz Knight shares his thoughts about media happenings