Hello and welcome to our new blog.
As we have previously mentioned in the weeks leading up, over the next five months we will be providing our readers with informative articles and insights on how operational optimisation systems can help during the change management phase.
This month we will kick off right from the very beginning – how to plan and budget for change. This week’s focus will be placed specifically on clarifying a change goal, or simply put, what a company wants to achieve by changing its methods. This is step one of change management.
Regardless of the reason a company is changing, the identification of a clear end goal is vital to the success of the change phase. The clearer the goal, the smoother the change will be.
Market research is vital for any business during this phase in order to identify a business' future direction. It focuses a business strategy, allows a company to peruse more lucrative growth opportunities, keeps a business relevant, reduces risk, but most importantly, keeps a business customer orientated. After all, the customer is the boss and change should focus around making the customer happy.
When writing for Forbes magazine, Gauri Sharma, CEO of Lab42, a next generation market research firm, used several examples to demonstrate the importance of market research for changing businesses. One example was a new caramel company called Happy Goat. Happy Goat was expanding rapidly and wanted to test the market for its new product line. Market research helped to identify that the flavour and quality of confections were more important than the caramel’s use of organic ingredients. They therefore altered their plan accordingly and benefitted from it.
Another more generalised example is the changing nature of the marketing and advertising sectors. With the increasing prevalence of social media sites and the growth of digital marketing and advertising, firms have had to adjust and rethink their strategies in order to stay on top. Market research is key for organisations such as JWT and BBDO in order to keep up to date and provide the best possible results for their clients.
Market research is nothing new. However, it remains integral when forming the creation of a new business direction in an ever changing corporate world. Operational optimisation systems allow this new direction to be clearly communicated to all levels of an organisation. They encourage an organisation to move forward together, making the change phase easier, less risky and a more effective.
For us at E Squared, we believe in a methodical approach to change management, which begins with the identification of a change goal. When working with our clients this is the first step that we advise our clients to think about. We then use our operational optimisation system to facilitate change in order to provide the best results.
Once our clients have identified a clear goal, we then move on to the planning stage. This will be next week's topic.
If you would like to read more about any of the topics we have discussed here then a list of useful documents will be provided below, alongside our company website.
Harvard Business Review's definitive management ideas for 2016: https://hbr.org/product/hbr-s-10-must-reads-2016-the-definitive-management-ideas-of-the-year-from-harvard-business-review/15025E-KND-ENG
The growth is UK digital agencies: https://econsultancy.com/blog/64619-uk-digital-agencies-expect-30-revenue-growth-in-2014-report/
Marketing trends for 2016: http://www.smartinsights.com/managing-digital-marketing/marketing-innovation/marketing-trends-2016/
E Squared's Isoma: http://isoma.systems/
Whether you are a small business or large conglomerate, you should never simply make assumptions about your consumers’ habits, tastes, or preferences. Take the time to ask the right questions and gain valuable insights that either affirm your assumptions, or better yet, prevent costly mistakes.