business plan
Changes in market conditions can be particularly problematic for companies, as crystal balls are in short supply these days. They quickly find themselves in the unfortunate position of reacting rather than taking a more proactive approach to organizational strategy. It's like all you're left to do is make random decisions and hope for the best.
The data has taken some of the guesswork out of where the market is heading. You'll be able to more easily identify whether the signs are indicative of an area in decline, one that's growing, or just a slump in the current economic climate. That way you can make informed decisions about what you need to do to take advantage of the situation.
However, data alone can only tell you so much about a market, especially when volatility is high. What happened in the past may not apply to what will happen in the future. But you're still making decisions and hoping for the best. This is when intuition becomes your best friend in business. An intuitive mind is extremely useful when you need to act quickly and rely on available information.
Understanding market disruption
Market changes are inevitable. When you run a business, it comes with the territory. The key is to understand what the data is telling you and intuitively know what to do next. I asked three of her business leaders to provide insight on how to spot market shifts and seize opportunities before they pass.
1. Intuition complements data – and vice versa: Sona Jepsen, CCO, Curinos
With so many organizations focusing on digital transformation in recent years, executives have come to the conclusion that data has the answer to everything. This idea is far from unwarranted, as data has been shown to help you better understand your customers, improve your decision-making capabilities, improve operational efficiency, and, of course, predict market trends.
But Sona Jepsen, CCO at Curinos, believes a balance is also needed or you risk going in a direction that is irrelevant or has no impact on your business. “Intuition is especially useful when the data is limited, ambiguous, or uncertain, or when the data promises utopia,” Jepsen explains. She considers it a secret sauce developed through her years of experience that helps her leverage emotional intelligence to solve business problems.
This is not to say that Jepsen doesn't value data. Quite the opposite. “You have to be a data researcher, very curious about getting to the details, ask the hard questions, but not get carried away with the promise the data offers,” Jepsen said. says Mr. And that's exactly where intuition comes in handy. However, she recommends relying on your intuition and taking small steps first. Jepsen says she recommends, “Look for small ways to test your hypothesis, validate your results, and then expand your comfort zone.”
2. Take the time to ask questions: Nico Toutenhoofd, Co-Founder, Insight Designs Web Solutions, LLC
Few leaders recommend abandoning data that goes against their instincts. We also don't recommend ignoring your intuition in case the data tells a completely different story. Common practice requires further investigation to better understand the reasons behind disconnection. That's the opinion of Nico Toutenhoofd, co-founder of Insight Designs Web Solutions, LLC. “The questions you're afraid to ask are generally the questions that need to be asked the most,” Toutenhoofd says.
“We're looking to see if internal biases are influencing our intuition, or if our data-driven metrics are inaccurate or incomplete,” says Totenhoofd. added. It's all about taking the time to understand what the data is telling you and what your intuition is telling you, and then evaluating the two completely honestly. “We try to avoid any knee-jerk reactions and be more thoughtful and careful in our decision-making processes,” explains Totenhoofd. “We are more successful by acting like second children, seeing the mistakes of our older siblings and learning how to avoid them.”
3. Stay Real: Olivia Cartelli, Digital Director and Media Coordinator at Elkins Advertising
Seasonality affects almost every business. There's no getting around the simple fact that sometimes time slows down. However, downturns still present significant opportunities for operations. Olivia Cartelli, Digital Her Director and Media Her Coordinator at Elkins Advertising, believes that wholeheartedly. She explains: “It's important to know when a general decline is expected and to set realistic goals for that period.” In other words, it's important to plan ahead and be practical about what's possible when business slows down.
“Our instinct is that we need to be honest with our clients and point out where performance may be lacking, while at the same time having optimizations and steps in place to resolve the issue. dictating,” Cartelli adds. Leaving nothing to chance, Cartelli and the agency learn everything there is to know about their clients, seek to understand their goals and concerns, and dig deep into industry happenings before deciding on the most relevant options for the next month. Go to the client with a to-do list to address. Where is the market heading? Now all you have to do is sit down with them and brainstorm how you can realistically prepare.
Every market change brings opportunities. Data analysis inevitably influences future decision-making. But there is still more to be said about what intuition, instinct, and intuition can tell us. It's important to find a balance between the two and understand which should play a stronger role in the direction of your business.
