Sunday, March 22, 2020

COVID-19 and the Rise Of Intermediate-Term Business and Marketing Planning in 2020

Photo by John Gibbons on Unsplash
Phrases like "medium-term" and "intermediate-term" have been lost from our business lexicon, it seems. According to Google Trends, searches for these keyphrases have declined 50% or more in the past 15 years. But 2020 is going to be the year intermediate-term planning becomes necessary. Now is an excellent time to consider what that may mean for preparing and managing your business for the impact of the COVID-19 pandemic.

Back when I went to school, we spoke of timeframes such as ten years for long-term planning and five years for intermediate-term, but with the pace of change in recent decades, ten years feels a bit like planning for the next century. Who can anticipate that far ahead in a world where a new technology or competitor can swiftly arise and destabilize a marketplace? With our planning horizons collapsed, it can feel as if much of our business and marketing planning has been reduced to just two horizons: What we need to get done now (short-term) and what we must do to prepare for where we hope to be in three to five years (long-term). There's little room for the intermediate-term in a business environment that changes fast and demands agility.

COVID-19 Here and Now

But, if we thought the pace of change was hectic in recent years, the ongoing COVID-19 pandemic is forcing business to react at a breakneck speed. It may seem hard to believe, but the first US case of unknown origin stemming from "community spread" was announced less than a month ago (on February 26). As I type this, it's been just 11 days since the NBA suspended its season. The US passed 5,000 cases less than a week ago, and by the time you read this, the tally of known COVID-19 cases in the US will likely be more than 30,000.

At unprecedented speed, many brands have been quick to react with care and empathy. Banks have raced to suspend late penalties and early-withdrawal fees, many brands are offering assistance to customers, and some employers have made commitments to workers adversely impacted by furloughs and reduced hours. These immediate and short-term reactions have been admiral and have helped to minimize the blow to many anxious people.

Build COVID-19 Scenarios for Business and Marketing

But what's next? It is no exaggeration to say that no one can say. There is simply too much that is unknown (including the actual number of infections and how well the COVID-19 mitigation efforts are working in different locations). To show just how little we really know, a survey of infectious disease researchers conducted March 16 and 17 found the consensus forecast of expected cases in the US for March 29 was roughly 19,000; in fact, the US exceeded that number just days after the survey was conducted. (Of course, in a rapidly growing pandemic, reporting is quite variable; as I type this the CDC website, last updated Friday, currently shows 15,219 confirmed cases in the US, while the Johns Hopkins COVID-19 dashboard shows 27,004 and Worldometer is reporting 29, 214.)

If the most knowledgeable infectious experts can't predict the future with accuracy, neither can you. This is why the best minds in public health, epidemiology, and disease modelers are considering a range of possible scenarios. You must, too.

To learn what Gartner is recommending to clients about scenario planning and why a three-horizon plan with short-, intermediate-, and long-term perspectives is important for your business and marketing plan, please continue reading my post on Gartner blogs. 

1 comment:

Unknown said...

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