Approach to Strategy Development - Trends
Identifying the trends can be tricky and involves a significant amount of research. Identifying the right trends can make or break the strategy.
If I was developing a strategy for the banking industry, I would use various research channels. Here are some example:
- Research articles from Gartner and Forrester
- Though leadership papers from consulting companies (like Deloitte)
- Articles in the Wall Street Journal and NY Times
Then follow a simple 3 step research process: Collect, Organize and Eliminate (akin to Rule II Keep it Simple). Basically, collect all sorts of documents from the various research channels at your disposal, organize the information and eliminate what is not important.
In the case of the banking industry, I used Mutually Exclusive and Collectively Exhaustive (MECE) principle to identify 15 trends:
Then each trend should be analyzed to extrapolate where the Bank needs to be in order to best capitalize on the trend. For example, if mobile banking is about to take off then the strategy should addresses how the bank will broaden its mobile banking offering.
In the next post, I will discuss one great example of a trend. Stay tuned.