Employ contingency planning strategy to thrive amid change, Raab
By Felicia Nwosu
Against the back drop that tomorrow comes with many unexpected events which makes it impossible for leaders to predict the future, David Raab, founder and CEO of the Customer Data Platform Institute, has advised future-minded leader to cultivate an agile organisation by adopting contingency planning measures as part of his business’ risk management plans. This according to the marketing expert will ensure the business operations continue as smoothly as possible amid unprecedented change.
This assertion was the focus of Raab’s presentation as one of the lead speakers during the first 2023 IMC Quarterly Virtual Summit, organised by MARKETING EDGE.
Giving a complete dissection on the theme: In Search of Innovation: The Role of Policymakers & Market Leaders in a VUGA Economy, Raab opined that the unprecedented nature of the pandemic with its devastating impact has awoken many organisations to the practical reality for the dire need for precautionary measures such as contingency planning for various scenarios, particularly those focused around business continuity in terms of long-term basis.
He said no one can predict the future but what the best leaders do is to create conditions for success since they cannot predict change. The New York-based Data Centre CEO emphasised that instead of remaining in self-denial, leaders can through agility, resilience, pragmatism and the ability to envision trends and the future, win the boiling point of any economic heat, noting that this will help them chart their course forward to come out stronger.
“It is not only difficult to predict change; it is impossible. For marketing communication industry and practitioners to thrive amid change, they have to cross-train their staff, apply agile processes, deploy collaboration tech and acquire redundant resources.”
The data specialist reaffirmed that change remains the only constant factor in life and that changes will continue to occur on every sphere of human endeavour. He urged brands to ensure that contingency planning strategy are readily in place to minimise and mitigate the impact of negative events. Suggesting that achieving a robust result is possible by proactively developing problem-solving contingencies in place.
“Brands and businesses must have contingency plans because business leaders and policymakers cannot predict change. What happens to retail, CTV, and short video if new media replaces the World Wide Web? No company or brand can assemble all possible resources by itself. Therefore strategic relationships are needed to give access to resources that you don’t have.”
Raab also harped on the importance of conducting assessment to identify some of the risks and critical resources that may impact on the brand as well as the application of scenario findings through the help of first party data and technology. He urged brands to develop right relationship that will be beneficial in time of crisis.
“To build successful relationships, brands and business need to pick the right partners who are likely to deliver during crisis. They also need to find partners ahead of any possible crisis who will need what you have. You need to find partners who are likely to deliver during crisis and who are dependable and trustworthy.”
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