Client Analysis
Foresight & Market Trends
Business Strategies
Strategic Initiatives
2014 Enterprise & Client Long-Term Strategies Report
Independent Contractor
May 2014 (8 weeks)
Formed in 2008 by Pam (McConathy) Schied, Foresight Communications Group helps clients engage their target markets and achieve their business goals. Foresight Communications Group helps clients increase marketplace awareness, engage stakeholder audiences and solve public relations challenges.
The ask for this project was to develop a foresight and marketing plan that would prepare clients for rapid changes in the marketplace and provide resilient solutions to potential business expansion. The challenge was understanding the future of the industry as it pertains to practitioner skill sets, client needs, and emerging trends.
Foresight Communications Group is involved with several American and foreign-based companies both large and small. These clients and customers are projected to be involved in mergers and acquisitions mostly between companies based in the US and Asia. There is an expectation that there will be a high degree of push and pull between the varying business interests which will result in potential uncertainty in the future.
> The company needed to expand into other markets that did not have adequate access to school uniforms or third parties who supply them.
> This company has stakeholders in some local media outlets. The company lacks a coherent marketing plan as well as having limited communication resources.
> The company did not want disruptive changes but only to enhance its marketing and communication tools.
> There is a necessity to expand to a more diverse audience and overcome a difficult transition.
> The company wants to scale up the production of styrenic copolymers products used in cement and asphalt to make roads and sidewalks.
> This company was acquired by TSRC Corporation which is based in Taiwan and manufactures and sale of synthetic rubber products.
> This involvement by a foreign entity could lead to the company being heavily subsidized and open to security risks, instability, or major disruptions in the marketplace.
A growing number of clients want the ability to plan for the long term and not always the short term. A growing number of clients require their practitioners to wear multiple hats and be agile in a rapidly changing market. Below, I developed a set of near and long-term horizon trends. The breakdown of the trends is based on the (STEEP) method or social, technological, economic, environmental, and political changes.
Many of Foresight Communications Group's clients are referrals from the previous company of the practitioner. However, there is the issue of building a network over time which can be onerous as there is major competition from larger agencies and firms who compete for the same clients. The limited amount of resources and funding can affect how much a business can leverage for financial gain and name recognition.
Setting attainable, plausible strategic goals that are equipped for the future and complexity will better enable growth in the short and long term.
I developed a number of successful strategies for Foresight Communications Group to implement that would allow for better resiliency in a changing market, scaling up of client base, branding changes, etc. Each strategy would represent a goal achieved.
> Staying current and aware of change technologies and social trends that are on the horizon. The client will be expecting this from the practitioner.
> Expect the unexpected and plan around these events. A future of uncertainty is all but unexpected and the enterprise must be able to maintain stability through this process.
> Integrate strategic training and skills development into the planning component if it is an obvious and urgent issue for the client. If the client and business are growing and fiscally stable, the enterprise benefits.
> Inform the client of impending changes in the market that could have both positive and negative implications on the business in the future as complexity becomes a greater factor. This would be an obvious issue when a business expands or merges to become a larger entity. The responsibilities can grow exponentially and the risks can become more burdensome for the business.
> Marketing, communications, and PR strategies must be adaptive to change.
> Pertaining to integrating training and skills development into company strategy, this is one of many issues where delivery could possibly exceed expectations. However, this may bring great joy to the client as they now have a new strategy in which to ponder or the importance of the matter is reiterated.
> Include as a policy or ethical standard of the enterprise to never intentionally manipulate the client, underperform and under deliver. The market is very interconnected and a major mishap could potentially hinder the growth of clients to the enterprise in the future.
> By not making any changes in practices or client networks, the enterprise could potentially be doomed to poor investments of time and resources.
> Many practitioners can become complacent and look at short-term gains such as the latest client check and nothing more. The enterprise should continue to utilize foresight or look at the long term when assessing potential future contracts even with uncertainty in the market.
> Enhance marketing and PR tool sets that will be effective in growing the brand of the enterprise and/or services rendered.
> Make sure not to exhaust all of the resources and funds on the client in case it is needed. The enterprise must also market itself and seek out recognition wherever it can be found in this growing market of competition.
In this final phase, I recommended long-term, resilient solutions for the client and practitioner. There are six tasks or initiatives recommended that are strategies for change that can be implemented. Each strategic initiative offers at least three recommendations. However, I have provided one example for each initiative based on the client and practitioner changes that can be made.
I am always open to new opportunities to exchange ideas, explore collaborations, and generate unique solutions.
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