Just in case you're reading this in a few months time, or live a little further afield the UK had an election recently (or are having an election today). With that nugget safely shared the rest of this post will now make a little more sense.
Perhaps a little unfair to ask, and I'm certainly opening myself up for some amusing responses, but what reaction would you have had if the political parties had each just wheeled out the same strategy as they had at the last election?
I acknowledge that some of the political party’s strategies might have seemed like they'd been written on the back of a fag packet (is that even a relevant or appropriate term these days?) and over a beer or two. Others may have whiffed of hyperbole and exaggeration. None of these are conducive to the development of an effective strategy that has potential to transform.
The fact is, that for strategies to feel relevant to the current political, economic, and social climate they need to be updated to take account of the changes (I was going to list all of PESTLE or even STEEPLE but decided against it as I'm sure you're tired of being quoted theoretical models during the recent fight for your vote.)
Of course, strategies need to take account of future trends, and you'd like to hope therefore that they have some element of future proofing contained within them. At some point in the future however, the strategy starts to become out dated and redundant. Assumptions made no longer hold true.
It's only sensible therefore that upon approval that you agree the review process for your strategies. For some categories 3 years might be sufficient, for others an annual review might be more appropriate, and others may require quarterly review and update. It’s not the review period that’s important as much as the agreement to have a review.
Reviewing category strategies with the appropriate frequency is number 7 in our top 19 practices that drive category management and business performance. To understand more about how to embed best practice category management within your organisation, and how to ensure your strategies win the hearts and minds in any snap change in leadership foisted on you please do call me or any of the future purchasing directors to find out more.
by Alison Smith