A common debate for businesses - how best to infuse strategy work into execution so businesses meet targets. While it's not a polarised subject matter, for exploration sake lets consider two opposing camps: static vs dynamic.
Static strategy: a fixed strategy built at the beginning of an initiative. Typically this mode of strategy pegs way for planning out a clearly-defined roadmap underpinned by the initial strategy. It may include extensive research and analysis to understand market forces, competitor landscape and customer behaviour & sentiment. While this approach seems to offer stability and predictability, it fails to factor the new evolving nature of markets and technologies.
So what's the alternative? Is the dynamic strategy right? Let's discuss what it is first...
Dynamic strategy: a fluid strategy model that evolves through roll-out by gathering market feedback. Typically these strategies will be faster in execution although seeming less 'informed'. While the former may have some pretty sound research from past data, it may not reflect the changed nature of the current market. The latter may not have sufficient evidence i.e. limited sample size or premature investigations, to support the direction.
Ultimately, as the tide changes, businesses in todays world can't just be proactive. If they wish to remain competitive in today's markets, they must have the ability to react, regardless to whether an offensive strategy (going against the tide) or defensive (batten down the hatches and brace).
Here's the crux: our world is increasingly interconnected and fast-paced. Market landscapes are constantly evolving, disrupted by emerging technologies and shifting customer demands. A purely static strategy might leave businesses vulnerable to unforeseen changes. A dynamic strategy may be premature to roll-out.
From our experience, the best way to infuse strategy is implementing a hybrid model factoring in the degree of certainty of set variables which allows for opportunities for businesses to pivitt. Forecasting models are flawed and while there is advancements in ai & ml, we are not quite there yet to consult the crystal ball with such high accuracy.
This means businesses will need to remain agile enough to adapt to market feedback. Businesses that have a foundation - a core strategy - possesses direction. And this is where the two seemingly opposing notions can harmonise to form the hybrid model. Imagine your core strategy as the anchor, holding the ship in place, while dynamic elements are the sails, adjusting to the winds to navigate the waters effectively.
The real magic happens when businesses find that sweet spot: the harmony between a solid foundational strategy (static) and the agility to adapt (dynamic). Because, in the end, isn’t strategy about understanding where you are, where you want to be, and navigating the ever-changing journey in between?