Industry Insights

Experiential Learning in Business to Boost Strategic Planning

Posted by Richard Hainsworth on Nov 14, 2017 12:00:00 AM

Strategic planning within pharma organizations is constantly under review. That’s no surprise.  Every organization struggles with the tradeoff between creating a great strategy and mastering its execution.

While tactical sophistication has improved markedly, this often comes at the expense of a number of critical areas of sound strategic planning. 


During the initial analysis, teams often struggle to interpret existing market data, yet they rarely focus on which information they are lacking. Due to this tendency, they often don't understand the why behind the what, as we like to say.

A good business simulation will highlight which data is most important, what’s missing and how this data can be approximated to help shape strategic and tactical planning. 

In strategy formulation, some companies struggle because they have enjoyed uncontested market dominance and/or little pressure on pricing, reimbursement or utilization.  In other words, their value proposition has not been as heavily scrutinized as in other industries.  But those days are over.

So, what can be done?

We all must create and execute superior competitive strategic plans that express the true essence of our Value Proposition in a clear and customer-centric manner.

Say what?! Sounds like consultant-speak, no?

It's easier said than done, but today's strategic plans must address the ever-changing multi-stakeholder environment, and this increases the level of complexity enormously. 

To facilitate this issue, we employ a disciplined process of strategic brand planning using experiential learning tools and simulations.   

When it comes to execution, teams often struggle to connect, track and measure the critical KPIs in support of their overarching strategy.  The best plans must exhibit robust risk analysis and contingency planning, all within a new multichannel environment.

This is a big, big ask.

With our experiential learning tools, managers can apply and pressure-test best and next practices in realistic settings, understand the linkages in their customer engagement activities and help make their entire experience appear seamless to customers.

Leading pharma companies demand more creativity, business acumen and leadership skills from their managers. These are non-negotiables. Experiential learning is a great approach to developing these important competencies.   

At StratX, we facilitate energizing and engaging initiatives that challenge teams to test and stretch their creative strategic planning skills. This leads to measurably better plans and business impact through an enjoyable, team-oriented experience.

Imagine teams that look forward to brand planning.  Who ever said it has to be dull and painful?! 

To learn more about how experiential learning can help with strategic planning and more, download our insights on "Experiential Learning In Biopharma". 


 

Experiential Learning in Biopharma

 

Topics: Biopharma

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