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How can scenario planning help you budget for digital performance?

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Scenario planning is a method of exploring and preparing for different possible futures, based on a set of assumptions, drivers, and uncertainties. It can help you budget for digital performance by allowing you to test and compare different scenarios, and allocate resources accordingly. In this article, you will learn how to use scenario planning to budget for digital performance, and what benefits and challenges it can bring.

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Nico Verba

Learn to build a minimalist one-person business on LinkedIn?
Parimal Choukase

Founder - Creative Crows Technologies Private Limited. Founder - Serviceindia.com Co-Founder - ServiceIndians.com
David Henry

VP Marketing @ EF Academy | Non Exec Board Advisor

1 What is scenario planning?

Scenario planning is a strategic tool that helps you imagine and anticipate different outcomes of a situation, and plan your actions accordingly. It involves identifying the key factors that influence the situation, such as trends, events, stakeholders, and uncertainties, and creating a set of scenarios that represent plausible and coherent alternatives. For example, you can create scenarios based on different levels of demand, competition, regulation, innovation, or customer behavior.

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Nico Verba

Learn to build a minimalist one-person business on LinkedIn?
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Scenario planning works because humans constantly compare - it's that simple. How to do it? 1. Identify the KPIs 2. Create scenarios 3. Gather the data 4. Assess the impact 5. Develop an improved strategy 6. Monitor and continue adjusting

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Parimal Choukase

Founder - Creative Crows Technologies Private Limited. Founder - Serviceindia.com Co-Founder - ServiceIndians.com
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Agree to this ,Just ensure that you have well studied the basic element/parameters yourself which may have direct impact while defining strategy .A strategic tool also seek right input for better suggestions .

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Eliana Caceres, PMP

Program Manager | Entrepreneur | MBA Candidate | ex-Meta
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This is a great exercise during the ideation or initiation phase of planning. You can consider the best and worst possible scenarios, reflect on previous efforts for lessons learned, spend time understanding your audience and your competition/learn the market. You can also identify early on who needs to be involved and can develop a power grid of stakeholders and can even identify who in your audience would be a key partner for beta testing and co-building.

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Enas AbuShehab

Director of Marketing & Communications at Le Royal Hotel Amman| Digital Strategy| Project Management| Graphic Design| Artist| Journalist | Empowering brands to achieve marketing milestones through innovative strategies
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Scenario planning is the first step we should do when we decide to increase the business volume and spread brand awareness. It should be done after monitoring the market demand and checking out what are the competitors doing to avoid repeating their plans. So we will not imitate but create a unique trend based on the people interest.

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2 Why use scenario planning for digital performance?

Digital performance is the measure of how well your digital channels, platforms, and campaigns achieve your goals and objectives. It can be affected by many internal and external factors, such as your strategy, tactics, resources, capabilities, analytics, market conditions, customer preferences, and technological changes. Scenario planning can help you budget for digital performance by identifying and prioritizing your key performance indicators (KPIs) and targets for each scenario. Additionally, it can help you assess the risks and opportunities of each scenario and how they impact your digital performance. Furthermore, scenario planning can assist in allocating your budget and resources to the most relevant and effective digital activities and channels for each scenario. Lastly, it can help you monitor and adjust your budget and performance as the situation changes.

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3 How to use scenario planning for digital performance?

To use scenario planning for digital performance, you must first define the scope and purpose of your exercise, as well as the time horizon. Then, conduct a situational analysis to identify current and expected trends, events, drivers, and uncertainties. After that, generate and select 3-4 scenarios that are plausible, coherent, relevant, and diverse. For each scenario, describe its characteristics, assumptions, implications, and challenges. Additionally, allocate your budget and resources to the digital activities and channels that are most suitable for each scenario. Lastly, monitor your digital performance and compare it with your scenarios in order to adapt and improve your plan.

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David Henry

VP Marketing @ EF Academy | Non Exec Board Advisor
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A practical approach to scenario planning is to use historical campaign data for predictive modeling. Specifically, you can employ statistical techniques like R-squared correlation with metrics such as Impressions, CTR, AOV, visits, and ROAS. This can offer valuable insights for predicting future campaign performance. With sufficient data, the modeling can be highly accurate in forecasting outcomes based on various data points. This allows marketers to modify the fundamental metrics and gain a better grasp of how changes in the scenario are likely to impact and influence the outcome, thanks to a deeper understanding of the correlations within the scenario.

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4 What are the benefits of scenario planning for digital performance?

Scenario planning for digital performance can bring several benefits, such as enhancing strategic thinking and foresight, improving decision making and agility, and increasing alignment and collaboration. Through scenario planning, you can expand your perspective and explore different possibilities and implications for your digital performance. It can also help you test and compare different options and trade-offs, identify and prioritize goals and KPIs, allocate budget and resources, monitor the situation, respond quickly to new opportunities, engage stakeholders in planning, communicate vision and expectations, foster a culture of learning and innovation, and encourage feedback and experimentation.

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5 What are the challenges of scenario planning for digital performance?

Scenario planning for digital performance can be a complex and time-consuming process, requiring data, analysis, creativity, and facilitation. It can also be difficult and uncertain due to the multiple factors and scenarios that can affect your digital performance, so you must balance the realism and relevance of your scenarios. Measuring and reporting results can be challenging too, as you have to track and compare your digital performance across different scenarios; define and use consistent and reliable KPIs and metrics; explain the assumptions and limitations of your scenarios; update and revise your scenarios as the situation changes; and communicate the changes and implications to your stakeholders. All of this requires dedicating enough time and resources to conduct a thorough and meaningful scenario planning exercise, while avoiding rushing or skipping steps.

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Ivan McAdam O'Connell ??

Freedom Lifestyle Designer: From bank COO to helping people & businesses unlock new opportunities
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Capturing the breadth of scenarios and examples to track and model is a challenge. I recommend starting with broad ideation and to sketch out the extent of the variation across your scenarios. Then for practical application I group these into base case, stretch case and worst case examples to model, and use for implementation.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can scenario planning help you budget for digital performance?

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6

1 What is scenario planning?

2 Why use scenario planning for digital performance?

3 How to use scenario planning for digital performance?

4 What are the benefits of scenario planning for digital performance?

5 What are the challenges of scenario planning for digital performance?

6 Here’s what else to consider

Digital Strategy

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How can scenario planning help you budget for digital performance?

1

2

3

4

5

6

1 What is scenario planning?

2 Why use scenario planning for digital performance?

3 How to use scenario planning for digital performance?

4 What are the benefits of scenario planning for digital performance?

5 What are the challenges of scenario planning for digital performance?

6 Here’s what else to consider

Digital Strategy

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