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Why did hanging out the washing prompt us to bring up the subject of PESTEL analysis? You’ll see from our photo the washing included reusable vegetable bags and face masks.
Whilst thousands of businesses are really suffering right now, those quick off the mark have created great opportunities for themselves.
Reusable vegetable bags came in response to the increasing reduction in the use of plastic bags in supermarkets and other shops; even biodegradable bags create waste and so reusable ones are ideal for the eco-conscious consumer (including Sainsbury’s shoppers where bags are no longer available, good for you Sainsbury’s!). We predict an increasing opportunity here for anyone engaged in creating/marketing/distributing items made from fabric.
And of course, from 24 July this year, face masks will become mandatory in many more places. Here at LCM we started using them some weeks ago, and have stocked up with some pretty ones! We predict most people will have at least 3 masks – one to wear, one in the wash and one in the car/handbag/pocket, like a hanky. Our response is to have about 7 each, using a new mask each day – like knickers!
A PESTEL analysis helps you identify such opportunities in your world.
We recommend doing one quarterly along with your SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). So, what is a PESTEL analysis?
Similar to a SWOT, it is a mnemonic as follows:
It’s an ideal group meeting, to get key people around the table and look at each area in turn. Ask, what is and what do we foresee happening? For example, politically, that could be a threat or an opportunity to our business? e.g. a forthcoming General Election, a country’s devolution, a change of MP in your area, or a new bill going through parliamentary processes before becoming law.
Some areas may be irrelevant to your business, others highly relevant.
When you have identified threats and opportunities, create an action list with specific actions, responsibilities and deadlines clearly identified.
It takes time, and in our experience, the companies who put time into planning are much more likely to attain long-term success. Good luck! Let us know how you get on.
How can LCM help?
Don’t know where to start? Lizz Clarke can facilitate a workshop with you and your team, on this or indeed your whole marketing strategy.
Get in touch by emailing info@lcm.co.uk