Liana
What careers does strategic thinking play a major role in? Why does this matter in business and why is it important to think holistically?
I know there's a difference between strategic thinking and tactical thinking. These types of thinking apply to business management. #business #marketing #economics #strategy #marketing-strategy
5 answers
Eric Clemens
Eric’s Answer
A good question and I'm interested to know what prompted you to create this question.
In a nutshell, all careers can benefit from strategic thinking. The ability to look at the "whole picture" of a situation and understand all the inputs, outputs, and cause/effect elements allows you to come to a conclusion based on more than just emotion and gut feel.
If you make decisions that solve for short-term gain you may impact something else in the long run. An example would be; deep discounting services to gain new customers quickly. While you bring on new customers you have also driven up the cost of acquisition (meaning it will take longer to gain positive value from the customer), diluted short term revenue and conditioned your buyers to expect cheaper services. While quick decisions are often necessary in business, there's a balance between speed and recklessness. It's important to not get stuck in "analysis paralysis" where you can't make a decision and you keep looking for more inputs.
Strategic thinking, also called critical thinking is important outside of work. As you progress through life you create plans, have goals and aspirations. These are loftier concepts that can't be accomplished without diving into all the aspects of the objective, see all sides and then create a path.
A great skill to develop is the ability to ideate and pivot to execution quickly. Using your strategic thinking to solve for something and then being able to turn that idea into action, and from that action, measure the impact. This demonstrates that you can "think and do" when needed which is more valuable to a company.
Eric recommends the following next steps:
Hi Eric. Sorry it took me so long to reply to your answer!! Thank you SOOO MUCH for your valuable insights!! I I asked this question when I was considering majoring in marketing, but I've changed my mind... haha. I still try to use strategic thinking in different aspects of my life and I've heard of analysis paralysis. My grandpa gave me an example about hitting a golf ball. Eventually you have to choose a point and hit it and see where it lands. You can't dwell on the point forever. Thanks so much again and hope you're well!!
Liana
Carrie Mastropaolo
Carrie’s Answer
I do feel in most roles, even those that are extremely tactical in nature, strategic thinking is always welcome and valued and would likely set you apart to pursue a leadership position, or a role more dedicated to strategy.
Riley Insko
Riley’s Answer
A few years after college, I had the opportunity to work at a creative marketing agency just south of Los Angeles as a Brand Strategist! This environment was the perfect intersection of strategic and tactical thinking. Clients - bogged down with the daily tasks of running the business - would partner with me and my brand strategy team to think big, forecast long-term plans, understand consumer behavior, etc. Then, our account management team would partner with the client to provide the resources to bring them to life (i.e. ad campaigns, tv commercials, etc.).
Working holistically (equal parts strategy + tactics) holds innumerable benefits... it centralizes a company around a core purpose / mission / vision, allows companies to serve the right audience, provides cost savings as you avoid constant adjustments, etc. I've enjoyed my career in the world of marketing strategy, and it allows me to be a "big picture" thinker even on the <10 years side of my career.
Gabriela Perdomo
Gabriela’s Answer
I would say consulting is a great area to look into if you are interested in a career where you utilize strategic thinking and problem solving skills. Strategic thinking can help you approach problems in an innovative way.
Thanks so much Gabriela for your answer! I'll take your advice and look into consulting.
Liana
Christan Lambert
Christan’s Answer
Let me give you an example, Of a example from a case I had.
I'm at airline, I'm not doing so well in terms of revenue. I've hired you Liana to give me a winning strategy in terms of turning around my airline!
It'd be important here to think holistically.... Especially if the reason half your fleet isn't optimized due to the fact we don't have enough nor good quality servicemen!
Now imagine if you went with a customer-oriented targeted strategy instead. Sure you'd get more customers but what's the point if half your fleet isn't meeting their scheduled takeoffs and in the long term actually damaging your reputation this way by making the bad news spread faster!
Hi Christian. Thanks for your answer and for your example! I always try to think holistically in whatever situation I'm in! All the best!
Liana