CASE STUDIES

Where do you see yourself in 5 years? Top tier Mind called in to set strategy for Media Group

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Summary

Our client, a leading media group, needed a Mind to set up a 5-10 year strategic plan for the company. They were looking for a consulting skill set Mind from a top tier consultancy to help the company responds to the dramatic changes that the media industry was experiencing. We found exactly what he was looking for - a top tier strategy consultant with media experience.

Background

The Head of Strategy of a leading media group came to Freshminds as he wanted a top-tier strategy consultant to help them with their strategic planning process. This would be done by conducting in-depth research and data analysis to help him when creating their 5-10 year plan. As the media market is changing dramatically (particularly in light of the digital revolution), this strategic plan would be crucial in defining how the company will react to these changes.

The mind would need to manipulate and analyse data, including cash flow and P&L models, as well as forecasting growth in products and areas of business function.  They would also need to carry out market research and create case studies of competitors.

They would also need strong quant skills to undertake the analysis and strong problem-solving skills to frame the problem, and a strong communicative ability as they would need to obtain the data and insight from different internal departments, particularly finance.

Who they needed

  • Top tier consultancy background.
  • Strong experience in qualitative research.
  • Excellent data analysis ability -  including the ability to read, manipulate and analyse cash flow and P&L models, and forecast growth in products and areas of business function.
  • Stakeholder management skills would be needed to gain information from different departments within the company.
  • Experience within the media industry.

Challenges

  • There aren’t many top tier consultants with the experience needed who are available immediately on a freelance basis.
  • From receiving the brief we had to work to a relatively short timescale
  • The media market is going through a paradigm shift, so the strategic review that the Mind was going to undertake required creative thought and being very open to completely new ideas about how to make money

What Freshminds did

  • Had a strong network of available consultants
  • Took a detailed brief and understood the client’s needs.
  • Matched the best consultant to the project
  • Convinced the consultant of the merits of the project in terms of her career

Results

Spoke to her about the role and sold in the benefit of working on such a pivotal project.

  • The mind hit the ground running, and as she performed well the project ran to plan.
  • Without the mind’s support, they couldn’t have completed the project to this standard within the timeframe.
  • The mind’s contract was extended and the client wanted to take her on permanently because she did so well
  • This was the mind’s first placement directly in industry, as she’d previously only worked in consultancy. She had TMT experience, but did not have specific experience in this type of company so had to adapt and learn quickly - used her very transferrable skills.

We provided exactly the type of consultant they were looking for, within the timescale required, for what was an important strategic plan at a pivotal time in the company's development. The project went well and the client was really pleased with her output.