Use a pestle analysis template so that you can save time.
1. For each of the PESTEL areas, brainstorm a list of FACTORS: what affects your project?
2. Organise each area into a prioritised list; 1 for Political, 1 for Economic,… etc
3. Take the top e.g. 6 items in each of the 6 lists, and score the impact.
4. Arrange the findings onto a 1-side document format, so that your teams can hold these factors in mind.
PESTEL Analysis – Look at your macro environmental factors!
PESTEL Analysis is an examination of macro environment and external factors to help us understand the context and pressures for a Product, Project, Business Area or Organisation – e.g. including unemployment factors.
PESTEL helps us understand the situation our Product operates in, by describing “Factors”.
It involves investigating 6 areas: Political, Economic, Social, Technological, Environmental, Legal (that make the acronym PESTEL).
Take PESTEL further – don’t just make lists!!
Most accounts of PESTEL analysis involve exploring these areas to make lists of factors that are relevant.
We would advise taking it 1 step further, prioritising and then scoring the impact of your factors, in order to best inform your plans and keep your team aware of its operating environment. Use a pestle analysis template.
Plotting the impact of your PESTEL factors informs your PESTEL Product Strategy
- Brainstorm the FACTORS:
- Organise the list of items you have made for each area with most important at the top.
- Don’t spend too long at this stage.
- Just make rapid lists.
- Focus on the most important:
- Take the top 6 items in each of the 6 lists.
- Score the impact: Low, Medium, High.
- Present it:
- Arrange the findings onto a 1-side document format.
- Use a pestle analysis template
- Promote it, so that your team bears these factors in mind.
Other areas to check when you are brainstorming: unemployment rates, social factors, interest rates, trade restrictions, carbon footprint, disposable income.
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Need help defining and prioritizing your PESTLE? Let us show you how easy it is to build out your PESTLE analysis and all the many factors that go into it.
PESTEL, or PESTLE, is an analysis process to help Marketers, Strategists and Product Managers avoid threats and uncover opportunities.
Define PESTLE – find the answers to common questions, and how PESTLE should be used.
A STEEPLE Analysis can be useful for product planning, strategy and marketing. Create your STEEPLE so that you avoid threats, and make the most of opportunities.
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