Stud or Dud? A Simple Framework for Decision Making in the Planning Process

The floating idea This is something we are all familiar with. The floating idea is one that hangs around in the backs our minds, is written on a post-it and left on our desk, is listed in a Power Point Deck or thrown out in a brainstorm and then forgotten. These are the ideas and opportunities that keep coming up but that no one ever does anything with.

In business, and in life, ideas and opportunities should not be left to float. They need to be seized and acted on, or they need to be set aside and forgotten, because the floaters are cluttering our minds and our to-do lists.

Every time an idea comes up, give it attention. Give it at least a few minutes, or how ever long it inspires you for, to figure out if it is something that should be acted on or forgotten.

Stud or Dud? This extremely simple framework can be applied to identify which ideas should be pursued (stud ideas) and which should be set aside (dud ideas). The premise is basic and instinctual–stud ideas are ones that give you the most return for the least amount of investment. And dud ideas are ones that require a lot of investment, but don’t give much in the way of returns.

Most often, investment will be defined as time and money. But returns have a much wider definition and are much more subjective. In marketing scenarios, returns are of course going to be established based on specific objectives and key performance indicators (KPIs); the established benchmarks also need to taken into account to understand the size of returns which can be expected.

But, this framework can be applied to virtually every scenario imaginable, because investment and return can be defined in many ways.

· Identifying new product opportunities

· Deciding whether or not to go out to fancy drinks at the bar

· Evaluating creative tactical ideas during a brainstorm

· Choosing a destination for your weekend getaway

· Evaluating media opportunities

· Deciding on influencers for the brand to work with

· Choosing between job offers

The list goes on and on. Print this framework. Put it at your desk and put it to work. Stop letting floating ideas clutter the airwaves.