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Speaker 1 0:01
Hi everyone. Welcome to week three. Hope you're getting settled in. If you're taking other classes right now. Hope those are going well for you. This week, I've split the lecture into two parts. I was going to cover this in a previous week, but decided to move it to this week. So this week we're going to be covering first up objectives. We're going to be talking about why setting objectives matters for strategy. And the second part of our conversation is going to be focused on conducting second secondary research. Both of these are in the aim of, you know, our client has identified, or we've identified, for our client, their core business problem. So now it's time to learn more about it, explore the problem or challenge more and figure out, you know, how can we get past it? So we're going to start with objectives today in part one. So I'll just, I'll link it in the slides, like I've done in the past, some ads of the week you may want to check out. And then we'll have our lecture developing developing objectives to address core business problems in, you know, a case study for a a client. And then we'll talk about what you should do next. So as the week I just linked here to some good strategy examples, or some that I thought were good strategy examples, feel free to take a look at those at your own location. You won't be quizzed on them or anything, but if you just want to learn a bit more about strategy. There's some good examples linked in that article there. All right, so last week, we talked about identifying core business problems, and ultimately, what we're trying to determine there is, you know, what is it that's affecting a business's bottom line and ultimately keeping them from making money. What is that core business problem or challenge? And then we have to determine, Okay, we know what the core business challenge or problem is. Can advertising actually help in this instance, sometimes the answer is no, and that's okay. There are sometimes marketing changes that need to be made. It's not always. Advertising is not a, you know, a one stop shop. It doesn't fix everything for a business, but that's what identifying the core business problem is all about, is figuring out what is the problem or challenge. Can advertising help in this instance? So we talked about how business problems are generally discussed in commercial terms, or they are in commercial terms. So things like market share, things like market penetration, sales, product positioning, product repositioning, product seasonality. These were all things we went over. These are some common core business problems that clients come to an advertising agency or their agency of record with. We also talked about what advertising can do. So can advertising actually help? And in certain instances, advertising is good for awareness. It's good for comprehension, to educate or inform, to generate awareness, if something's brand new, to persuade, to add value. These are all things that advertising is able to actually do. So if your core business problem is one of those things on the previous slide, here is, you know, here's what advertising can do. So if your problem can be addressed with one of these things, then that's great. Average, your advertising agency can help. All right, so just wanted to do like a quick little review before we head into our discussion of objective and setting objectives. So I wanted to go through this slide again, and we'll be going through this throughout the semester as I kind of think it helps you to see where we are in our conversation and the advertising process. So again, it starts out when a client comes to you says, something is affecting our bottom lines. You know, we're not making as much money as we used to, or we are anticipating, or whatever the case may be, it's then your problem to explore that problem. So you often do a lot of research. That's what we're going to talk about in part two, you research the problem. You find insights from the research that you've done to help inform your decision making process. As you move forward, you develop objectives and goals for getting past the problem, and I'll talk about why I switched the order of talking about these two in just a second. You identify and segment your audience, you consider how you're going to position the product. You consider what media strategy is going to be appropriate for approaching this problem and this audience to position the product in this way. You think about what creative strategy is appropriate for approaching this problem. You think about media planning and bio. Explaining what are the logistics of, you know, actually reaching this audience and overcoming this problem. There's developing the ads, which is what creative teams do, and then there's measurement and evaluation. So this is the advertising process I went through this last week as well. But just again, want to show you kind of where we are in our conversation. So we're talking about developing objectives, or goals for getting past the problem. So again, I mentioned I switched the order of research and objectives. So why did I do that? I think it's important to give you time to reflect and look ahead as you conduct research to learn more about the brand. So you're going to be conducting your own research, secondary research next week on the brand of your choosing from the options that I've given you. So you'll be looking ahead, thinking about I've given you some objectives, as you'll see in the final research project document, but it'll allow you time to reflect on those objectives as you're doing the research as well. All right, so, what are marketing objectives? So and why are they important? The transition from understanding the background, the situation analysis, the research that we're going to be talking about in just a little bit to solving the business problem begins with addressing where could we be. So we're thinking ahead what, what is the outcome going to be? What's the solution going to be? Where could the brand be? So this is where we begin thinking about objectives or goals to work towards solving the business problem or challenge that we've identified. So why do we set goals? Couple reasons here, it helps to provide purpose to your campaign. And so the work that you're doing, why are we setting goals? You know your clients going to want to see that you have goals that you are working toward as well. So that it helps to provide some purpose to your campaign and the work that you're doing. And this is just something I found to be true. Most unsuccessful campaigns can usually be traced back to an idea that didn't really have a clear purpose or a clear goal in mind. The greatest campaigns on the flip side, they start with the team having a really clear idea of what they need to accomplish, what's the outcome, what's the goal, what's the solution, and then coming up with ideas that will help do that. Also setting goals helps hold you to standards. Helps hold you to you know. The client knows what to expect from you. It allows them to expect certain things and certain outcomes from working with you. It also establishes what the expected outcomes of your campaign should be. So you know, you're setting a benchmark for yourself. Did your campaign actually meet those goals or exceed those goals? So objectives are goals for where we want to be or where we could be, and they are forward looking or forward thinking, and they are always solution oriented. So if we're thinking about a problem or a challenge, what's the solution to get us there? What's going to what's that goal that we're going to set for ourselves to help get us there. So there are some criteria for writing or developing good objectives. So marketing objectives have to be actionable. Has to be something we can actually do something about. Has to be measurable, something we can actually track and measure over time and in specifying what marketing outcomes should accomplish. Specifically, objectives are smart, S, M, A, R, T, it's an acronym. If you've taken any marketing courses, or just business courses in general, you've probably heard the term smart goals or objectives. But if you're not, I'll teach you a little bit about smart goals or objectives. So this is just from a strategy textbook. I thought about using it for this class, actually, and decided against it. But I always like this quote. It says an objective should be clear and written in a manner that allows a strategist to assess whether it has been achieved. So you have to write a goal with the thought in mind, I'm going to have to actually prove that this is what I did or was aiming to do.
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Unknown Speaker 9:27
So it should be written in such a way.
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Speaker 1 9:31
All right, so I mentioned they must be smart. So they need to be the S stands for specific. They need to be measurable. They need to be attainable, realistic or relevant. I like realistic better, but I've seen relevant also used and then time bounded as well. So that's our acronym, smart. I'm going to go through each of these and give you some examples of objectives that meet these criteria. So first up, specific it has. To be focused on exactly what the company or brand expects to accomplish long term. So what's the again, what's the outcome? What's the solution that we're looking toward? It needs to be specific about what we aim to achieve. So examples, we're trying to increase sales among this specific group of consumers, or we're trying to increase revenues, or we're trying to maximize profits among our core consumers. That's really specific about what you intend to do for your business. They also have to be measurable. So this means they have to be quantifiable. Must be something that you can actually measure or be measured. So they should provide some sort of means for evaluating if the intended effects of solving or working towards solving the business problem or challenge were achieved. So this component should really answer by how much you know, what's the measurable component? So a measurable example here to increase share by 20% among the target within 12 months of the new campaign and campaigns introduction. So we can measure it's got a numbered set to it, by 20% did we meet that goal? Did we exceed that goal? Did we fall? You know, beneath that goal? You may be asking yourself, How do I know what number? This number should never really be higher than 30% that's not really achievable in a 12 month period, and that's what a campaign is generally focused on as a 12 month period. But it can be as low as 5% you know, 3% if that's realistic for a brand that you're working with. But the percentage that you propose should really be based on either the client wants or needs, or on research into previous campaign efforts or effectiveness. That's generally more common is, you know, this is what we set as a benchmark for ourselves in the past. We want to exceed that, or we want to stay at least at that. Or, you know, that didn't really work out. We were going to go build going to go beneath that.
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Unknown Speaker 12:05
That's one example.
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Speaker 1 12:08
It should also be attainable. So, is this something that your agency can actually do? Is this something that you all have the capability to do? Is the number that you set, Is that realistic? And this kind of goes along with measurable. Are we setting ourselves up for failure with the number that we're, you know, proposing realistic is the goal that we set? Is it realistic based on, you know, what the problem or challenges the clients or our timeframe that we're working with, our budget past brand performance with similar advertising efforts. Is this something our advertising efforts can actually accomplish? So objectives should be attainable. They should be cost effective. Here's a silly example of an unrealistic, unrealistic objective. So Pizza Hut is going to increase traffic by 100% among the target audience by the conclusion of the Six Month campaign period. Obviously, you'd never set that. That's a really out there example. But you know, even like saying something like 50% increase in traffic or 40% you're just setting yourself up for failure there. So that's not realistic. It should also be time bounded. So they should reflect an expectation that specific results are going to be achieved by specific dates. They should really never be written for longer than 12 months. As I said, objectives are typically written for benchmarks, you know, along a 12 month campaign period, or they're written at the end of the 12 months, or for at the end of the 12 months. So you know, by month, 12 months, we will have increased traffic to your website by blank percentage. Here's a time bounded example to achieve brand awareness for Brand X fruit drinks in 30% of the target audience within the first three months of the campaign's introduction. So setting it at a benchmark along that 12 month campaign period, there's one additional criterion that I think is important that falls outside of that SMART acronym, and that's that a an objective should have singularity of purpose. So what I mean by that is that each objective that you set should be worded so that only one result is associated with each statement. And I'll give you an example of that. But this is important because it kind of goes along with realistic you know, we can't fix everything. And different media platforms, different marketing objectives. You know, they likely perform very differently, and they need unique objectives explored and proposed for them. So here's an example of what I mean by singularity of purpose to increase awareness and trial by 30% among the consumer target. It within 12 months of the new campaigns introduction. So what's the problem here with this statement? We really need to take out and trial. So we're not going to work on increasing awareness with this and trial with the same solutions. You know, we're not going to use the same tactics to increase awareness and trial. I mean, maybe they will overlap, but generally, each of those needs their own tactics and their own specific strategy. So I would say, separate the two. So it will be to increase awareness by 30% you know, among the consumer target, within 12 months, and then to increase trial by whatever. You also probably have different benchmarks. You may not want to increase awareness as much as you do trial or vice versa. So the objectives that you propose should be based on information from the situation analysis, which is what we're going to be discussing in your next lecture, information from your SWOT analysis, which we'll talk about next week, and consideration of where the product is in the product life cycle, as well as consideration of your target market. So these are all things we're going to talk about in the coming weeks, but this is kind of what your objective should be based on. And I'll say, I think I said it earlier, but I am providing your objectives for your final projects. You don't have to develop them on your own. They are SMART objectives that I've, you know, given you, but I do still think it's important for you to know how to, you know, develop good objectives and goals. So let's take a look at some smart, objective examples, increasing awareness of Wendy's summer beverage line by 8% by May. So that is specific about what we're going to do, we're going to increase awareness of of this specific beverage line. It is measurable. We're going to say by 8% it's likely, attainable and realistic. That's not a crazy high number. It seems feasible, especially given the popularity of the franchise. And then it's time bounded. When are we going to do this? By? We're going to say by May. This is going to be happening, and that's our benchmark for success. Here's another example, increased sales of Dunkin Stroopwafel donut by 10% by month three of the 12 month campaign. So specific about what we're going to do with what product measurable, we've got a percentage attainable and realistic. Nothing crazy. High seems feasible, given Duncan's success in the market and time bounded, we're going to do it by month three of the 12 month campaign here are two other examples. Increase Ozark share in the camping outdoor gear market by 3% by the end of the 12 month campaign period. Increase comprehension of the Ember mugs product features by 8% by the end of the six month campaign period. So all of those are specific, measurable, attainable, realistic, time bounded, and they have that singularity of purpose as well. This is another quote from that textbook that I mentioned. It says, At the end of the day, a clear objective is one of the most crucial tools in the strategists arsenal. Without a clear objective, people can engage in a revisionist history to validate any campaign as successful on some dimension, and in doing so, brands can fall into the trap of continuing with a campaign that is ultimately ineffective in accomplishing the goals that are required. So by not setting good goals and not setting goals or not setting goals at all, you're setting yourself up for failure. You're setting your client up for failure. You're setting your client up for disappointment as well, because, you know, you you can't really work towards something if you don't have a goal in mind. So I just thought this was a nice summary to kind of restate what I've already said. Is setting objectives or goals for your campaign is important, all right, so that's going to do it for this lecture. This was fairly short, but that's because we have another we have a part two this week, as I split them up. So what you should do next, if you haven't already read the article that I linked in Canvas, watch the lecture on secondary research, review the final project document and fill out a short survey about which brand you're going to be working with this semester. This is not a graded assignment, it's just so I know what you're going to be working on, so I can keep track complete quiz three, and that will be it for the week. So I will see you in the next lecture on secondary research and.
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