English (automated)
English
WEBVTT Kind: captions; Language: en
1
00:00:01.880 --> 00:00:06.400
Hello everyone and welcome to this
session where I will discuss the
2
00:00:06.400 --> 00:00:14.280
goal setting as part of
digital marketing strategy.
3
00:00:14.280 --> 00:00:18.560
So first of all, positioning the
lecture to the course framework.
4
00:00:18.560 --> 00:00:25.840
So at the outer ring you will
see the market environment and the
5
00:00:25.840 --> 00:00:31.880
key changes or developments that
are happening in the market that
6
00:00:31.880 --> 00:00:35.720
affect the formulation
of marketing strategy.
7
00:00:35.720 --> 00:00:41.600
Marketing strategy can be defined as a
long term plan for how firm will achieve
8
00:00:41.600 --> 00:00:46.360
its digital marketing goals in
a changing business environment.
9
00:00:46.360 --> 00:00:52.120
So we think there are three key
elements in formulating good strategy.
10
00:00:52.120 --> 00:00:53.920
One is goals.
11
00:00:53.920 --> 00:00:57.080
So what do you want to achieve
with your digital marketing efforts?
12
00:00:57.080 --> 00:01:02.080
Second is competitive advantage,
which answers to the question of how
13
00:01:02.080 --> 00:01:06.600
do we meet customer needs in ways
that competitors cannot match and
14
00:01:06.600 --> 00:01:09.640
that will be discussed
in the later sessions.
15
00:01:09.640 --> 00:01:12.440
And finally, the value proposition.
16
00:01:12.440 --> 00:01:16.680
So what is the key value that
you promise to deliver for the
17
00:01:16.680 --> 00:01:19.840
customers and how are
you going to deliver it?
18
00:01:19.840 --> 00:01:23.680
How you're going to communicate your
value proposition and how do you actually
19
00:01:23.680 --> 00:01:27.000
create the value that you're
promised to your customers?
20
00:01:27.000 --> 00:01:31.480
So those are the three elements in in
formulating the digital marketing strategy.
21
00:01:31.480 --> 00:01:37.680
And I said today we are going
to talk about the goal setting,
22
00:01:37.680 --> 00:01:39.880
the learning goals for this session.
23
00:01:39.880 --> 00:01:45.400
You should be able to categorise
different types of digital marketing goals
24
00:01:45.400 --> 00:01:49.280
and then secondly, set SMART
goals for digital marketing.
25
00:01:49.280 --> 00:01:53.480
So we're going to talk about different
types of goals and then how do you translate
26
00:01:53.480 --> 00:02:01.200
somewhat abstract goals into SMART
goals, digital marketing goals?
27
00:02:01.200 --> 00:02:06.720
Let's have look at the 5S typology.
28
00:02:06.720 --> 00:02:16.880
SO5S typology comes from the words
sell, serve, speak, save and sizzle.
29
00:02:16.880 --> 00:02:21.560
Let's start from the sale, which is
obviously about crowing sales, probably
30
00:02:21.560 --> 00:02:26.480
the most common digital
marketing goal that can be set.
31
00:02:26.480 --> 00:02:30.960
So what does that mean?
It depends on the company context.
32
00:02:30.960 --> 00:02:36.760
So many companies try to generate sales
in their digital channels directly.
33
00:02:36.760 --> 00:02:41.960
So generating online sales, let's think
of an e-commerce store for examples.
34
00:02:41.960 --> 00:02:48.200
Or one of their obvious digital marketing
goals is to increase the number of transactions
35
00:02:48.200 --> 00:02:52.840
and monetary value that go
through their e-commerce store.
36
00:02:52.840 --> 00:02:55.480
So that'll be generating online sales.
37
00:02:55.480 --> 00:03:01.880
There are also other types of companies that
don't necessarily or are not necessarily able
38
00:03:01.880 --> 00:03:08.200
to sell anything directly online, but
they may be able to generate sales leads.
39
00:03:08.200 --> 00:03:16.920
Sales leads refer to sales opportunities,
so it's usually something like
40
00:03:16.920 --> 00:03:25.040
an identified potential customer that
has shown some sort of interest toward
41
00:03:25.040 --> 00:03:28.200
the products or services
that you're offering.
42
00:03:28.200 --> 00:03:35.320
So often times these so-called
sales leads will contact the company,
43
00:03:35.320 --> 00:03:38.920
perhaps they inquire more information
about the products or services
44
00:03:38.920 --> 00:03:42.520
or maybe they want to
discuss about something.
45
00:03:42.520 --> 00:03:47.320
So they will leave their contact
information via online channels.
46
00:03:47.320 --> 00:03:51.480
And often these types of conduct
requests will be referred to as
47
00:03:51.480 --> 00:03:54.040
sales leads because there's
the sales opportunity.
48
00:03:54.040 --> 00:04:00.040
So after having discussion with this
potential customer, it might be able that
49
00:04:00.040 --> 00:04:04.840
it might be possible that you're
able to sell something for them.
50
00:04:04.840 --> 00:04:08.120
And the third instance would
be supporting offline sales.
51
00:04:08.120 --> 00:04:11.560
There's number of companies that
are not directly selling anything.
52
00:04:11.560 --> 00:04:13.760
They don't have an
e-commerce store, for example.
53
00:04:13.760 --> 00:04:17.200
So they're not directly
selling anything online.
54
00:04:17.200 --> 00:04:21.200
However, they might use
their online channels to drive
55
00:04:21.200 --> 00:04:25.240
traffic to their offline points of sales.
56
00:04:25.240 --> 00:04:32.280
Think of restaurants or bars or maybe
some grocery stores, for example.
57
00:04:32.280 --> 00:04:36.240
So it might be that they're not
selling anything directly online,
58
00:04:36.240 --> 00:04:41.920
but they try to persuade customers
to visit their restaurants, bars
59
00:04:41.920 --> 00:04:44.680
or grocery stores or
whatever is in question.
60
00:04:44.680 --> 00:04:47.040
So they still might.
61
00:04:47.040 --> 00:04:53.320
Their goal might be to increase sales,
but they just cannot do it directly.
62
00:04:53.320 --> 00:04:59.400
The second goal type would be serve,
so adding value for the customers.
63
00:04:59.400 --> 00:05:02.440
So this might be related
to serving customers online.
64
00:05:02.440 --> 00:05:08.680
So maybe you offer some sort of
customer service online or some sort
65
00:05:08.680 --> 00:05:13.720
of service where customers can
solve their problems related to
66
00:05:13.720 --> 00:05:17.120
products or services or buying or whatnot.
67
00:05:17.120 --> 00:05:21.480
It might be related to providing
valuable content or benefits for them.
68
00:05:21.480 --> 00:05:26.280
So maybe it's informational value
that you offer them on the website
69
00:05:26.280 --> 00:05:29.280
or whatever the channel
is and things like that.
70
00:05:29.280 --> 00:05:34.480
Anything that creates some beneficial
information or some other types of benefits.
71
00:05:34.480 --> 00:05:39.320
Or maybe at some point or in some
instances it might be something related to
72
00:05:39.320 --> 00:05:46.760
the entertainment, so creating
something fun for the customers.
73
00:05:46.760 --> 00:05:49.200
Third one is speak.
74
00:05:49.200 --> 00:05:56.360
And this is maybe the the most
misleading term that is used.
75
00:05:56.360 --> 00:06:00.760
I would rather replace it with listen
because it's fundamental about getting
76
00:06:00.760 --> 00:06:05.920
closer to customers and understanding
their needs and preferences via dialogue
77
00:06:05.920 --> 00:06:09.560
that you can also conduct
in an online environment.
78
00:06:09.560 --> 00:06:13.640
Maybe it's chat service online where
you can have this discussion, or maybe
79
00:06:13.640 --> 00:06:17.720
it's social media channel where you can
discuss with your customers to ultimately
80
00:06:17.720 --> 00:06:22.240
understand what do they need, what do
they prefer, what do you want to have, how
81
00:06:22.240 --> 00:06:25.360
can you improve customer
experience and so on.
82
00:06:25.360 --> 00:06:30.440
It can be also related to monitoring
social media conversations passively.
83
00:06:30.440 --> 00:06:35.080
So if you can observe what customers
talk about your products or services
84
00:06:35.080 --> 00:06:39.880
or brands or whatnot, this might
be related to the same goal.
85
00:06:39.880 --> 00:06:45.360
So you're listening to what the customers
tell about their experiences, for example.
86
00:06:45.360 --> 00:06:49.640
Or then it might be some
more formal market research.
87
00:06:49.640 --> 00:06:54.720
Maybe you do survey study and
try to figure out what the needs
88
00:06:54.720 --> 00:07:00.080
and preferences of your customers might be.
The 4th 1 is save.
89
00:07:00.080 --> 00:07:04.720
So saving costs or
improving cost efficiency.
90
00:07:04.720 --> 00:07:10.760
And this was the goal that was
probably most common one or two decades
91
00:07:10.760 --> 00:07:13.000
ago when digital marketing
was something new.
92
00:07:13.000 --> 00:07:18.080
So many companies realised that
we can actually save costs when
93
00:07:18.080 --> 00:07:22.520
we do things digitally
rather than non digitally.
94
00:07:22.520 --> 00:07:30.760
There are many ways how to reduce costs,
some of them might be related to automation.
95
00:07:30.760 --> 00:07:39.520
So you can replace some of your manual
business processes via automation
96
00:07:39.520 --> 00:07:44.400
so that the software does
certain things for you.
97
00:07:44.400 --> 00:07:48.080
It can be related to self
services online so customers
98
00:07:48.080 --> 00:07:50.480
can handle their business on their own.
99
00:07:50.480 --> 00:07:55.080
Think of banking for example online
banking where customers essentially
100
00:07:55.080 --> 00:08:01.440
are doing everything on their own
so you can reduce the number of
101
00:08:01.440 --> 00:08:05.320
customer service agents or or salesman.
102
00:08:05.320 --> 00:08:13.760
In some instances it can also be related to
the cost of digital marketing advertising.
103
00:08:13.760 --> 00:08:17.720
So some some of the advertising
forms might be quite cost efficient
104
00:08:17.720 --> 00:08:20.720
compared to the non digital alternatives.
105
00:08:20.720 --> 00:08:24.400
One easy example could be emails.
106
00:08:24.400 --> 00:08:30.960
So rather than sending direct postal,
postal mail, you can maybe replace
107
00:08:30.960 --> 00:08:33.480
it with an e-mail communication,
an e-mail communication.
108
00:08:33.480 --> 00:08:37.720
Of course, it takes some
time to produce good e-mail,
109
00:08:37.720 --> 00:08:41.920
but delivery is usually free of charge.
110
00:08:41.920 --> 00:08:46.680
So that might be another
way to save costs.
111
00:08:46.680 --> 00:08:55.040
And finally, Cecil, so extending the brand
online, so increasing the awareness or
112
00:08:55.040 --> 00:09:01.360
improving the brand image via all the opportunities
that you have in the digital environment.
113
00:09:01.360 --> 00:09:08.280
It can be related to communicating the
value propositions or maybe providing
114
00:09:08.280 --> 00:09:14.280
some cool experiences or online
communities around your brand to improve
115
00:09:14.280 --> 00:09:17.800
the brand relationships, so to speak.
116
00:09:17.800 --> 00:09:25.640
So these are the five goals that
I believe fit to most digital
117
00:09:25.640 --> 00:09:27.440
marketing goals that marketers have.
118
00:09:27.440 --> 00:09:35.080
So sell, serve, speak, save and sizzle.
119
00:09:35.080 --> 00:09:40.120
Thinking about the priority order
of the different goals that you set,
120
00:09:40.120 --> 00:09:47.400
I think it's good to take look at
the common pub management perspectives
121
00:09:47.400 --> 00:09:49.840
in when it comes to the goal setting.
122
00:09:49.840 --> 00:09:54.520
So here is one quote from
Professor Malcolm McDonald.
123
00:09:54.520 --> 00:10:00.760
Certainly if I were ACEO and asked my Chief
Marketing officer what we had got for our £20
124
00:10:00.760 --> 00:10:06.480
million investment in marketing to be told
that we had achieved an increase in awareness
125
00:10:06.480 --> 00:10:11.680
or change in attitude, I would
show him the door without delay.
126
00:10:11.680 --> 00:10:18.960
So this is very close to the realities
that the top management is usually
127
00:10:18.960 --> 00:10:26.000
looking for financial outcomes
rather than some marketing goals that
128
00:10:26.000 --> 00:10:28.760
more relate to the mindset of customers.
129
00:10:28.760 --> 00:10:36.960
So many marketers talk about things like impressions,
so how many people are exposed to our advertising
130
00:10:36.960 --> 00:10:43.840
or how many people know our brand
or what kind of image our brand has.
131
00:10:43.840 --> 00:10:49.640
But at the end of the day, the the managers
are not overly interested in those types of
132
00:10:49.640 --> 00:10:56.640
outcomes unless you can show that
they translate into monetary outcomes.
133
00:10:56.640 --> 00:11:00.760
The other citations
here is from Jim Stern.
134
00:11:00.760 --> 00:11:03.560
There are only three true business goals.
135
00:11:03.560 --> 00:11:05.560
They are all that matters in the long run.
136
00:11:05.560 --> 00:11:09.800
If the work you do does not result in
an improvement to one or more of these
137
00:11:09.800 --> 00:11:13.040
big three goals, then you're
wasting your time and money.
138
00:11:13.040 --> 00:11:19.600
And according to Jim Stern, those would
be raising revenue, so generating sales.
139
00:11:19.600 --> 00:11:23.840
Second would be lowering costs, so
again, improving the cost efficiency.
140
00:11:23.840 --> 00:11:30.880
So these are the goals that are
directly related to the money and then
141
00:11:30.880 --> 00:11:35.600
it's the third goal increase
customer satisfaction.
142
00:11:35.600 --> 00:11:40.160
And the idea idea is that when
you have satisfied customers,
143
00:11:40.160 --> 00:11:43.080
they will buy more from you.
144
00:11:43.080 --> 00:11:48.480
So hence it translates into
raising revenue in the long run.
145
00:11:48.480 --> 00:11:53.360
So this is just very important to
understand that the top management
146
00:11:53.360 --> 00:11:59.000
is not necessarily very interested
in some of these marketing goals
147
00:11:59.000 --> 00:12:02.360
that marketers tend to set S tend to set.
148
00:12:02.360 --> 00:12:09.440
They really want to see the
monetary figures related to those.
149
00:12:09.440 --> 00:12:13.240
So hence these are the levels of 5S goals.
150
00:12:13.240 --> 00:12:17.960
There are many ways to think about
this, but here is 1 description.
151
00:12:17.960 --> 00:12:25.360
So we could consider dividing the marketing
goals into mindset goals, monetary goals and
152
00:12:25.360 --> 00:12:31.560
bottom line goal and using the same
5 as typology to avoid any confusion.
153
00:12:31.560 --> 00:12:37.680
So I I would say that the mindset
goals are here at the bottom.
154
00:12:37.680 --> 00:12:45.600
So the very first fundamental goal
related to marketing is customer knowledge.
155
00:12:45.600 --> 00:12:52.320
We need to understand the customer needs and
preferences to be able to design products,
156
00:12:52.320 --> 00:12:56.320
services and experiences that
the customers are looking for.
157
00:12:56.320 --> 00:12:59.880
So I would say that this is the most
fundamental goal that you need to
158
00:12:59.880 --> 00:13:08.160
have to be able to get those
more higher order outcomes.
159
00:13:08.160 --> 00:13:16.920
Second would be customer experience, no matter
what you do, but unless the customers are satisfied
160
00:13:16.920 --> 00:13:23.440
with the overall experience, which obviously
includes how, how satisfied they're with your products
161
00:13:23.440 --> 00:13:28.200
and services and your service
attitude, these types of things.
162
00:13:28.200 --> 00:13:35.000
So their overall experience is, is
highly important to generate sales.
163
00:13:35.000 --> 00:13:37.180
And thirdly, the brand health.
164
00:13:37.180 --> 00:13:41.080
So you should have brand that
is well unknown, well recognisable
165
00:13:41.080 --> 00:13:45.400
in the markets, and it
should have positive image.
166
00:13:45.400 --> 00:13:49.000
This might depend on the context,
like what kind of image it should be,
167
00:13:49.000 --> 00:13:52.280
but it should be something
positive, rather negative.
168
00:13:52.280 --> 00:13:57.440
But these three goals, these are the
fundamental drivers of successful business.
169
00:13:57.440 --> 00:14:04.840
However, unless they are
translated into revenue growth or
170
00:14:04.840 --> 00:14:08.800
cost efficiency, they
are quite meaningless.
171
00:14:08.800 --> 00:14:15.400
So this goes back to the top management
perspective that these are not important goals
172
00:14:15.400 --> 00:14:22.040
unless you can show how much they
increase revenue or save costs.
173
00:14:22.040 --> 00:14:29.320
But then again, I would want to emphasise
the other aspect is that if you only
174
00:14:29.320 --> 00:14:37.040
focus on revenue growth or cost efficiency,
you might do that by maybe two forceful
175
00:14:37.040 --> 00:14:39.760
acts which may lead to
bad customer experience.
176
00:14:39.760 --> 00:14:42.800
And from science, we know that
brand and customer experience
177
00:14:42.800 --> 00:14:46.480
are the two key determinants
of company success.
178
00:14:46.480 --> 00:14:48.400
So these are just as important.
179
00:14:48.400 --> 00:14:54.840
What I want to say is that whenever you are in
a marketing position, you should try to build
180
00:14:54.840 --> 00:15:00.120
links between these intermediary goals and revenue
growth and cost efficiency because these are
181
00:15:00.120 --> 00:15:05.440
the monetary goals that the top
management is ultimately interested in.
182
00:15:05.440 --> 00:15:11.000
And when you add up revenue and cost
efficiency together, you get the profit growth.
183
00:15:11.000 --> 00:15:16.160
So this is the very ultimate goal that
all companies have at least if they
184
00:15:16.160 --> 00:15:21.640
are in in in business and not
so-called non profit companies.
185
00:15:21.640 --> 00:15:27.000
They aim at profit growth and
you can increase profits two ways.
186
00:15:27.000 --> 00:15:31.560
Either you grow the revenue or then
you decrease the costs and those all
187
00:15:31.560 --> 00:15:38.400
to add up into the profit growth or
shareholder value, how much the owners
188
00:15:38.400 --> 00:15:43.480
of the company are
making with those profits.
189
00:15:43.480 --> 00:15:49.600
Next, after discussing the different
types of digital marketing goals,
190
00:15:49.600 --> 00:15:55.040
let's move on to SMART
goals and SMART goal setting.
191
00:15:55.040 --> 00:15:59.240
So first of all, what is SMART goal?
192
00:15:59.240 --> 00:16:04.880
So it's an acronym that has
many, many different variations.
193
00:16:04.880 --> 00:16:10.720
I use the original 1 because I want to give
the credit for the inventor of SMART goals.
194
00:16:10.720 --> 00:16:15.600
So that would be George Doran.
This is from the 80s.
195
00:16:15.600 --> 00:16:19.320
There are set dozens
of different variations.
196
00:16:19.320 --> 00:16:25.080
If you seen maybe different version
of the SMART goal, that's understandable
197
00:16:25.080 --> 00:16:28.320
because there are many,
many versions to it.
198
00:16:28.320 --> 00:16:30.580
But this is the original 1.
199
00:16:30.580 --> 00:16:35.600
So SMART goal setting stands
for specific, measurable,
200
00:16:35.600 --> 00:16:40.440
assignable, realistic and time related.
201
00:16:40.440 --> 00:16:44.360
And let's discuss this one by one briefly.
202
00:16:44.360 --> 00:16:51.240
So specific means that you must be able
to define what your goal actually means.
203
00:16:51.240 --> 00:16:56.600
If you use term like let's say
customer experience or customer engagement
204
00:16:56.600 --> 00:17:02.600
or whatever, anything certain brand
image, you need to specify what that
205
00:17:02.600 --> 00:17:06.400
actually means that you're looking for.
206
00:17:06.400 --> 00:17:12.200
The second is measurable, so you need
to be able to measure the attainment of
207
00:17:12.200 --> 00:17:19.640
your goals to be able to monitor whether
the work you're doing is actually taking
208
00:17:19.640 --> 00:17:24.120
you closer to the goal or
further away from the goal.
209
00:17:24.120 --> 00:17:30.320
So therefore measurability is very
important and measurability often comes
210
00:17:30.320 --> 00:17:35.080
hand in hand with the specific because
by setting specific metrics for the
211
00:17:35.080 --> 00:17:42.360
goals, it it enables you to also specify
what do you mean by those vague terms
212
00:17:42.360 --> 00:17:45.000
like customer experience
or customer engagement.
213
00:17:45.000 --> 00:17:49.080
So when you set the metrics, those
metrics actually quite well communicate
214
00:17:49.080 --> 00:17:54.800
what do you specifically mean
by the goal that you have set.
215
00:17:54.800 --> 00:18:02.040
The third one is assignable, which
refers to the idea that someone
216
00:18:02.040 --> 00:18:07.280
should be responsible for
the goal that you have set.
217
00:18:07.280 --> 00:18:12.400
So whose responsibility
it is to achieve the goal?
218
00:18:12.400 --> 00:18:15.880
This is often very difficult,
especially when you have these
219
00:18:15.880 --> 00:18:19.000
very broad scale goals
like increasing sales.
220
00:18:19.000 --> 00:18:23.760
The whole organisation often has a
role in increasing sales, but often
221
00:18:23.760 --> 00:18:29.520
it's recommend recommendable to have
a clear responsibility for given
222
00:18:29.520 --> 00:18:37.160
go who is ultimately responsible for it.
4th 1 is realistic.
223
00:18:37.160 --> 00:18:44.640
So you don't benefit much by
setting goal that is too ambitious
224
00:18:44.640 --> 00:18:48.200
that you cannot achieve
no matter what you do.
225
00:18:48.200 --> 00:18:54.960
So it might just decrease the motivation
to make those efforts toward goals.
226
00:18:54.960 --> 00:19:01.880
So if it's too ambitious or Oh yeah, the
the other way around, obviously is that it
227
00:19:01.880 --> 00:19:06.520
shouldn't be something that you
will realise no matter what you do.
228
00:19:06.520 --> 00:19:10.440
So if it's if the goal is to
modest, it doesn't really drive
229
00:19:10.440 --> 00:19:13.880
your organisation to to work for the goal.
230
00:19:13.880 --> 00:19:18.320
So somewhere in between, but it must
be realistic, it must be something
231
00:19:18.320 --> 00:19:23.000
that can be met and finally time related.
232
00:19:23.000 --> 00:19:27.000
So when is this goal to be achieved?
233
00:19:27.000 --> 00:19:31.440
Is it going to be by the end of this
month or end of the year, next year?
234
00:19:31.440 --> 00:19:33.240
When is it?
235
00:19:33.240 --> 00:19:36.920
Preferably it should be
something that can be realised
236
00:19:36.920 --> 00:19:41.080
in in somewhat short time period.
237
00:19:41.080 --> 00:19:43.840
So let's say within year or so.
238
00:19:43.840 --> 00:19:51.840
And if you set goals like by 20-30, we are
going to do this and that or, or, or sell this
239
00:19:51.840 --> 00:19:58.600
much or what, whatever the goal
might be, it sounds more of vision.
240
00:19:58.600 --> 00:20:04.840
So if the goal is set for
multiple years ahead and, and it
241
00:20:04.840 --> 00:20:07.760
might be then difficult to really monitor.
242
00:20:07.760 --> 00:20:15.000
It's better to be something that
happens this year or next year and so on.
243
00:20:15.000 --> 00:20:24.000
The trickiest thing about setting SMART
goals, or setting goals in general is to.
244
00:20:24.000 --> 00:20:28.480
Balance between the business
relevance and measurability.
245
00:20:28.480 --> 00:20:33.000
So it's always some sort of a
balance between what do we really want
246
00:20:33.000 --> 00:20:38.080
to achieve and what is
actually possible to measure.
247
00:20:38.080 --> 00:20:44.280
So it's really important that
your goals are business relevant.
248
00:20:44.280 --> 00:20:49.240
They are relevant to the top
managers and the whole company.
249
00:20:49.240 --> 00:20:53.320
So it's something critical for your
company, not just something you know, very
250
00:20:53.320 --> 00:20:58.520
mundane, especially when Speaking
of strategic goal setting.
251
00:20:58.520 --> 00:21:06.560
However, the other side of
the coin is related to how
252
00:21:06.560 --> 00:21:09.240
easy it is to actually measure your goals.
253
00:21:09.240 --> 00:21:14.120
So you might have very relevant business
goals here, let's say improving customer
254
00:21:14.120 --> 00:21:19.920
experience, but it also might be sometimes
a little bit difficult to find the
255
00:21:19.920 --> 00:21:24.800
actual metrics that make
this goal measurable.
256
00:21:24.800 --> 00:21:27.280
And if it's not measurable, then
you cannot follow it, then you
257
00:21:27.280 --> 00:21:29.720
don't know whether you
achieved it or not and so on.
258
00:21:29.720 --> 00:21:32.600
So that's bit of problem.
259
00:21:32.600 --> 00:21:39.160
However, what you should do is to
set business relevant goals and then
260
00:21:39.160 --> 00:21:47.920
work hard to identify some sort
of metrics or proxies that help you
261
00:21:47.920 --> 00:21:51.680
to monitor whether your
goal is being met or not.
262
00:21:51.680 --> 00:21:56.880
This is not always easy when you when
you have these more abstract level goals,
263
00:21:56.880 --> 00:22:02.040
but you need to invest some time in
thinking what could be the metrics that are
264
00:22:02.040 --> 00:22:07.920
close to the business objective
that you want to achieve.
265
00:22:07.920 --> 00:22:11.880
And those are often calls to
key performance indicators.
266
00:22:11.880 --> 00:22:18.560
So what are the key metrics that show
whether you're achieving the goals or not?
267
00:22:18.560 --> 00:22:24.880
And furthermore, I want just to briefly
discuss the the other way around.
268
00:22:24.880 --> 00:22:32.120
So, so it is still much more preferable
to start from even abstract business goals
269
00:22:32.120 --> 00:22:38.200
and think then figure out what are the metrics
that are at least close to your business
270
00:22:38.200 --> 00:22:43.000
goal rather than starting
from the the bottom here.
271
00:22:43.000 --> 00:22:45.160
So what kind of metrics there are?
272
00:22:45.160 --> 00:22:51.440
Which one should we select that might misguide
you to select metrics that are not business
273
00:22:51.440 --> 00:22:55.480
relevant and there is really no
benefit of having those type of metrics.
274
00:22:55.480 --> 00:23:02.880
Then you will add up in these so-called vanity
metrics like social media likes and whatever
275
00:23:02.880 --> 00:23:09.040
is very easy to measure in the digital form, but
might not be very business critical or metrics
276
00:23:09.040 --> 00:23:14.400
that are difficult to link with
revenue crawled or cost efficiency.
277
00:23:14.400 --> 00:23:16.200
So be careful there.
278
00:23:16.200 --> 00:23:21.160
Start from the business goals and then
try to figure out what could be the
279
00:23:21.160 --> 00:23:29.960
metrics that best reflect
your selected goal attainment.
280
00:23:29.960 --> 00:23:34.840
Now finally, let's do
a short exercise here.
281
00:23:34.840 --> 00:23:44.120
So turning goals into SMART
goals, many goals can sound very
282
00:23:44.120 --> 00:23:50.000
clear, but when you think about them,
they might not be as clear as you thought.
283
00:23:50.000 --> 00:23:54.520
So let's say increasing sales.
284
00:23:54.520 --> 00:24:00.600
It sounds that it is, you know, everyone
knows what is sales in the organisations.
285
00:24:00.600 --> 00:24:02.860
It's definitely measurable.
286
00:24:02.860 --> 00:24:07.960
It is at the outset seems quite specific.
It's about sales.
287
00:24:07.960 --> 00:24:14.280
It's often assignable maybe for the
sales department or whoever is involved.
288
00:24:14.280 --> 00:24:17.440
For most companies realistic
goal to increase sales.
289
00:24:17.440 --> 00:24:24.440
If you believe in your product or
service, it is definitely not time related.
290
00:24:24.440 --> 00:24:28.440
So by when should you increase the sales?
291
00:24:28.440 --> 00:24:31.160
So that criteria is not met.
292
00:24:31.160 --> 00:24:36.560
But if they can, more critical
approach here increasing sales.
293
00:24:36.560 --> 00:24:44.680
So it's not very specific
considering like for example.
294
00:24:44.680 --> 00:24:49.440
So how much is the target
level of increasing sales?
295
00:24:49.440 --> 00:24:52.400
So increasing sales is quite fuzzy.
296
00:24:52.400 --> 00:24:56.520
I mean, all companies want to increase
sales, but what's your ambition level?
297
00:24:56.520 --> 00:25:02.640
How much sales should you increase to to
form like realistic but still ambitious
298
00:25:02.640 --> 00:25:12.040
goal or as mentioned, when
should this goal be achieved?
299
00:25:12.040 --> 00:25:20.360
So translating goal that maybe Luke's
smart goal can be can be translated
300
00:25:20.360 --> 00:25:28.600
into much more specific goal, for example, X
percent year on year growth in sales revenue.
301
00:25:28.600 --> 00:25:33.720
So that is already quite
specific and time related.
302
00:25:33.720 --> 00:25:39.480
So year on year basically
means that how much we generate
303
00:25:39.480 --> 00:25:42.720
growth this year
compared to the last year.
304
00:25:42.720 --> 00:25:46.040
So that is now time related.
305
00:25:46.040 --> 00:25:49.680
So you can you can measure it annually.
306
00:25:49.680 --> 00:25:54.120
Now it's specific because well X
percent, you need to replace it with maybe
307
00:25:54.120 --> 00:25:59.480
10% or 20% depending on the
company, which makes specific.
308
00:25:59.480 --> 00:26:01.280
It's definitely measurable.
309
00:26:01.280 --> 00:26:07.160
Sales is usually the easiest
measurable item in the company,
310
00:26:07.160 --> 00:26:09.420
assignable little bit trickier.
311
00:26:09.420 --> 00:26:11.720
You need to really think
who is now responsible for
312
00:26:11.720 --> 00:26:15.280
the sales growth and it might depend.
313
00:26:15.280 --> 00:26:18.480
So maybe we need to introduce some
new products to meet this goal.
314
00:26:18.480 --> 00:26:23.480
Or maybe it's about marketing,
maybe it's about expanding the target
315
00:26:23.480 --> 00:26:27.880
group, or maybe it's about
the sales organisation.
316
00:26:27.880 --> 00:26:33.000
So they might need to work
harder to close to sales.
317
00:26:33.000 --> 00:26:37.160
So that should be further specified.
318
00:26:37.160 --> 00:26:41.440
If it's 10%, it's probably
realistic for many companies.
319
00:26:41.440 --> 00:26:43.420
It it, it really depends.
320
00:26:43.420 --> 00:26:46.600
It really depends on the market and so on.
321
00:26:46.600 --> 00:26:48.920
Now, how about improving
customer experience?
322
00:26:48.920 --> 00:26:52.480
How to translate such a
goal into smart goal?
323
00:26:52.480 --> 00:26:57.200
This is obviously already much
more difficult because it's
324
00:26:57.200 --> 00:27:00.680
not very clear what
customer experience means.
325
00:27:00.680 --> 00:27:05.720
And this might also depend
from context to context,
326
00:27:05.720 --> 00:27:09.640
but let's think about it little bit.
327
00:27:09.640 --> 00:27:11.800
It's definitely not specific.
328
00:27:11.800 --> 00:27:15.840
It's not even clear what
customer experience means.
329
00:27:15.840 --> 00:27:17.640
Measurable.
330
00:27:17.640 --> 00:27:22.160
There might be many different metrics
that relate to customer experience,
331
00:27:22.160 --> 00:27:25.440
but what's your key performance indicator?
It's not clear.
332
00:27:25.440 --> 00:27:27.420
Assignable.
333
00:27:27.420 --> 00:27:32.680
Very difficult to assign because
I think the whole organisation
334
00:27:32.680 --> 00:27:34.880
is responsible for the
customer experience.
335
00:27:34.880 --> 00:27:37.520
At least from the customer
centric point of view.
336
00:27:37.520 --> 00:27:44.880
Maybe certain front end employees are more
responsible for it than the others, but
337
00:27:44.880 --> 00:27:48.680
difficult to assign no matter what
kind of metrics we're going to use.
338
00:27:48.680 --> 00:27:50.660
Realistic in most cases.
339
00:27:50.660 --> 00:27:55.840
I think all companies can improve custom
experience so that it is time related.
340
00:27:55.840 --> 00:28:00.240
No specified here.
341
00:28:00.240 --> 00:28:02.720
It's really, really difficult
to come up with the silver
342
00:28:02.720 --> 00:28:04.720
bullet metric for customer experience.
343
00:28:04.720 --> 00:28:07.200
But here would be some instances.
This is what I mean.
344
00:28:07.200 --> 00:28:09.500
So OK, this is business relevant goal.
345
00:28:09.500 --> 00:28:13.160
And I mentioned earlier that then you need
to figure out what could be the relevant
346
00:28:13.160 --> 00:28:19.040
metrics that reflect the attainment
of improved customer experience.
347
00:28:19.040 --> 00:28:23.840
So let's think about some examples that
could be those proxies or metrics that you
348
00:28:23.840 --> 00:28:30.160
could use X percent year on year
increase in customer retention.
349
00:28:30.160 --> 00:28:35.560
So how many of the customers that
you're serving today you're able
350
00:28:35.560 --> 00:28:40.480
to retain year over year
so that they stay with you.
351
00:28:40.480 --> 00:28:44.640
So kind of related to the customer
loyalty, this is probably pretty
352
00:28:44.640 --> 00:28:49.120
good proxy of customer experience
because if they're not satisfied with
353
00:28:49.120 --> 00:28:52.000
the experience, you will
experience lot of churn.
354
00:28:52.000 --> 00:28:56.600
So customers are leaving you,
they look for your competitors.
355
00:28:56.600 --> 00:29:00.520
Another good proxy could be
a Net Promoter score and and
356
00:29:00.520 --> 00:29:03.760
maybe X percent year
on year increase in it.
357
00:29:03.760 --> 00:29:08.920
So Net Promoter score is
measured by usually some type
358
00:29:08.920 --> 00:29:11.480
of systematic survey for the customers.
359
00:29:11.480 --> 00:29:17.200
So how likely the the survey is asking
just one question, how likely it is that
360
00:29:17.200 --> 00:29:23.280
you would recommend us to your
friends and family and and so on.
361
00:29:23.280 --> 00:29:27.200
So that's also quite good proxy
in terms of like if the customers
362
00:29:27.200 --> 00:29:33.040
is recommending you to the others,
then it's quite likely that the overall
363
00:29:33.040 --> 00:29:37.000
overall customer
experience is pretty good.
364
00:29:37.000 --> 00:29:41.280
Another example may be increase
in or X percent year on year
365
00:29:41.280 --> 00:29:44.640
increase in revenue
generated per customer.
366
00:29:44.640 --> 00:29:48.600
So this is more about, OK,
they are buying more and more.
367
00:29:48.600 --> 00:29:53.040
So they they maybe add some
additional services or additional
368
00:29:53.040 --> 00:29:57.840
features or whatnot or
just buying very regularly.
369
00:29:57.840 --> 00:30:02.360
So this could be another good
proxy for customer experience.
370
00:30:02.360 --> 00:30:05.160
If they are buying more, they
are probably quite satisfied.
371
00:30:05.160 --> 00:30:09.840
The overall experience might
must be pretty good or maybe it's
372
00:30:09.840 --> 00:30:14.680
the decrease in the volume
of customer complaints.
373
00:30:14.680 --> 00:30:20.840
So if customers are complaining
less, at least it's maybe proxy
374
00:30:20.840 --> 00:30:24.600
of reducing the very
bad customer experiences.
375
00:30:24.600 --> 00:30:31.720
It's probably doesn't tell you if the overall
experiences is is much better, but at least
376
00:30:31.720 --> 00:30:40.480
you can you can say that you don't have
those horrific customer experiences.
377
00:30:40.480 --> 00:30:44.720
Finally, increase in the average
grade in perceived customer
378
00:30:44.720 --> 00:30:47.240
experience measured by survey.
379
00:30:47.240 --> 00:30:54.720
So perhaps you can do this in a
more formal way so that you measure
380
00:30:54.720 --> 00:30:58.440
customer experience regularly by survey.
381
00:30:58.440 --> 00:31:04.120
Maybe you can ask different dimensions, like
how, how, how is your experience with the product
382
00:31:04.120 --> 00:31:11.520
or service or customer service or whatever
those those time instances might be.
383
00:31:11.520 --> 00:31:16.120
And then if you do this systematically
year over year, you can also see how
384
00:31:16.120 --> 00:31:20.200
you your customer experience
is, is getting better or worse.
385
00:31:20.200 --> 00:31:25.440
So there are always ways to measure
these abstract goals, whatever
386
00:31:25.440 --> 00:31:28.440
it is, but you need to be
a little bit more creative.
387
00:31:28.440 --> 00:31:36.120
And often it's perhaps more advisable
to use couple of metrics, maybe
388
00:31:36.120 --> 00:31:41.200
three different metrics that measure
these abstract constructs so that
389
00:31:41.200 --> 00:31:44.640
you capture the different
dimensions of the goal.
390
00:31:44.640 --> 00:31:49.640
So in this experience maybe different dimensions
of customer experience so that you will
391
00:31:49.640 --> 00:31:57.880
learn what dimensions of customer
experience you are you are doing
392
00:31:57.880 --> 00:32:05.640
good with and and doing bad with so that
you know what to develop in the future.
393
00:32:05.640 --> 00:32:07.700
Did we meet the learning goals?
394
00:32:07.700 --> 00:32:11.280
So after the session, students
should be able to 1st categorise
395
00:32:11.280 --> 00:32:13.240
different types of
digital marketing goals.
396
00:32:13.240 --> 00:32:21.160
So we went through the 5S typology, sell,
serve, speak, save and sizzle and then
397
00:32:21.160 --> 00:32:24.880
we discussed about the SMART goal
setting for digital marketing.
398
00:32:24.880 --> 00:32:31.040
So how to make those goals as
concrete as possible to avoid these
399
00:32:31.040 --> 00:32:34.480
fuzzy goals that don't
mean anything to anyone?
400
00:32:34.480 --> 00:32:39.920
And the SMART goals suit
for specific, measurable,
401
00:32:39.920 --> 00:32:45.680
assignable, realistic and time related.
402
00:32:45.680 --> 00:32:47.960
Hope you enjoyed the
session, see you next time.
Automaattisesti luotu tekstitysobjekti
Onko tämä tekstitys luotu automaattisesti
