Interview with Luis Rodriguez Baptista.

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From the course by IE Business School

The Marketing Plan

149 ratings

IE Business School

The Marketing Plan

149 ratings

Course 4 of 5 in the Specialization Marketing Strategy

Create your own Marketing Plan for your own product or service idea. In this course you will learn how to produce arguably the most important marketing tool for any business. Rather than simply learning the stages of The Marketing Plan, you will be asked each week to complete a peer graded assignment which will help you complete a simplified version of the plan. You will be required either to map the four crucial stages for your own product or service idea or use the Nissan Leaf case study (attached in the additional readings) in order to produce a professional example. Ramon Diaz Bernardo - a professor with over 20 years experience - will guide you through the four most important stages of The Marketing Plan: analysis, marketing strategy; the marketing mix and expected results. On this journey, he will conduct interviews with leading experts from international companies in marketing as well as invite students to join him for explanations and discussions. This excellent and unique course allows you not only to learn the essential parts of The Marketing Plan but also map out the future of your own business and take the first steps on the path to launching your own product.

From the lesson

Expected results

Welcome to the final part of The Marketing Plan course - the expected results. Here, you will use metrics to make realistic estimates to how successful your marketing plan has been. This is document that will be used to test whether or not your marketing plan has been successful in the future. You will, most importantly, learn how to produce a profit and loss account, which will predict, and ultimately judge, the financial success of your marketing strategy and implementation.

Introduction to expected results.2:17

Interview with Luis Rodriguez Baptista.9:46

The expected results definition.3:54

Metrics for financial objectives.7:20

Metrics for non-financial objectives: brand awareness5:08

Metrics for non-financial objectives: social media brand.4:50

Metrics for strategic objectives.6:08

Metrics for customer objectives.6:44

The Marketing Plan budget.8:41

How to complete assignment 4: expected results?3:09

Meet the Instructors

Ramon Diaz-Bernardo
Associate Professor
Marketing

[MUSIC]

Hello, we're here to introduce the expected results part of

the marketing plan.

As you know, the marketing plan comes with four parts, analysis, marketing strategy

definition, marketing mix implementation, and the expected results, where basically,

we try and figure if we are reaching the objectives that we were defining.

To do this, I have here Luis Rodriguez Bautista, which is a very well known

marketing consultant, long experience, long career in marketing.

And so we're going to have the opportunity to discuss with Luis

a little bit about the expected results in the marketing matrix.

Hello Luis, how are you?

>> Hey, how are you?

>> The feed that we would like to discuss basically is why expected results

is actually such an important part in the marketing plan And why marketing metrics,

which is the central part of the expected results, are becoming so relevant for

the marketing professionals like you?

>> Thank you so much, Ramon, for having me today.

I think now, more than ever,

marketing metrics is crucial, and I'll give you five reasons.

The first one is, like our friend Peter Drucker says, what doesn't get

measured, doesn't get managed.

And this was already said by Lord Kelvin, a Scottish physicist, in 1883.

You need to have numbers behind anything you do in order to

actually continue improving.

This is more relevant than ever nowadays.

The second point is that we lived through a recession since 2008.

And one of the first things that got slashed were marketing budgets.

Because we learned that for finance, marketing is an expense.

>> It is actually, yeah.

>> It's not, it's an investment.

Everything we do, we actually must create value to the firm.

But we need to demonstrate it.

So we need to build our business case, and

that's why metrics is crucial element of it.

The third point I want to talk about is just the advent of big data,

data intelligence, software as a service.

Now more than ever, we can collect data, Daily

in real time, every moment, every second.

Before, we used to collect data every month.

We collected data on markets.

Now we can collect data on individuals.

So we can really customize and tailor every experience in every product.

So the only way to remain competitive is to actually collect that data and

use her appropriately to fine tune your marketing strategy.

Another point is that we understand the whole funnel,

the marketing funnel, and we use a touch point concept.

We know exactly how we nurture leads to become sales.

So before, we actually threw out a commercial out there, and

we expected people to actually react and go to the supermarket at some point and

buy your product.

But now with the whole digital world, we can actually track every step of the way,

where people are searching, where they go to,

what they do in the meantime, etc, etc, etc.

So we can actually turn that data into actual sales.

And that brings me to the last point,

which is you can always, if you measure, you can always continue testing.

Amazon, for example, does more than 100 tests everyday.

So if a customer purchases this, and he looks into this, what happens?

And I want to finish this question with a real task from a retailer in Spain.

So this retailer hired a marketing company to do influencer marketing.

And basically, they had this influencer speak about cosmetics,

how do you use cosmetics in summer, and how you should dress in summer.

And they launched this on YouTube, and two days afterward,

she got a call from someone at the retailer who she'd never spoken about,

who was the online e-commerce site manager.

She said, what are you guys doing?

We've sold out of everything that somebody's talking about,

and we traced it back to you guys.

And she never knew that the campaign was actually

being done by the marketing group within the retailer.

But what's amazing is that she could track it down and

actually understand how much sales was being driven by this specific content.

So in a nutshell,

it is crucial to actually measure every effort you do today.

>> Okay, very interesting, and actually, very relevant for

the case that we are discussing here, which is actually creating metrics and

using them to evaluate the performance of marketing plan.

Second question I would like to do is basically, okay,

now we have agreed that measuring things and knowing the results of

the actions of the market actions that we're doing seems to be key.

If you have to define like a short checklist, or list of possible measures,

or matrix that we can use in our marketing plan, what would be your recommendation?

What is your own experience of this?

>> Well, I think, based on what I've said before,

we need to have some business metrics.

So honestly, we need to track sales.

We need to track margins, return on investment and

all of those related, market share, etc.

Then if we move further down the line,

we need to track everything related to the brand.

Because at the end, we need to build brand value.

So whether it's brand awareness or brand perceptions, or

all of those related to the brand.

Third, we need to track those related to a specific marketing plan.

So am I using which tools of the marketing plan?

Is it unique website visitors or all of the ones related to your

online traffic, where there is social media related or

there were related to your own paid or earned?

But you need to consider all of those.

And lastly, you need to consider your customer.

So what are those related to customer satisfaction?

What are those to customer attractiveness?

I would even encourage companies to think about the net promoters score,

which is so much in vogue right now.

Because at the end of the day,

you need to have all of your employees become ambassadors for your brand.

So I mean, this is like a basic list.

I'm sure there are- >> It's not a long list, but.

>> But the beauty of it is there are free tools out there today that you can use.

So I would start definitely with Google Analytics.

And there are many other platforms out there.

I don't want to finish without telling you a crucial point,

which I see today is in companies.

We do not measure things isolated, and I'll give you an example,

I have a client who's a global hotelier, and he came back with a question,

my blog is really not up to my standards.

It's not driving enough traffic.

And I say where the problem is,

you do not need to think of a blog as an isolated tool.

Nowadays, you need to think of all your marketing efforts as a platform,

and you need to track the results of all of those efforts.

Because otherwise, you're focusing your budget and

your efforts on an isolated issue,

which is really not what's going to drive results throughout your purchase follow.

So you need to understand.

Look at all the touch points, look at your funnel, and

understand where are the weaknesses and strengths, and how do you improve those.

But do not look at metrics on a very isolated version.

>> That's very interesting, actually, and I think it's an excellent introduction for

our expected results part of the marketing plan.

So we're going to follow Luis's recommendation,

and we're going to discuss metrics and objectives related to the finance side,

non-financial objectives, also customer-related objectives,

and objectives related to the target segment and positioning of the brand.

That is going to be basically a very good guideline for us.

Finally, I would like to thank Luis, and actually,

I would like to take the opportunity to remind you that we have another course,

which is called product and branding strategy that was developed by Luis and

belongs to the specialization and

marketing mix implementation that I strongly recommend you

because as you have seen, Luis is a great marketing professional.

And probably, you can take good advantage of that.

Thank you very much, Luis.

>> Thank you for having me.

>> Thank you.

[MUSIC]

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