The Last Word
Marketing by Instrument

As a licensed commercial pilot, there are few things more satisfying than to climb into the cockpit of my airplane on a sunny day and fly over the countryside. As you increase altitude, the terrain below moves from firm reality to an interesting mosaic passing below. On a day that pilots call "severe clear," it is still exhilarating to be able to wander where you want to — subject to some post 9/11 restrictions — by just pointing the plane in that direction and getting there at 80 knots, or 190 knots if you are in a hurry.

But when the clouds are low and extensive with drizzle falling, the limited ceiling and visibility means that you won't go anywhere visually. Therefore you won't go anywhere at all if you don't have a properly equipped instrument rated airplane. This is when pilots cannot depend upon their view from the window, but rely on instruments to accomplish the mission. Being certified for instrument flight gives you the insight, provided by the navigation instruments and communications equipment, to function safely under these conditions. In some ways, successfully completing a flight under "hard IFR" (low weather instrument flight rules) is even more rewarding than flying on a sunny day because you trained for it. You worked at making it happen safely and properly, and accomplished something you could not have otherwise done on that day.

Marketing in challenging environments is similar. During the boom times when budgets were flush, and businesses or consumers would buy things without thinking too hard, companies engaged in more daring stunts and flights of fancy. Now, in tougher times, many companies have cut marketing budgets and grounded their marketing initiatives. But others are turning to instruments. They are using rigorous marketing metrics and dashboards to guide their marketing initiatives.

Wharton faculty have been pioneers in developing and refining these approaches and bringing them into the classroom through programs such as Marketing Metrics: Linking Marketing to Financial Consequences, which ran for the first time in October.

In today's high-tech world, where there are aircraft that can fly without pilots, there are still pilots in charge — remotely or locally — helping you to interpret the instrument readings. The same is true in guiding your marketing organization. There will always be a need for talented pilots with the gut instinct and experience to read and respond to what they see in the sky or on the instrument panel of the plane or the organization.

When sunny skies return, there will be opportunities for less structured marketing maneuvers and fooling around, but for now you want to have guidance and know you are going to get where you need to go. We hope you will book a flight in our Marketing Metrics or other highflying programs soon.

Robert E. Mittelstaedt, Jr.
Vice Dean and Director
Wharton Executive Education

• Marketing Metrics: Linking Marketing to Financial Consequences
  
  
• Essentials of Marketing
  
  
• Competitive Marketing Strategy

• Wharton Executive Education
  
  
• The Wharton School

This month's articles:

• Thought Leaders
  In tough times, Charles Schwab CEO David Pottruck says rigorous marketing is more important than ever.
  
  
• Senior Management Programs
  What does it take to reach the 86% of the population in the emerging markets that most marketers ignore?
  
  
• In the Classroom
  Participants in Wharton's Marketing Metrics program get behind the wheel and test drive marketing dashboards.
  
  
• The Last Word
  In stormy weather, marketers need to learn to "fly by instrument."
  
  
• Education à la Carte
  Wharton offers a wide selection of programs on marketing — and other business drivers.