I am looking for an advice on how to determine the KPIs (key performance indicators) for our marketing intelligence manager ( we have a new hired manager ). What do you think the most appropriate KPIs for such position ?
Secondly, what campaign would you recommend to get lost customers due to bad quality products ? some of our product lines giving us critical problem and has resulted in danger condition (6 months down trending stat). Do we have to redo our USP and the message incl.our sales force sales scripting.
Jay’s Answer: Your second question is most important. You’ve had bad quality products customers have moved on. Some key questions:
- How do you know that your new products are indeed improved?
- How much improved?
- How much (independent) testing have you done?
If you’re selling a low-ticket item, give it away for free (or at cost) to your lost customers. If it’s a higher-ticket item, you’re asking for your past clients to: 1) trust you again and 2) give up whatever solution they’ve come up with. There’s a cost for this risk. In either event, I’d offer a 100% no-questions-asked return policy. If they don’t like it, then you’ll pay them to switch back to their other solution. So there’s no $ risk for them. If you’re selling software, then you need to protect the possibility of someone making a copy of the software and still returning it.
You don’t need to change your USP, but you do need to change your sales script. You need to stress the “new and improved” (with guarantee) product/service.
Be honest – people understand that companies make mistakes and appreciate transparency in communication.
As far as your Marketing Intelligence Manager, KPIs will vary based on what you want them to achieve. Are you asking them to launch a new project? If so, then have them create a timetable for rollout, and then have milestones be KPIs. If it’s to perform SWOT, then again you’re measuring both time taken and accuracy. You could independently audit their analysis (spot checking information). You could also measure the ROI of their suggestions (and have them estimate the ROI before hand). What you’re really trying to do is figure out if:
- They’ll do what they say they will
- They product correct research
- If their proposals result in actions that produce (significant) revenue.