March 01, 2015

Communicating Goals

Ok, by now, your vendor partners are shocked - they cannot believe that your business is still, well, in business!

Every VP of Marketing has a series of goals and objectives. The Executive will be evaluated based on how well she performs against the objectives.

For instance, the Marketing Executive might have the following objectives:

Objective: Grow New + Reactivated Buyers To More Than 450,000 Per Year.
  • Exceeds Expectations = 450,000 or more new + reactivated customers, annually.
  • Meets Expectations = 350,000 to 449,999 new + reactivated customers, annually.
  • Missed Expectations = 0 to 349,999 new + reactivated customers, annually.
Objective:  Increase The Number Of Winning New Items To > 40 Per Year.
  • Exceeds Expectations = 41 or more winning new items.
  • Meets Expectations = 31 to 40 new, winning items.
  • Missed Expectations = 0 to 30 new, winning items.
Objective:  Increase Company Profitability.
  • Exceeds Expectations = $2,000,000 or more Earnings Before Taxes.
  • Meets Expectations = $1,000,000 to $1,999,999 Earnings Before Taxes.
  • Missed Expectations = < $1,000,000 Earnings Before Taxes.
These objectives are shared with your vendor team. They have to be shared. Your vendors need to know how you will be evaluated. Then, your vendors need to know that they will be evaluated similarly.

If the Marketing Vice President fails to meet/exceed expectations, she loses her job. We've all been there. Consequently, vendor performance should be aligned with Executive objectives.

The objectives are folded into the Partner Dashboard, and are weighted appropriately. More on that in the next post.