Here are a handful of metrics to examine that can provide greater insight as to whether your channel partner is helping you find success on an ongoing basis.
According to the most recent figures available form the Australian Small Business and Family Enterprise, there are over 2.1 million businesses currently in operation throughout the country. As numerous as they are, each one of them is unique.
What they all share in common, however, is their desire to grow and become more prominent in the eyes of the public. Channel partner programs have helped make this possible.
By working collaboratively, companies large, medium-sized and small have made their debut appearances in formerly untapped markets through channel partnerships. In so doing, many have successfully raised their profiles and brands. Growth hinges on relationships and resources; channel partnerships allow businesses to work together toward the shared goal of becoming a bit better and stronger with each passing day.
While partner programs have proven to be an invaluable resource and approach to foster ongoing growth and development, there's always room for improvement. It's not enough to merely collaborate with a channel partner; you need some kind of rubric that allows you to proactively identify and evaluate whether the collaboration is resulting in a worthwhile return on investment.
Here are a handful of metrics to examine that can provide greater insight as to whether your channel partner is helping you find success on an ongoing basis.
1. Downloads
As noted by Channel Partners, partner portals are festooned with information that users interact with through downloads, clicks and page visits. But the only way to determine the manner in which data is absorbed is by getting into the finer, more granular details. Your partnering automation system should have options that enable you to identify what partners are viewing and/or downloading. See if you can identify any similarities that point to certain assets being downloaded more than others so you can make any necessary adjustments.
2. Leads
Virtually everything in business dealings and relationships is time-sensitive. This is especially true when it comes to leads; the faster they're acted upon, the more likely they are to result in an actual sale, Channel Partners advised. If leads are resulting in dead-ends, timeliness - or lack thereof - may be the reason why. By identifying how quickly leads move from generation mode to the actual hand-off, the easier it will be to recognise misalignment or miscommunications between marketing and channel management teams.
3. Behaviours
If you want to lose weight or get in shape, dieting won't work; it requires a lifestyle change. The same rationale applies to incentives - they're only good in so far as they change behaviours for the long-term, not just when they're available. To determine if that's what is going on, Channel Partners recommended examining "before and after" trends among channel partners or employees. If a desired outcome or behaviour is ongoing with the incentive program no longer in place, that's a good sign that the strategy paid dividends. If they've fallen back into their old habits, you may need to examine whether the incentive itself was ineffective or if the fault lied in implementation. When creating a channel partner incentive program, some of the best questions to ask include the following:
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What return on investment do you expect?
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How are you going to measure ROI?
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Who do you need to get on board?
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How will you go about communicating the incentive program?
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How often will you review it?
How you answer these questions will ultimately determine your approach.
Whether your aim is better sales results for the bottom line, or greater output on the production line, channel partnerships can help you achieve results by pooling resources. Contact us today to leverage the power of a Power2Motivate partnership and take your company to the next level.