The success of a channel partner relationship depends on much more than just revenue. Here are all the other metrics you should be tracking.
Vendors choose channel partners because they already have access to established markets, meaning they have the potential to sell far more than using a direct sales team. However, as with any business initiative, it's essential you are able to measure the success of your channel partnerships. And while the obvious metric to measure is revenue, there are many other KPIs that demonstrate whether a reseller is performing or not.
So what channel partner KPIs (other than sales volume) should you track?
Your channel partners are only going to be able to sell effectively if they have a sufficient understanding of your products.
Your channel partners are only going to be able to sell effectively if they have a sufficient understanding of your products. Logging how many training sessions and product demos resellers are attending, as well as what certifications they have undergone, is therefore an important measure of channel partner success.
Linked to the amount of training undergone is how engaged your resellers are in the relationship more generally. If your channel partners are disengaged it will come across in their enthusiasm levels when they talk to customers and the amount of training they're taking part in, all of which has a knock on effect on sales.
Channel partner engagement has traditionally been quite hard to measure, however there are some solid areas you can review:
How many times has the reseller logged into your partner portal?
How many conferences and events have they attended?
How many meetings with you have they attended?
How much sales and marketing collateral have they downloaded?
3) Customer satisfaction
Your brand's reputation depends on satisfied customers, and their interactions with your channel partners are going to play a key role. To measure this, send out regular customer satisfaction surveys that ask customers for feedback not just on your products, but also how they enjoyed their experience with your resellers. This is also a great opportunity for you to do some market research - ask which features they do and don't like so you can better tailor your offering in future.
It's not enough just to measure these KPIs - you should also be rewarding them.
4) Deal registrations
In addition to sales, you can also look at what deal registrations your channel partners are making. Don't just look at the number of deal registrations they are opening though, as this doesn't indicate the quality of those leads or whether your resellers are actually closing them. It's also important to look at average deal size, how long it takes to close those deals, the number of active deals, and the ratio between the number of deals opened and how many get closed.
Channel Partner Incentive Programs with Power2Motivate
It's not enough just to measure these KPIs - you should also be rewarding them. That's where a Channel Partner Incentive Program with Power2Motivate comes in.
Power2Motivate will help you develop strategy, establish a culture of loyalty and motivate your channel partners to live and breathe your brand. Your program will drive bottom-line performance, strengthen and secure channel partner loyalty and give your business a clear advantage amongst your competitors.
Our easy-to-use cloud-based platform has all sorts of features and is customisable to your business needs. Available in 17 languages, the platform can be logged in from any web-enabled device. Whether in-office or on-the-go, access to your program couldn't be more simple.
For more information, reach out to the Power2Motivate team today or request a demo.