In today’s business environment, it is critical for businesses to have a robust network of partners in order to grow and scale. These partners include value added resellers (VARs), solutions providers, system integrators, and distributors.
In fact, here at 5000fish, we’re in the midst of building a robust partnership program as we work to scale and grow our customer base for Yurbi. With our current partnerships, we’ve seen how each relationship is a win-win because we’re able to help meet our partners’ customers’ BI needs and they help us increase the number of users using Yurbi.
When you build a partnership program, you must understand how to measure its success by defining leading and post key performance indicators (KPI’s). It’s easy to look at post-KPI’s for a partnership program, such as deals closed. However it’s extremely important to monitor leading KPI’s (which are often behaviors) in order to gauge the success and gaps within your program before the post-KPI’s come into play. In this article we’ll look at the top six leading KPI’s that you can manage within your channel partner program.
The above leading KPI’s are great gauges of your partnership program success, but it’s important to test and verify them. You will need to set your thresholds for each leading indicator that determine whether a partner is performing in a specific category.
Once you identify each threshold, you must leverage the above leading KPI’s as your partner scorecard so you can identify which partners you should invest your time and money into. These leading indicators will enable you to segment your partners into the fast-growers and top performers, middle-of-the-pack performers, and poor performers. When you use the above KPI’s as your scorecard, you may find that the most vocal partners who ask for more funding and support are not the top performers.
After you have identified your top performing partners you can establish channel partner incentives, such as marketing development funds or joint marketing and events, and grow the most profitable partnerships with better incentives. By defining your thresholds and using the above KPI’s to shape your channel partnership program, you will be able to grow and strengthen your program over time.
Interested in partnering with Yurbi? Contact us here and let’s start our combined win/win relationship!