Managing and measuring partner performance is a crucial aspect of channel partner acquisition and management. It entails setting specific objectives, monitoring progress, and taking action to ensure that partners are meeting or exceeding expectations. By effectively managing and measuring partner performance, companies can ensure that their channel partnerships are mutually beneficial and drive increased revenue.
According to research by the Partner Relationship Management Institute (PRMI), companies with a formal partner performance management process see 25% higher revenue growth from their partners compared to those without one. Additionally, a survey conducted by Forrester revealed that companies with a well-defined partner performance management process are almost twice as likely to achieve their revenue goals from partners.
To manage and measure partner performance effectively, it is crucial to establish clear goals and metrics for the partnership. This includes setting sales targets, mutually agreed-upon marketing strategies, and regular performance evaluations. It's also important to establish clear communication channels and establish a single point of contact for ongoing support.
Providing partners with the necessary resources and support to be successful is also key to managing partner performance. This includes product training, sales support, and marketing materials. Regular performance feedback, both positive and corrective, is also essential to help partners identify areas where they need to improve and take corrective action.
To measure partner performance, companies should establish a system for tracking and monitoring progress. This includes monitoring sales performance, identifying key performance indicators (KPIs), and regularly reviewing performance data. This will help identify any areas where partners may be struggling and provide additional support as needed.
Underperforming partners should be addressed through a process that may include additional training, increased support, or even terminating the partnership if necessary.
Managing and measuring partner performance is a vital aspect of channel partner acquisition and management. By setting clear goals, tracking progress, and taking action to ensure that partners are meeting or exceeding expectations, companies can ensure that their channel partnerships are mutually beneficial and drive increased revenue.
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Maximising partner engagement
"Maximising channel partner engagement" is an essential ebook for improving sales through effective partner engagement. It offers practical tips and strategies for building strong partnerships, with real-world examples and case studies. Download it now to drive business growth.