What is partner performance?
Partner performance refers to how you measure and evaluate a partner’s contribution to your larger partner program efforts. You’ll define what success looks like in your organization, and then use various related metrics to assess a partner’s activities, contributions, and outcomes. Tracking partner performance ensures that partners are meeting or exceeding their responsibilities, generating revenue, and delivering value to both your company and customers.
There are many different performance metrics you can track, but the most common include:
- Sales metrics, including revenue generated, sales quotas achieved, time to close, average contract value, conversion rates, lead generation, and more
- Customer satisfaction metrics, such as retention rate, customer renewal rate, and satisfaction scores
- Training and engagement metrics, such as use of assets, completion of training or certification programs, and product knowledge
- Marketing metrics, including market reach, audience size, use of marketing assets, lead generation activities, and marketing campaign metrics
Remember, a good partner not only sells your product effectively but also aligns with your company culture and values. Therefore, when you think about partner performance, you should also consider factors like the partner’s commitment to your brand and adherence to your company’s ethical guidelines.
Tracking and reviewing partner performance is key to maintaining a successful, mutually beneficial relationship. Take action on the insights by addressing any performance gaps, with the goal of helping partners improve and grow. This may include more training, partner business planning, or re-engaging them in your program goals.
With the right partner performance strategy, you can find areas to improve your program, reward high-performing partners, and ensure your overall indirect sales strategy is successful.