Collaboration and strategic alliances are crucial for growth, and harnessing the power of partner data has become more important than ever before. Channel partner data provides invaluable insights into account overlaps, customer behavior, and revenue opportunities that can significantly grow your marketing and sales efforts.
We recently hosted a MasterClass webinar with Cassandra, CEO and co-founder of PartnerTap, about best practices for leveraging channel partner data effectively. You can catch the full recording below, but we've created a summary of the top tips and insights from our discussion. Let's dive in to discover how to unlock the untapped potential of your channel partner data!
The different types of partner data
Channel leaders have access to a wide range of data from their partners that can provide valuable insights and drive more informed decision-making. Some of the key types of partner data you have access to can include:
- Performance metrics: Channel leaders can track partner performance metrics such as revenue generated, deal registrations, pipeline growth, win rates, and customer satisfaction scores. Find our full guide on channel partner analytics here!
- Sales and marketing activities: Data on partner sales activities, such as lead generation, sales calls, and customer meetings, provides visibility into their engagement and efforts. Marketing data, such as campaign performance and lead conversion rates, can help gauge the effectiveness of partner marketing initiatives.
- Customer and account data: Information about customers, accounts, and their interactions with partners can help identify cross-selling and upselling opportunities, as well as better understand customer preferences and behavior.
- Market and industry insights: Get access to market and industry data, including trends, competitive intelligence, and customer demands, from your partners to identify market gaps, develop new strategies, and align partners with specific market segments.
By leveraging these different types of partner data, channel leaders can gain a holistic view of their channel ecosystem, align resources effectively, and make data-driven decisions to drive growth and success.
How to use partner data effectively
By effectively utilizing partner data, you can source new lead opportunities, close deals faster, and create hyper-targeted marketing campaigns. Keep reading to find tips and best practices.
You can also watch the full webinar below to listen to our in-depth discussion with PartnerTap.
1. Run hyper-targeted ABM campaigns
To rapidly increase leads, take advantage of hyper-targeted account lists for partner marketing campaigns. By combining partner data with channel marketing automation tools, you can create highly relevant and effective marketing campaigns.
To start, collaborate with your partners to align on account-based marketing strategies. Leverage partner data to create highly personalized campaigns that resonate with target accounts, and that can result in higher engagement and conversion rates.
You can utilize Google Ads and other advertising platforms that allow for account-based targeting. This enables you to reach the right accounts with personalized messaging and offers, increasing the likelihood of conversion. Leverage partner data to identify the most valuable accounts shared with your partners. Combine this information with firmographic and demographic data to create segmented lists for targeted marketing campaigns.
Then, use channel marketing automation tools that integrate with advertising platforms to streamline the execution of account-based marketing campaigns. This ensures consistent messaging and tracking across different channels.
For example, a machinery manufacturer can collaborate with their equipment supplier partners to identify the most valuable customer accounts shared between them. By combining this data with firmographic details, they can create focused marketing campaigns on LinkedIn that cater to the unique needs of their target audience, leading to improved engagement and higher conversion rates.
2. Optimize your MDF investments
MDF programs are crucial for creating demand and reaching more customers. By using detailed partner data, you can make smarter decisions about where to invest your MDF budget.
Find partners who have strong relationships with customers that can help you grow. Give MDF funds to partners who can use their existing customer base to promote your joint offerings and generate demand.
By using partner data strategically, you can make sure your MDF investments are allocated wisely and bring the highest return on investment. Give priority to partners who support your growth objectives, allowing you to run more targeted and effective campaigns.
🔎 Discover more: Learn about market development funds best practices to maximize your ROI in our full post!
3. Find potential new customers through your partners
Look for net-new accounts that are a good fit for your business and also have connections with your partners. These are valuable opportunities to expand your customer base.
Use reports from partner automation reporting tools to discover accounts where your existing customers and your partners' potential customers overlap. This information is useful for planning together and having productive quarterly business review calls.
Here's what you can do: Concentrate on the accounts where you can collaborate with each partner. Use partner data to automatically connect your sales teams with the appropriate partner representatives for each account. This speeds up the process of closing deals and strengthens your relationships with your partners.
4. Engage partners in renewals to improve customer retention
You can also leverage partner data to engage partners in your renewal processes. By knowing the number of mutual customers you have with each partner, you can develop partner-specific renewal strategies based on existing relationships.
For instance, a telecommunications provider could use partner data to prioritize MDF investments and allocate resources to partners who have a high potential to influence renewals. This allows them to focus on retaining customers by aligning their offerings with the specific needs and preferences of the shared customer base.
Ultimately, leveraging partner data in renewal processes helps companies strengthen partner collaborations and increase customer retention rates in highly competitive industries.
5. Automate partner data management
The manual process of managing partner data is time-consuming and prone to inaccuracies. Without automation, teams miss out on potential opportunities buried within their partner data.
Automating reporting, marketing, and more is crucial for maximizing the benefits of partner data. With Impartner's partner management and through channel marketing tools, companies can automate partner marketing efforts, reporting, and deal registration, eliminating the need for manual processes that are prone to errors and inefficiencies.
These tools also facilitate seamless connectivity between you and your partners, enabling faster deal closures and enhanced collaboration. By leveraging Impartner's technology solutions, businesses can tap into the power of their partner data, improving marketing and sales outcomes while strengthening partner relationships.
Need to find an easier way to manage and make the best use of your partner data? We’re ready when you are.