When launching a partner marketing program it’s tempting to focus solely on the revenue being generated. If you’re making a profit, what else is there to worry about? Without taking a more holistic approach though you could be leaving potential revenue on the table. In this post we’ll share the most important partnership marketing metrics and KPIs you should be monitoring for your partner marketing program.
There’s much more to the story than just the dollars your partner is or isn’t bringing in. An excellent predictor of future success, is current engagement and utilization of resources and training materials you provide to your partners. Are they downloading your assets? Do they respond to your communication updates? Have they provided you any feedback that they’ve received from their network on your product?
This is where partner marketing automation and technology can give you a real-time view of engagement levels across your partners. Learn to see low engagement as a growth opportunity; the more educated and informed your partners are about your product and organization, the stronger their advocacy will become. Focus on increasing your partner engagement through proactive communication and take the time to learn what resources or training they would find valuable and ultimately leverage.
If a partner isn’t engaged, it’s unlikely they’re reaching their revenue potential. Help them help you. If you're new to partnership marketing check out this post on How To Build and Grow Your Partner Marketing Program in 2018.
Marketing enables the sales process through demand generation and your partners are an excellent channel for you to amplify the reach of your marketing materials. They’re also a perfect resource for tracking the success of various marketing messages and materials, in creating customer awareness and new leads.
“Half the money I spend on advertising is wasted; the trouble is I don't know which half” was coined by John Wanamaker, a very successful United States merchant. Without having clear insights into which messages and materials are best at driving leads and ultimately revenue, you’re wasting your own resources while preventing your partners from reaching their sales potential.
The first step is to collect the insights and understand the effectiveness of your marketing but the next step would be leveraging those insights to shape your marketing strategy going forward. It’s only worth increasing your marketing dollars towards your partner program if you have a clear and measurable ROI to go with it.
Knowing how profitable your partners are with selling your solution helps you gauge future commitment to your partner program and whether you can expect your partners to invest in more training, marketing or desired sales activities.
The profitability of your partners is a core part of the partner experience and is directly correlated with retention levels. By understanding how well they are doing, you can better anticipate and plan for the growth of your partner program.
Now there are many other metrics you are likely already measuring (or should be); however, these three have the most impact on the future success of your program.
As you continue to collect these insights and allow them to shape how you plan for and execute on your partner program, the stronger your results will be.
Modern marketing has been challenged. Potential customers are flooded with endless options and seamlessly endless advertisements. Advocates cut through the noise.
Do not be fooled; advocates are a powerful channel that could help just about any company grow. How? It’s simple — relationships.
Build a custom partner portal for your program, set rewards, and invite your partners
Rely on automated campaigns, experiment with challenges, and automate the best parts
Generate deep insights on how to optimize, segment, and scale your program