The Best KPIs for Partner Enablement
You've passed the partner recruitment stage and are ready for the next step. However, getting partners into your program is not enough to make it a successful partnership.
You must guide and train them to be the best, not only for your business but also for theirs.
This process is called partner enablement, and it's one of the most difficult challenges partner managers face. Partner enablement is critical for partner performance, and it is when you provide critical ingredients, solutions, processes, and tools to the partner so they can succeed in your program.
Furthermore, partner enablement is closely connected to both channel enablement and sales enablement as it focuses on equipping partners with the necessary resources, training, and support to effectively sell and distribute a company's products or services through various channels. Empowering partners with the right tools and knowledge, it ultimately contributes to the success of the overall sales strategy, enhancing channel performance and driving sales growth.
However, creating these processes, tools, and solutions at scale can be tricky and challenging. So, how would you know if your partner teams are progressing in the right direction?
The only way is to monitor Key Performance Indicators (KPIs). KPIs can help businesses in various areas, from partner enablement strategy to sales. They help businesses stay aligned in their goals, ultimately helping them to build successful relationships and a strong network of connections.
Let's take a closer look at how having these metrics at our fingertips can help us get a better picture of our channel programs and progress.
Partner Enablement KPIs vs. Other Program KPIs
We know that KPIs measure and assess partner program effectiveness.
The question is, how deep is the information these KPIs provide? And should partner enablement be included in them or set apart on its own?
Well, first, let's look at traditional partner program KPIs.
Traditional KPIs track quantitative metrics such as leads generated, deals closed, and revenue. However, they leave out qualitative aspects such as relationships between partners or stakeholders, customer feedback, and skill proficiency.
And that's where partner enablement steps in.
Partner enablement KPIs offer a comprehensive insight into a company's entire partner ecosystem by measuring the quality of engagement, relationships, and skill sets available.
This allows businesses to identify areas needing improvement, so they can make adjustments or provide training to reach their goals.
The Top KPIs for Tracking Partner Enablement
Track these key KPIs on partner enablement efforts to discover useful information about performance and whether partners are achieving desired results.
Partner Portal Logins
As the saying goes, knowledge is power! And if your partners aren't accessing the place where knowledge of your program is stored, then it means they aren't empowered.
Monitoring partner logins provides businesses with the power to uncover valuable information about the performance of partners, the overall partner program, and the level of partner engagement.
Monitoring partner portal logins carefully enables businesses to determine whether their partners are utilizing all that the platform has to offer.
This includes partner activity, marketing insights, and overall program performance. By monitoring logins, businesses can be assured that their partner program is successful in positioning partners for success.
Kiflo's customizable partner portals provide an interactive and streamlined experience for your partners.
Plus, it's a cinch to tailor content according to what's being viewed and used when you leverage partner portal login analytics.
So, how do you boost partner portal login?
- Add personalization and simple navigation;
- Make your platform appealing and interesting;
- Draw attention to the most important issues that partners care about;
- Lastly and most importantly, easy access to FAQs and help center resources.
Onboarding Pipeline Completion
The partner onboarding pipeline is the catalyst for all future partner success.
With this KPI in play, businesses can acquire invaluable insights into what aspects of their partner onboarding process are unclear.
For example, this KPI can help organizations quickly identify which activities are taking the longest and should be optimized for efficiency.
By understanding where the cause of any bottlenecks may be, companies can modify their onboarding process. This modification will reduce time and make it easier for new partners to join their network.
So how does one optimize the onboarding pipeline?
- Provide adequate partner onboarding tools;
- Set up a feedback channel;
- Automate the partner onboarding process;
- Use various mediums, such as videos, quizzes, and guides.
Content Adoption & Use
Can you imagine creating and managing partner materials without tracking your success?
It would be like building a weather balloon and never processing the data it collects. At that point, it's just something pretty hanging out in the ether.
However, businesses can determine which resources—such as guides on using marketing materials, learning materials for products and sales, etc.—permeate and connect with partners the best. They can do this by effectively monitoring content adoption and use through content management in their Partner Relationship Management (PRM).
This keeps businesses one step ahead in terms of delivering premium resources that drive engagement and education.
How do you create engaging content for your partners and increase usage?
- Develop content tailored to your partners’ interests and needs;
- Use media such as videos, podcasts, and webinars to create more engaging content;
- Leverage social media platforms by sharing valuable tips and strategies related to your product or services;
- Create interactive quizzes for partners to test their knowledge about the products or services you offer.
Sales and Marketing Collateral Activity
It's no secret that in partner enablement, tracking the activity around sales and marketing collateral is an absolute must-have KPI.
You need to know what materials your partners are downloading, reading, posting, and sending. These materials can be used to gauge their fascination with your brand and their level of understanding of your partner program.
For example, how frequently do partners visit, access, and download case studies, white papers, videos, and other resources?
If you crunch these numbers in the right way, you will have a metric that will measure just how effective your marketing materials truly are.
The question is, how can you optimize this? Here are a few tips:
- Develop incentives for partners to increase sales and marketing activities;
- Regularly communicate program updates and changes to drive engagement with channel partners;
- Invest in partner training programs to provide up-to-date knowledge of products, services, and strategies.
Partner communication is key, not only to keep your partners motivated but also to ensure a long-lasting and trusting relationship with the partner.
Partners should know how to get a hold of you. They should also know how to communicate with you when you're not around.
When optimizing your KPIs, remember that it's all about measuring frequency, quality, and engagement. These metrics might be a little difficult to measure quantitatively, but they will tell you a lot about the health of the partnership.
- How often do partners communicate?
- Is that communication timely?
- Are there any discrepancies between the partner and your company that can be addressed?
- What is the engagement level?
- Do they take advantage of opportunities to offer feedback and learn new skills?
By monitoring these elements, you can see if your partner enablement initiative is hitting the right notes and make any appropriate changes. And hey, it'll save you from an awkward partnership with a dissatisfied partner later down the line.
Partner-sourced revenue is earned directly from a partner, such as a Value Added Reseller (VAR).
Partner-sourced revenue is like a gold rush for partner enablement. It's a shining indicator of the financial success of a program.
It not only tracks the amount of money generated by partner sales or services, but it also reveals how well program participants have benefited from the resources and support.
So, how can you measure partner-sourced revenue?
- Analyze campaigns, sources, partners, and channels to measure website revenue and ROI.
- Calculate the Return on Investment (ROI) of working with each partner to determine if it is worth continuing to work with them.
- Track the referring URL for each customer to accurately calculate the total sales generated from each partner or channel.
You can use this data to determine which sources are critical for your company. Prioritize those that drive more traffic and sales than other partners with whom you may have had less successful collaborations. Ultimately, use sales to build strategic partnerships that drive revenue.
Partner-influenced revenue is when partners influence potential customers to take action. This could be affiliate partners featuring or promoting your products on social media, referrals recommending your product to their customers, and more.
Partner-influenced revenue tracks how much revenue has been influenced by partners. This helps businesses measure the success of their partner enablement efforts.
Basically, it works like this:
Enabled partners = Increased partner-influenced & sourced revenue.
Tracking this metric not only shows companies what areas they need to activate more for partners to drive results, but it also shows when their influence was most impactful—when conversations first sparked up or after several interactions.
Here are some of the ways that partner-influenced revenue can be tracked:
- Track the total number of partners involved in generating revenue;
- Monitor the sales numbers for each individual partner;
- Estimate the impact of each partner on overall revenue.
And lastly, businesses can get a better handle on where they stand with partners so that there are no surprises.
Number of Deals Registered
When it comes to measuring the success of partner enablement, numbers don't lie!
The number of deals registered in a given period is an essential KPI to determine whether the strategies and tactics implemented lead to successful sales opportunities.
Here are some ways to track the number of deals registered:
- Track partner progress in your CRM or PRM platform;
- Monitor the number of deals registered by each partner on a regular basis;
- Measure the number of new deals registered over time;
- Analyze which partners are most active in registering deals.
But quantity alone isn't enough; it's also important to assess the quality of those deals. This can be done by considering their average deal size and their closing rate.
That way, you'll know which partners are bringing in quality customers.
This leads us to the next point.
Average Size of Deals Closed
One of the best ways to measure a partner's success is by tracking the average size of deals closed. Not only does it provide important information about year-over-year trends, but it can also give businesses an understanding of which partners are their most profitable. This can help them manage partners more effectively.
More importantly, it also implies that they are so familiar with the processes and profiles that they are bringing quality leads to the table.
Measuring the average size of deals closed allows businesses to:
- Track the progress of their partner enablement program and identify areas for improvement;
- Identify which partners are excelling in closing larger deals;
- Understand whether their partner enablement program is focused on the right activities and providing the necessary resources for success.
Average Time to Close Deals
Getting leads is great, but how quickly you can seal the deal is what matters.
After all, partner enablement isn't just about getting people interested. It's about you and your partners winning together.
That is why the average time to close deals is an essential KPI for any business. It measures how quickly you can turn prospects into paying customers, figure out where your processes might be lacking, and identify possible improvements in the pipeline.
Plus, it provides helpful hints and insights into how your partners engage with prospects.
Here are some tips for measuring the average time to close deals:
- Calculate the average time it takes to complete a deal from start to finish. Set a timer for each step, such as prospecting, meetings, and contracts;
- Analyze the data for errors or trends;
- Evaluate the sales process, partner enablement program, and use of data to boost efficiency.
Last but not least, stay diligent in monitoring and tracking any changes—after all, you're looking for improvements!
Customer Satisfaction with Partners
Finding the right fit between clients and partners is essential for true enablement success. Therefore, customer satisfaction with their partner experience should be the focus of your partner enablement program.
Tracking how customers feel about the companies they interact with through your program lets you better measure success. It also helps you figure out where improvements are needed. Furthermore, it can bring to light more success stories.
Here are some key metrics to consider when tracking customer satisfaction with partners:
- Response time: How quickly do your partners respond to customer inquiries?;
- Resolution rate: What percentage of customer inquiries are resolved?;
- Customer feedback: Monitor customer reviews and ratings to get a better understanding of how customers feel about your partners;
- Retention rate: What percentage of customers renew their contracts with your partners?
Partner satisfaction is the cream of the crop when it comes to gauging partnership performance. You want to know that your partners are happy, both in terms of the value and support they receive.
This KPI is essential for helping businesses identify how they can engage their partners more effectively, as well as the areas that still need work. You can then see what to expect from your channel partnerships as a result.
Here are some key metrics to consider when measuring partner satisfaction:
- Partner engagement: How often do partners interact with the program?;
- Partner loyalty: How long have partners been associated with the company?;
- Feedback surveys: Regular feedback surveys can help companies track partner satisfaction over time;
- Net promoter score (NPS): The NPS measures how likely a partner is to recommend the company to others;
- Partner support: How quickly do partners receive help when they need it?
So, going back to the question we asked earlier in the article: why is it so important for partner enablement to have its own set of KPIs?
Using partner enablement KPIs allows businesses to maximize long-term value for their partnerships and meet, if not exceed, high expectations by tracking partner performance.
Ultimately, this will help businesses determine the benefits and drawbacks of their partner enablement processes and help them make decisions that will foster future growth.