We’ve all got that one friend who is more like a family member. You see them regularly, you love them dearly and wouldn’t change them for the world. Even though you’re not blood-related, you still value them just as much, sometimes more, as those who are.
It’s a similar relationship with your channel partners. They’re not “officially” part of your business, but you should value them just as much as your internal team!
But how do you make them feel just as valued? How do you keep them motivated? How do you ensure they stay in the loop with product and business updates?
With the right tools - and a little something to sweeten the deal, you and your channel partners can easily work together to drive mutually assured success and value that delivers both ways.
So, how do you do it?
A channel partner scorecard or set of success metrics is the perfect way to make sure that you and your channel partners are on the same page - providing a visual representation of how partners are measuring up against the expectations that you (hopefully) both set from the start.
If you’re ready to take your channel partnerships to the next level, here are all the metrics you need to know - and what you need to do to make the most of them.
What metrics do you need to have on your scorecard?
The metrics you should be paying attention to can be broken down into four main categories: Sales, Training, Engagement, and Cost to serve.
- Partner deals registered
- Deals won/lost
- Value of deals
- Courses attended / completed
- Partners certified
- Number of interactions they’ve had with the brand
- Emails sent/opened/CTR
- Number of sales materials they have ordered or downloaded
- Number of shares they have reposed on social media
- Average time spent in portal
Cost to serve
- Number of support tickets they have taken
- Support service hours provided
- Number of support calls taken
This list is far from exhaustive - after all, different businesses have very different goals. While it’s not essential to monitor all of your metrics closely day in, day out, it does pay to keep track and review periodically - making sure that you provide the right training and support wherever you identify gaps or opportunities in delivery.
How should you go about creating your scorecard?
It’s all very well having a scorecard, but how can you gather insight from it that will help you improve your channel management?
Whatever metrics you decide to include, think of the insights on your scorecard in relation to the following five questions:
Ethos - are you aligned philosophically?
Willingness - are they eager to promote your business with their customers?
Priorities - do they share the same goals in terms of industry and segment?
Determination - are they fully invested in your brand?
Results - do they have a proven track record working with brands in a similar way?
This will ultimately help show you what you value most in your partners - and therefore, how you need to arrange your scorecard in terms of success.
Break your scorecard down into the four areas in the section above (Sales, Training, Engagement, and Cost to serve), giving partners a score for each category - which will then help generate their score overall and enable you to set them goals based on this for the next quarter.
Pay attention to the design of your scorecard. While icons and pleasing graphic design may seem like a small detail, it can go a long way towards enhancing the gamification element.
All that’s left to do is make sure you and your partners are getting the most out of the process…
How can you help your channel partners improve their score?
Give them support
Like in any good relationship, your relationship with your sales channels should be becoming stronger and growing constantly. It’s a two way thing so you need to be investing time into helping them improve their score.
By providing them with learning resources and training, they can enhance their knowledge of your brand which will also help them improve their score.
Provide motivating rewards
Remember, you don’t want to just focus on those individuals who may require support. You need to be recognising those who are smashing it! By rewarding this type of behavior, the individual will feel motivated to keep delivering great results. It will also encourage them to choose your brand over another.
Used in combination, a reliable channel partner scorecard and a reward programme gives your partners a clear blueprint for success, gamifying the sales process in a highly engaging and satisfying way.
We want to help you get the most out of your relationships with your channel partners. Our leading online points-based engagement platform lets your business reward, track and motivate your staff, customers and suppliers. Book a demo to find out how a channel loyalty reward platform can help you report on your customer retention KPIs and demonstrate an ROI from your distributor reward programme.