Data is the secret to measuring your success. If you want to set yourself up for an awesome growth curve, you need the right data to build the metrics for your channel sales analytics program. Once you have the data, you can identify your program’s strengths, weaknesses, opportunities, and threats with ease.
Four Categories to Focus On
The most important thing to figure out is what metrics you need regarding channel sales analytics. You should divide your metrics into categories:
- Partner performance (profitability)
- Sales
- Training/support
- Success
Here’s what to measure for each category:
Channel Partner Performance:
- Customer acquisition cost (CAC) for direct vs. partner sales
- The retention rates for direct sales vs. partner sales
- Cross-sell and upsell rates for direct sales vs. partner sales
You can gain considerable insights by comparing data between partner and direct sales. For example, higher CAC for partner vs. direct sales could uncover potential recruitment problems or inefficiencies. If partner sale retention rates are low compared to direct sale retention rates, your business may need to discuss post-sale follow-ups.
Channel Sales Recruitment Metrics:
- Total number of partners
- Partner attrition rate
- Recruitment quota attainment data
- The percentage of partners recruited by channel (for example, 45% from networking groups, 28% from proactive outreach, 17% from referrals, etc.)
- Average expenses of onboarding new partners
- The average duration to fully onboard new partners
Not all channel sales analytics involve money. Looking at your total partner numbers lets your business know how well its program is scaling. Seeing longer recruitment times could indicate issues regarding where you’re looking for partners.
Channel Training & Support:
- The share of partners utilizing the sales and marketing collateral you provide
- The number of partners who complete bonus training
- The average partner satisfaction score
- The percentage of partners who have attempted certification
- The percentage of partners who have completed certification
A major aspect of your channel sale program’s success involves having well-trained partners with a consistent support network. Focus on these two things, and your company could see channel sales analytics improve.
Channel Sales Success Metrics:
- The total number of partner deals registered
- The average value of a partner deal
- The percentage of accepted partner-submitted deals
- The percentage of closed partner-submitted deals
- The average sales cycle length
- The percentage of your partners who registered a lead in the past month or quarter
With this data in hand, you can compare it to your goals for your program and see how you’re doing. If your channel sales analytics uncovers multiple areas of improvement, consider making some changes to your channel sales incentive program.
The Importance of Setting Program Goals
Having relevant channel sales data to reference can be an incredible source of help. However, your program should also create clear and attainable goals. The goals your company sets serve as a gauge of how well your program is going.
Example program goals:
- Improve partner retention rates by 4% in one year
- Grow the total number of partners by 200 in five years
- Increase partner cross-sell rates by 7% in six months
- Lower new partner recruiting costs by 10% by the end of the year
Supercharge Channel Partner Performance With All Digital Rewards
All Digital Rewards is a leading loyalty engagement company, serving as a trusted partner and leading technology provider to Fortune 1000 and mid-market companies in engagement and loyalty marketing spaces. We specialize in working with companies, partner networks, and end-users to design and support employee, consumer loyalty programs, and incentives.
Our technology solutions include an omnichannel approach, which provides real-time engagement through reward, incentive, and prize programs for recruitment, loyalty, member benefits, employee, and point-of-sale engagement. ADR offers a robust product catalog and in-depth channel sales analytics information to engage every demographic.
ChannelSTACK™
ADR simplifies channel sales incentive program management through our SaaS Partner Relationship Management Platform, ChannelSTACK™. Our partner management platform can handle the most difficult challenges your marketers face when deploying and managing your channel sales initiatives.
Additionally, we are uniquely qualified to assist key stakeholders with B2B2C marketing initiatives, which include channel sales analytics in support of our clients’ strategic growth objectives.
Implementing a channel sales incentive program, revising your current channel sales incentive program, or adding new program management technology can give your metrics the boost they need for you to achieve your company’s goals and improve channel partner performance.
For more information on our proprietary channel sales STACK™ program management SaaS platform and applications, schedule a demo, or call us now at 866-415-7703.
