Records, paperwork, spreadsheets, forms…In a word: Data. The secret to measuring your success is data. If you want to dominate your channel sales and crush the competition, you need the right data to build out the metrics for your program. Once you have the metrics, you can easily identify your programs strengths, weaknesses, opportunities, and threats.
The question is, what metrics do you need for your channel sales program? First thing’s first. You should divide your metrics up into categories: Channel sales recruitment, success, profitability, and training & support.
Here is the channel sales data you need for each category:
Channel Sales Recruitment Metrics:
- The total number of partners
- Recruitment quota attainment
- Partner attrition rate
- The percentage of partners recruited by channel (for example, 40% from networking groups, 30% from proactive outreach, 15% from referrals, etc.)
- The average cost of recruiting and onboarding a new partner
- The average length of time to recruit and onboard a new partner
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
Channel Sales Training & Support:
- The percentage of partners who are using the provided sales and marketing collateral
- The percentage of partners who attend optional events and/or ongoing training
- The average partner satisfaction score
- The percentage of partners who have attempted certification
- The percentage of partners who have completed certification
Channel Sales Profitability Metrics:
- CAC for partner sale versus direct
- The retention rates for partner sales versus direct sales
- Cross-sell and upsell rates for partner sales versus direct sales
Now that you have your data, you can compare it to your goals for your program and see where you are doing well and where you can stand to improve. If your program has multiple areas where it needs to improve, consider making some changes to your channel sales incentive program. 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 channel sales goals.
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 the engagement and loyalty marketing space. We specialize in working with companies, partner networks, and end-users to design and support employee, consumer loyalty programs, and incentives.
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. ADR is uniquely qualified to assist key stakeholders with B2B2C marketing initiatives, which includes analytics in support of our clients’ strategic growth objectives. 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 to engage every demographic.
For more information on our proprietary channel sales STACK™ program management SaaS platform and applications, click on the button below to schedule a demo, or call us now at 866-415-7703.