By definition, partners share the same vision and the same destiny. But what you and your channel partners require of one another may be at odds. You may be focusing on volume-based performance metrics, while your partners are succeeding with another vendor’s behavior-focused metrics.
Volume-based metrics are simple to implement, but they’re becoming increasingly ineffective. With sales enablement software, you can apply a combination of metrics that work synergistically to improve the quality and quantity of deals, and the value each partner gains in the relationship. You can also gain visibility into the activities, and transparency into the results of what your partner reps are doing – just as if they were under your direct supervision.
Not to mention, you’ll also avoid the pitfall of channel partners reaching volume incentives by focusing on lower margin or shorter sales cycle deals.
If you’re moving towards partner rewards that shape pre-sales habits and teach channel reps how to effectively work your business model, consider integrating behavior-based metrics like these in your partner rewards plan:
- Days of training completed
- Number of certified representatives
- Your business plan in place
- Percentage of time in front of customers
- Customer satisfaction surveys
- On-time delivery/fulfillment
These are just examples of behaviors that enable channel sales success. Talk to your internal sales team about these examples and find out what other similar metrics and behaviors have a high correlation with sales revenue, then apply them to your channel program. Revenue may be the end destination, but the fastest route there is driving behaviors, not volume.
If you’d like to learn more about instituting effective channel rewards programs, talk to a Bridge Metrics executive today at 877.801.7158.