📖 Read: How to measure the success of your partnership strategy?
Here are three key areas to consider when measuring the success of a partnership strategy:
1️⃣ Levels of Performance Measurement
2️⃣ Measurement Tools and Processes
3️⃣ Monitoring and Reporting
You can segment the performance measurement in partnerships into three levels:
- Business Level: Evaluates the partnership’s impact on overall business goals.
- Partner Program Level: Assesses effectiveness of individual partnership programs.
- Partner Level: Measures individual partner satisfaction and contributions.
Together, these provide a detailed perspective on partnership performance.
Each level contributes to the achievement of the higher level goals and ultimately to the overall company goals.
At the business level, the success of your partnership strategy is evaluated based on how it contributes to the overall strategic goals and objectives of your company. By measuring at this level, you can determine if your partnership initiatives are helping to drive the success of your business.
Partnerships KPIs (Business Level)
Partner Program Level refers to the level of performance measurement that evaluates the success of individual partner programs. This includes metrics such as the number of new partners acquired, partner retention rate, time to onboard new partners, and cost per lead generated through partners. By measuring at this level, companies can determine which partner programs are driving the most value and make informed decisions on where to focus their partnership efforts.
Partnerships KPI (Program Level)
Partner Level refers to the level of performance measurement that evaluates the satisfaction level of individual partners. By measuring at this level, companies can determine how satisfied their partners are with the partnership programs and identify areas for improvement to enhance their partnerships.
Partnerships KPI (Partner Level)
Companies can use a variety of tools and processes to measure the success of their partnership strategy, including marketing automation software, customer relationship management (CRM) systems, and partner relationship management (PRM) systems.
To illustrate the impact of partnerships it is important to track if new or existing clients been sourced or influenced by partners. This counts for acquisition and retentions. Therefore Sales and Customer Success departments are required to track partner involvement.
A proactive way involve partner and measure activities are Go-To-Market concepts like:
It's important to regularly monitor and report on partnership metrics to ensure that the partnership strategy is on track to meet its goals. This includes tracking metrics such as revenue growth, customer acquisition and retention, market expansion, product development, and operational efficiency.