What are the best ways to track and analyze channel partner performance data?

1 Define your goals and metrics

Before you start collecting and analyzing data, you need to define what you want to achieve with your channel partners and how you will measure their success. Depending on your business model, your goals and metrics may vary; however, some common ones include revenue, customer satisfaction, customer retention, market share, and brand awareness. Revenue looks at how much your channel partners generate for you and themselves. Customer satisfaction evaluates how happy customers are with service and support provided by your channel partners. Customer retention examines how loyal customers are to your channel partners and brand. Market share looks at the amount of your target market covered by your channel partners. Lastly, brand awareness measures how well your channel partners promote and represent your brand.

2 Choose your data sources and tools

Once you have your goals and metrics, you need to decide where and how you will get the data to track and analyze them. Depending on the type and level of data required, different sources and tools can be used - such as a CRM system for sales activities, leads, opportunities, conversions, and commissions; a partner portal for engagement, training, certification, and collaboration; customer feedback for service quality, satisfaction, and loyalty; market research for market share, penetration, and competitiveness; or a brand audit for brand awareness, perception, and alignment. Collecting data from these sources will help you monitor your channel partners' performance and progress towards your goals.

3 Analyze your data and identify insights

After you have collected the data, you need to analyze it and identify the insights that will help you improve your channel partner management. Different methods and techniques can be used to analyze your data, such as descriptive analysis which helps summarize and visualize the current state and trends of your channel partner performance; diagnostic analysis which helps find out the causes and reasons behind your data; predictive analysis which helps forecast and estimate future outcomes; and prescriptive analysis which helps recommend and optimize the best actions and decisions. All of these methods can help you understand the factors, variables, potential scenarios, risks, strategies, and tactics that affect your channel partner performance.

5 Implement and monitor your actions and results

After you have communicated your findings and feedback, you need to implement the actions and decisions that will improve your channel partner performance and monitor the results and outcomes. To do this, you can leverage project management tools and techniques to plan, execute, and control your actions and tasks with your channel partners. You can also use performance management tools and methods to measure, evaluate, and improve your results and outcomes with your channel partners. Furthermore, you can create a feedback loop by using tools such as Google Analytics, A/B testing, or Lean Startup to collect, analyze, and act on the data and information from your actions and results with your channel partners.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?