What are the best ways to track your Partnerships team's progress?

Metrics like leads, revenue, new partnerships, etc., will always be necessary and it's a lazy approach to measuring true partnership success. Those measurements are not always within a partner team's control and in some cases, they are easy to manipulate. You're not doing your organization justice if you're not measuring process-level or activity goals (co-selling conversations, enablement attendance, events, certifications, etc.). You won't be able to calculate the revenue correlation effect if you're not measuring and adjusting the minor variables that lead to revenue. You also need to measure unit economics to report back to the business. Reducing churn, reducing CAC, increasing ACV...this is where we prove value as partner leaders.

Embark on your partnership journey with a strategic foundation by defining key performance indicators (KPIs). These metrics should seamlessly align with your partnership goals, whether they revolve around revenue generation, customer satisfaction, or market share. Precise metrics act as your compass, offering a clear roadmap to track the team's accomplishments and pinpoint areas for enhancement.

Keep tabs on your Partnerships team's success in channel partnerships by looking at key things like gaining new partners, the money coming in from partnerships, and how the partner network is growing. Check regularly how well joint marketing and collaboration projects are doing, and how engaged partners are overall. Use a good CRM system to keep track of important info, follow deal progress, and see how partnerships are affecting your business goals. Also, get feedback from partners to see if they're happy and find out where things can get better. Keep a close eye on these details, talk openly with partners, and you'll have a good handle on how well your team is doing in channel partnerships.

Standardize your partnership planning template and create reporting dashboards off of the data and workspace your team works in daily. Don't require "swivel-chair" reporting or create extra work by using a reporting, cadence, or QBR format outside of your partner workspace. Track data in real time.

Measuring partnership success isn't a guessing game! SaaS powerhouses track progress by defining key metrics like leads generated, user engagement, and revenue growth, leveraging CRMs for streamlined communication and data gathering, and creating visual scorecards for transparent goal-tracking. It's all about quantifying impact, adapting to feedback, and celebrating wins with your partners. Remember, strong partnerships are built on transparency and a shared vision - so get your metrics in order and watch your business soar!

Set up clear metrics for success and mechanisms by which to track those metrics in a CRM or other partnerships platform. Worst case set it up in spreadsheets, but make the tracking of this core to your team's operations. Being data-driven will be one of the single greatest assets for success of your partnerships team and program. Set goals, track them, review results, and iterate quickly.

In my experience, tracking progress in a CRM May not be ideal - it’s solid for two main cases: 1) tracking the closing of a new partnership 2) tracking progress of opportunities you have together with a partner (channel partner, e.g. referral or co-selling) However, tracking the progress of your partnership itself is usually not ideal in a CRM as that’s not what it is built for. You typically would like to document regular exchanges, share information with the partner, manage your Mutual Action Plan with them etc. Using a specific tool (PRM, Collab tools) is my suggestion, MVP would be a shared document/ Notion page etc. Having said that, make sure the stuff which needs to be in the CRM is in the CRM!

Elevate your progress tracking game by harnessing the power of a Customer Relationship Management (CRM) system. This technological ally centralizes partnership data, unlocking insights into crucial facets like interactions, negotiations, and outcomes. With real-time updates, the team stays well-informed, organized, and primed to cultivate and expand partnerships effectively.

Transform your partnership game with a CRM superhero! ** Ditch spreadsheets and scattered emails for a streamlined, data-powered haven where communication flows, goals soar, and insights reign. Track progress towards shared objectives, optimize strategies with hidden trends, and celebrate milestones with ease. Think central hub for all things partnership, automated tasks for smooth sailing, and scalability to handle any collaboration, all under one secure roof. Remember, a strong CRM is your bridge to success. Choose wisely, unlock its potential

It is all about results, if it cannot be measured, it cannot be improved. Establishing benchmarks at the start of the partnership with scheduled business reviews, every few weeks at the beginning potentially moving to monthly or quarterly once a cadence is in place would be built into the agreement however, as with any relationship, communication with supporting data, metrics, should not be limited to a calendar. I tend to invite select customers to quarterly business reviews allowing for 3rd party commentary and score-keeping. The real question is - as partners, are we measuring the right things?

Craft a comprehensive scorecard that embraces both quantitative and qualitative dimensions. Assign weights to various metrics based on their significance in the partnership landscape. This holistic approach provides a nuanced understanding of the team's performance, delivering actionable insights for a journey of continuous improvement.

Partner Scorecard is great way to get the big picture. You don't need to have an in-depth level of detail, it depends on how much you care. It is important to create mirrors based on the type of Partnership and related goals. For example in the case of an Indirect Sales Partnership the most important metrics will be Sales Performance, Customer Success and Co-Marketing. How many new leads did this partner provide you with? How many of those opportunities closed? How many mutual clients do we share? Does this partner help us with upsell / cross-sell? How many joint webinar did you have? Ans so on. You can also use scorecards to compare the performance of all your partners and give an award to the top performers.

Ditch the spreadsheet fog and embrace the clarity of a partnership scorecard! Imagine a crystal-clear dashboard showcasing key metrics for each partnership - leads generated, user engagement, revenue - with success shining bright and areas for growth glimmering just as prominently. ? Share this with your partners, fostering transparency and accountability that fuels collaboration. It's a GPS for your partnership journey, keeping everyone aligned on the road to shared success. It's like having a crystal ball for your partnership journey! ?

From the performance management perspective, it is essential to effectively track your team's progress and communicate it to stakeholders, create a scorecard. A scorecard is a concise document that summarizes key metrics, targets, and results in a visual format. It allows you to compare actual performance with expected outcomes, identify areas for improvement, and highlight achievements. Additionally, a scorecard is a valuable tool for sharing progress with partners, managers, and other teams, ensuring transparency and alignment across all parties.

Open communication and the possibility to exchange feedback at any time are essential elements in building a trusting and mutually growth-oriented relationship. Organize your daily or weekly routine so that you provide feedback. If numerous, divide them by areas of expertise and get support from colleagues in related departments.

Keep the pulse of your partnership dynamics alive by regularly seeking feedback from both internal comrades and external partners. Internally, glean insights into collaboration nuances from team members, while externally, tap into the valuable perspectives of partners regarding the effectiveness of the collaboration. This dual feedback loop cultivates a culture of perpetual enhancement, ensuring the team remains nimble and responsive.

Soliciting feedback is crucial for tracking your partnership team's progress and improving relationships with partners. Feedback helps you understand partners' needs, expectations, satisfaction, and challenges, as well as their views on your value proposition and service quality. Collect feedback through surveys, interviews, reviews, or case studies, and use it to identify best practices, areas for improvement, and opportunities for innovation and collaboration.

Navigate the path of progress with frequent pit stops for reviews. Conduct meticulous assessments of established metrics, not limiting yourself to quantitative results alone. Delve into qualitative aspects such as communication effectiveness and relationship-building. Let these insights guide your strategy adjustments, steering the team consistently toward growth.

To effectively track your partnership team's progress, the final step is to review and adjust your goals and strategies based on data and feedback. Regularly evaluate performance, impact, and external factors such as market trends and competitor actions. Celebrate achievements, recognize your team's efforts, and identify challenges or risks that hinder progress. Take corrective actions to address these issues and continuously refine your approach to ensure success.

Beyond the essentials, factor in the dynamic variables of external influences and industry trends. Stay attuned to the ever-shifting tides of the market, the strategic maneuvers of competitors, and the emergence of technologies that could impact partnerships. Foster an innovative ethos within the team, encouraging the exploration of fresh collaboration avenues and novel approaches. In this ever-evolving partnership management landscape, flexibility and foresight stand as pillars for success.

Use weekly KPIs to guide the achievement of weekly quantitative and qualitative tasks at the team and individual levels. This will help give continuity to activities that will then, in the medium term, translate into results. For example, set weekly goals related to Cold Outreach, Proposals sent, Nurturing calls, Agreements signed, Co-Marketing activities, and so on.