What is an effective way to measure your partner relationship management strategy?

How to know if partner is contributing. Actively networking (hopefully it is at leasat 30 half of his time engaging in anything revolving the business. Is he/she eating alone or he is meeting people/networking or spends all of his time engaging personal activities. Leaders of any organzation must look, plain and set goals 3, 5, 20 years the future. For exacution 90% of the success rate will be influencial people outside of the company. "Live is a Game, the Game is about People and Everything Else is Detail."

1. KPI Tracking: Monitor key performance indicators (KPIs) like partner engagement, sales growth, and lead conversion. 2. Feedback Surveys: Gather feedback from partners to assess their satisfaction, identifying pain points and areas for improvement. 3. ROI Analysis: Calculate the return on investment from your PRM program, considering both costs and revenue generated. 4. Partner Growth: Measure partner retention and growth in the number of active partners. 5. Performance Metrics: Evaluate partner performance and their contribution to your business. 6. Compliance and Training: Ensure partners adhere to your brand standards and provide ongoing training to improve their capabilities.

Measuring the success of your partner relationship management (PRM) strategy is key to its continuous improvement. Leveraging partner satisfaction surveys, performance metrics, engagement levels, relationship longevity, internal stakeholder feedback, revenue contribution analysis, and competitive benchmarks can provide comprehensive insights into the effectiveness of your PRM approach. Regularly tracking these metrics enables data-driven enhancements and fosters stronger, more collaborative partnerships.

Know your own company culture. You should have a clear understanding of your own values, goals, norms, and practices. Compare candidates' preferences to your culture. You can use various methods to learn about the preferences and expectations of your potential partners, such as reviewing their websites, social media, annual reports, or customer reviews. You can also ask them to fill out a questionnaire or a self-assessment tool that measures their cultural dimensions, such as power distance, individualism, uncertainty avoidance, or long-term orientation. Give candidates a chance to experience your culture. You can invite them to visit your office, meet your team, observe your work environment, or participate in a social event.

Noting partner growth is vital to see how well our partners adjust to market changes. By watching how they expand their reach and skills, we can understand how they meet customer needs. This helps us stay updated on trends and benefit from new chances for growth together. Focusing on partner growth builds a strong network of partners who can adapt to industry changes and help our business succeed in the long run.

When there is trust and friendship in a relationship then things work. In a world of scale everything is measured via numbers / metrics. This is good upto a point. For me the relationship is good - if the partner answers your call every single time or at least calls back. - if s/he is your coach inside his organisation and helps you navigate and sell your company. - if s/he does not hide behind a partner rule book and focuses instead on what is possible - if s/he is open about the pipeline and intent on each opportunity. Not every opportunity may be for you. Openness and trust are key.

Some real life (and some ambitious) examples from my industry - Open Communication: Regular meetings where teams discuss projects. Trust-Building Initiatives: Collaborating to showcase mutual reliance and success. Feedback Mechanisms: Client surveys to gather insights on satisfaction metrics. Strategic Goal Alignment: Joint participation in industry events Client-Centric Approach: Partner involvement in client feedback ensures satisfaction and refined strategies. Holistic Metrics: Tracking client retention, successful cases, and referrals beyond revenue for a comprehensive view of partnership impact.

PRM works better when you and your partner are aligned on the outcomes i.e what is the end goal and how it is a win-win for both. If there is any doubt on either side, you are heading for confrontations Also realistically, PRM works on mutual trust and rarely on contracts, so focus on solving problems together instead of just highlighting them