Partnership Metrics
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When measuring the performance of your Partnerships or Channel team, it is important to take a cross-section of each phase of the go-to-market lifecycle. This means looking at data from marketing, sales, and customer success, but with a focus on the partnerships lens.
Some key metrics to track for your Partnerships team include:
If you have a bookings target for your Partnerships or Channel team, you will need to track your progress towards that goal. This metric measures the total value of contracts signed with new customers through your partnerships.
Building pipeline is another important metric for Partnerships teams. This measures the total value of opportunities that are in the sales pipeline that have been generated by your partners.
Tracking the number of SQLs (sales qualified leads) that are generated from your channel team is important if generating SQLs is a primary objective for your Partnerships operation. This metric measures the number of leads that have been qualified by your partners and passed on to your sales team.
You should also track all of the funnel metrics for deals that are coming in from Partnerships, including sales cycle, conversion rate, and customer lifecycle stage. This will help you understand how effective your Partnerships team is at generating and closing deals.
It's important to keep track of the health of your partnerships. A green-yellow-red system labeled by the partner manager is a good place to start. This will help you identify which partnerships are doing well and which ones may be in trouble.
Take a look at the customer lifecycle stages for accounts that are coming in through Partnerships. Are there any differences in onboarding, implementation, or getting those accounts to early adoption? Make sure you're measuring that per partner.
This metric measures the cost of managing the partnership, including the cost of partner managers, partner marketing, and partner customer success. This will help you forecast the resources you will need in the future to manage your partnerships.
By tracking these metrics, you can get a clear picture of the performance of your Partnerships or Channel team and make adjustments as needed.