How do you define and measure partner value in your PRM strategy?

Firstly, defining partner value requires a clear understanding of the goals, expectations, and contributions of each partner. This includes identifying the specific outcomes and benefits that partners bring to the table, such as revenue generation, market expansion, innovation, or customer satisfaction improvements. Next, measuring partner value involves establishing relevant metrics and KPIs (Key Performance Indicators) that align with strategic objectives and partnership goals. These metrics can vary depending on the nature of the partnership, but common indicators may include revenue growth, customer acquisition, retention rates, market share, or brand visibility.

É uma combinação de fatores qualitativos e quantitativos, que refletem sua capacidade de agregar à estratégia de crescimento da empresa. Primeiramente, o alinhamento estratégico é crucial, pois parceiros que compartilham a mesma visão de mercado e complementam as soluções da empresa são mais propensos a contribuir para o sucesso a longo prazo. A performance de vendas é uma das métricas centrais, onde se mede o volume de negócios fechados, receita gerada e a capacidade de trazer novos clientes. Além disso, o engajamento e a colaboração do parceiro, demonstrados por sua participação em treinamentos, eventos de co-marketing e reuniões de planejamento, refletem seu comprometimento em maximizar o valor da parceria.

Segments and tiers are fading concepts in many SaaS companies, with focus shifting to programs and levels (yes, arguably 'tiers' but less metal-y). Programs drive commercial value in partnerships and typically carry commercial terms, specifically with regard to commissions, payouts, and KPIs. Partners are increasingly working across multiple programs and companies need flexible models that allow for cross-program attribution. One deal might be credited toward the service installer program, another just referral, and each may carry different commercial obligations for payouts. All of this, by the way, should START in the CRM and be filtered into the PRM for custom experiences as needed, but an empty CRM leaves you struggling to justify.

In Partner Relationship Management (PRM), identifying partner segments and tiers involves evaluating partners based on value, capabilities, market location, and engagement levels. Assess factors like sales volume, growth potential, technical skills, and market reach. Partners are then categorized into tiers (platinum, gold, silver, etc.) based on performance and strategic importance. This segmentation allows for tailored support and incentives, ensuring resources are optimally allocated. Regularly review and adjust these segments to reflect changing market dynamics and partner evolution. Effective segmentation and tiering in PRM are crucial for fostering strong, mutually beneficial business relationships.

Using existing PRM data usually from a CRM system like Salesforce: - Identify data parameters like Solution Expertise, Last Year Revenue Performance, Market Location, Industry Vertical expertise, Salesforce scalability - Once the data is identified and compiled, usually a framework can be derived for the building blocks of a partner tiering and segmentation. - The tiering system has to also be determined synchronously with the XaaS vendor's GTM strategy, otherwise there will be a value gap between the vendor and the GTM team.

I've found that collaboration and communication are essential for defining and measuring partner value effectively. Regular discussions with partners to review performance, assess outcomes, and identify areas for improvement are critical for maintaining alignment and maximizing value. Additionally, leveraging technology and data analytics can enhance the measurement of partner value. PRM platforms provide tools for tracking partner activities, analyzing performance data, and generating actionable insights. By leveraging these tools, hospitality management consulting firms can quantify partner contributions, identify areas of strength, and address challenges proactively.

Partner Health is an indicator of relationship and alignment with contracted organizations. By measuring a variety of key indicators, thoughtful, strategic decisions can be made on how to advance results. Partner Health Scoring allows for a consistent review of critical inputs and results to determine strategy, next steps and an outline of items to complete. A playbook for the Partner Success Manager is to be developed that will allow the influence of the categories necessary to move the needle.

A quantifiable approach is so important to ensure objectivity related to performance and client satisfaction. Well said Shannon.

Gather information from various sources, including your Customer Relationship Management (CRM) system, Partner Relationship Management (PRM) platform, surveys, and feedback forms. Once collected, analyze the data to identify trends, patterns, gaps, and opportunities that can inform your strategy. Utilize tools such as dashboards, reports, and analytics to visualize and interpret the data, enabling you to make well-informed decisions. This thorough analysis helps in understanding the root causes of the dispute and developing strategies to enhance the partnership's value, ultimately guiding more effective and strategic decision-making.

To truly define and measure partner value in your PRM strategy, data collection, attribution and analysis is essential. This involves gathering data from various sources such as your CRM, PRM platform, and partner feedback. The key is consistency: collecting data regularly and accurately ensures you have a comprehensive view of your partner relationships. Analyzing this data helps identify trends, gaps, and areas for improvement. Dashboards and reports can offer valuable insights that guide strategic decisions. By visualizing this data, you can better understand partner performance and overall program effectiveness, turning raw information into actionable intelligence that drives your partner ecosystem forward.

To facilitate the process of collecting data from partners, consider the following strategies: - Incentivize partners to participate. This is crucial for data requests that are not contractually agreed upon, such as periodic surveys. - Demonstrate the mutual benefits of sharing data. For example, regularly share insights derived from the data with your partners. - Clearly define data collection standards. Depending on the collection method, consider defining the scope of data, its format, and the frequency of collection. - Make it easy for your partners to share data by simplifying the workflows for submitting the requested data. - Avoid time-consuming, multi-step processes that could discourage participation.

A coleta e análise de dados de parceiros é fundamental para uma gestão eficaz de PRM, mas a chave está em garantir que os dados sejam relevantes e acionáveis. Além de coletar informações do CRM e plataformas de PRM, é importante diversificar as fontes, como feedbacks qualitativos de pesquisas e interações diretas com os parceiros. O uso de análises preditivas também pode ser um diferencial, permitindo antecipar problemas e identificar oportunidades antes que se tornem evidentes. Integrar esses dados em dashboards dinâmicos facilita a visualização das métricas em tempo real, oferecendo uma visão panorâmica e detalhada, permitindo ajustes ágeis e decisões mais precisas.

Collecting and analyzing data is critical, but the real value lies in actionable insights—especially when the data originates from your partners' marketing activities and shows customer intent to purchase. As a vendor or service provider, leveraging both first-party and second-party intent data is essential not only for driving increased sales but also for aligning with partner-defined success. This type of intent data helps focus efforts where they matter most, ensuring that both partners and vendors can capitalize on real-time opportunities and make informed decisions that fuel growth.

Clearly communicate the insights to both internal and external stakeholders, including management, sales, marketing, and partner teams. Transparent and effective communication ensures that all relevant parties are aware of the findings and understand their implications. Subsequently, act on these insights by making necessary adjustments to your Partner Relationship Management (PRM) strategy. This could involve refining partner programs, updating incentives, enhancing support, or providing targeted training. Implementing these actions based on data-driven insights helps to strengthen partner relationships, boost performance, and foster loyalty.

Comunicar e agir com base nos insights de valor do parceiro é crucial para transformar dados em ações que gerem resultados concretos. Ao compartilhar esses insights com stakeholders internos, como equipes de vendas e marketing, você garante que todos estejam alinhados com os objetivos de PRM, permitindo uma resposta coordenada e eficiente. Além disso, ao customizar a comunicação para cada público, seja um gestor ou um parceiro, você torna os insights mais acessíveis e relevantes para todos. Mais importante ainda é agir rapidamente sobre os insights, ajustando programas de incentivo, aprimorando o suporte e oferecendo treinamentos específicos para fortalecer o relacionamento com o parceiro.

Setting your value metrics up in a quadrant format is a great way to use your value insights internally, improve the partner experience, and ultimately improve the performance of your partner program. In a scatter chart, combine all your performance metrics on the X-axis and all your engagement metrics on the Y-axis. Top right: These are your champions! They are highly engaged and capable. Bottom right: These partners are showing capable, but not engaging as much as we'd like. You want to focus on exciting them to engage more. Top left: Loyal partners, highly engaged but not that capable. You want to focus on enabling them to help them get results Bottom left: Not very engaged or capable. You can start by focusing on engaging them.

PRMs are, ultimately, for your lower 80% of partnerships. They are the wall that your lower performing or net new partners typically have to climb over to get your attention. They are the no-touch and low-touch partners that don't bring high value to the partnership. Most early to mid-stage companies, depending on program model and alignment strategy, can delay PRM acquisition with proper CRM adjustments and tooling. Deal reg, after all, is just an inbound lead form. Is that really worth a 5-figure investment for features you may never use? If you don't have dedicated enablement and ops for partnerships, definitely consider pushing PRM off because they will be critical roles for admin and content.

Furthermore, it's essential to consider qualitative factors alongside quantitative metrics when measuring partner value. Factors such as partner engagement, relationship strength, trust, and alignment with organizational values also play a significant role in assessing overall partner value. In summary, defining and measuring partner value in a PRM strategy involves understanding partner goals, establishing relevant metrics, fostering collaboration, leveraging technology, and considering both quantitative and qualitative aspects. This approach helps hospitality management consulting firms build strong, mutually beneficial partnerships that drive business success.

You have to really under what the PRM is doing for your organization. If one exists in your organization, then it’s a matter of understanding what you are trying to achieve at each point in the process such as (e.g. onboarding, inquiry, deal reg, engagement level…etc) If you are looking for a PRM, define what actual values and overhead reduction it will bring. For some organizations it can bring more work than benefits.

Valuable partners significantly contribute to your brand's objectives, advancing its strategic goals. In addition to OKRs and KPIs, key partners offer invaluable expertise and know-how that your brand should integrate. An inquiry I frequently pose to exceptional channel-partners is: Which brand's channel-partner experience has been most beneficial to you, and how did they achieve that success? Alright, that was two questions.