There are different types of channel sales KPIs — some are internal while others are external. Chances are you’re already measuring a few of these… but are you wasting your time on metrics that don’t matter? In the new data-driven world we live in, making sure you’re measuring the metrics that matter will enable you, your team, and your partners to achieve better results in less time.
Channel Sales Recruitment Metrics
Selecting the right partners is the start of channel sales success. If you’re not being selective with who you choose to partner with, you could end up with a lot of distractions that aren’t producing real results.
Channel sales recruitment is all about finding the balance between high-quality and high-quantity partners. These are the top recruitment metrics every enterprise should be tracking:
Total number of partners in each channel sale category: The number of people or companies that will sell and distribute your company’s products that will increase revenue.
Recruitment quota attainment: Measures how close a company was to reaching a goal by measuring a salesperson’s total amount of sales as a percentage of their share during a period.
Partner attrition rate: Measures the number of employees or customers lost and can be calculated annually to determine progress.
Partner recruitment channel percentages: Valuable channel data that helps identify which sources what works best to attract high quality candidates.
Average cost of recruiting new partner: Reducing the amount of time to fill vacant positions will attract better talented candidates and find areas to improve your sales.
Average cost of onboarding new partner: Guaranteeing your partner is onboarded successfully by having training materials and programs will set them us for success.
Average length of recruiting new partner: It can take between six to twelve months before you find an ideal partner to work with based on company needs.
Average length of onboarding new partner: After recruitment it can take from 30-90 days to train the right partner.
Channel Sales Training and Support Metrics
Once you’ve agreed to partner with an individual or organization, it’s all about setting them up for success. If you try to just throw a hundred-page guide at them and expect them to thoroughly review it front to back, you can expect a minimal rate of engagement.
Instead, try hosting live digital workshops that engage the partners with interactive opportunities. As you release new products, update your brand messaging, or go after new verticals, keeping your partners up to date will ensure messaging doesn’t get mixed up.
Percentage of partners using provided sales and marketing collateral: Using the right media material to help generate new leads and communicate your company’s message.
Percentage of partners who attend ongoing training: Preparing your potential partners to represent your products is a prerequisite part of the hiring process before becoming a partner.
Average partner satisfaction score: A scoring framework can help you identify strong or weak points that can lead to increased sales and determine if your efforts are having a positive impact
Percentage of partners who attempted certification: It is important to use a system that is easy to track your partners certifications and will help you monitor where they stand at training levels.
Percentage of partners who completed certification: Partners who complete certification allows you to measure the capabilities of your channels.
Channel Sales Success Metrics
Your organization got into channel sales for one reason: to expand revenue opportunities. If your channel sales are costing you more than they’re bringing in, you’re wasting time and money! That’s why it is important to measure overall channel sales success. But be sure to not be quick to criticize or judge your channel partners. Half of their success is your policies and procedures on helping them achieve their goals.
Turnaround time (aka speed to lead): The amount of time between a channel expressing interest in your business and the amount of time it takes for you to respond.
Number of leads accepted: Helps you assess the channel’s performance based on the number of leads it produces.
Number of leads declined: Any leads that are rejected should be reviewed and updated into your company’s organization system that includes the reason it was rejected.
Number of leads timed out: The number of rejected or dismissed leads should be looked upon again for further analysis or resubmission.
Lead response time: The average time it takes for a sales representative to follow up with a lead.
Total number of partner deals assigned: Overwhelming number of partners can lead you to have no more room to upsell and market your products to resellers.
Average value of partner deal: Choosing a partner that agrees with your business objectives will help you deliver great performances and lead to new partner deals.
Lead conversion rates (vs. direct sales): Assessed how effectively you turn qualified leads to new customers.
Percentage of accepted partner deals: Registering partner deals helps reward your partners for increasing sales and provides visibility in performances.
Average sales cycle length: The average amount of time it takes to close a potential deal with partners can take at least four months.
Channel Sales Profitability Metrics
You can’t measure channel sales in a silo. Understanding how your channel sales strategy is performing against other sales channels enables you to understand where best to invest your time, talent, and funding.
CAC for each partner sale versus direct sale: The amount of money being spent on sales and marketing strategies during certain time periods divided by the number of customers acquired.
Retention rates for partner sales versus direct sales: The percentage of customers who continue to pay for a company’s product over a specific time frame.
Cross-sell and upsell rates for partner sales versus direct sales: Cross-sell rates is the practice of selling a different product to a customer whereas upsell rates consist of convincing a customer to buy a higher-end product, both are beneficial to increase revenue.
To equip their channel sales teams with the best chance of closing sales successfully, the manufacturing industry implements effective channel sales systems.
More Articles from Insights
