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Once you’ve got your referral partner program running, you’ll want to collect data that will help you to optimize and grow the output from your referral partners. To do this I will outline a number of metrics that aren’t merely to measure against but actionable as well.
5 Key categories of metrics for a referral partner program:
- The referral pipeline:
- # of partners
- # of referrals
- # of successful referrals
- Partner activity:
- % of partners that have made referrals that period
- % of partners that have made multiple referrals that period
- % of partners that have had successful referrals that period
- Avg # of referrals per partners
- Avg # of successful referrals per partner
- Top performers:
- Top partners by # of referrals
- Top partners by # of successful referrals
- Top partners by revenue
- Under performers:
- Lowest partners by # of referrals
- Lowest partners by # of successful referrals
- Lowest partners by revenue
- For those running a to and through partner program – you’ll want to look at the referral pipeline by partner entity as well.
1. The referral pipeline
Understanding the flow of referrals from partners and their employees to closed won revenue is important for seeing trends. Additionally, this is your direct ROI to demonstrate the clear value of the program to executive leadership. You’ll want to have this data and manipulate it by the current time period as well as chart it over time to see trends.
You won’t take action on this data on a daily basis, but it is important to watch if something falls outside of your expectations or is under performing relative to business objectives. If so, start diving into the metrics below to diagnose possible issues.
2. Partner activity
Continuous engagement and promotion is important to keeping partners referring. Monitoring their activity levels is key to knowing when an additional nudge is needed or a full out calling campaign from channel sales to encourage repeat referrals. Keeping tabs on both percentage of partner activity as well as monitoring averages will help you to identify overall performance problems that you can address holistically.
3. Top performers
It’s great to know the overall trends for your program, but there is incredible value to identifying top performing referral partners. This is an opportunity for personalized recognition or expansion of the relationship. As with any marketing activity, it pays to focus on the best performers and give them additional resources to get even more out of them.
4. Under performers
While it is great to spend time with top performers, there are some very basic course corrections that can be made with under performers that can keep them engaged and get them successful. My favorite report is partners who have made a lot of referrals, but haven’t had any make a purchase. Chances are these partners don’t understand your target buyer or they aren’t positioning your product value correctly. A simple email and follow up Go to the full article.
Source:: Business 2 Community