Better Partner Marketing with Partner Marketing Automation
Prospect data throws wide open a big door into the prospect's world, allowing businesses…
Partner marketing campaigns play a key role in helping your channel partners generate and close leads. However organizations often have a hard time measuring the effectiveness of their partner marketing campaigns. And, as we all know, you cannot fix what you don't measure. Measuring the performance of partner marketing campaigns helps organizations understand what truly works and what doesn't and tweak their partner marketing strategies accordingly. This blog looks at the reasons why organizations are often not able to do so effectively in spite of channel partner marketing software.
The channel-based sales model is complicated and the various metrics associated with it spread across different functions such as sales, marketing, operations and many others. The sheer vastness of its scope often results in a lack of transparency among the various functions involved. For example, the metrics-related data is spread across CRMs, marketing platforms, partner portals, sales spreadsheets, etc. When data from these different sources are in silos, it is nearly impossible to see the big picture and see how each critical business function, including partner marketing, is doing.
When selling through channel partners, companies often find it challenging to get full visibility of the buyer's journey. For example, channel partner marketing software. generates leads and passes them off to channel partners. But, what happens to the leads after it reaches the channel partners? If the lead doesn't close, then what are the reasons for the lead leakage, i.e, the lead not buying from the channel partner? Is that a common occurrence? And if yes, then is it in the case of a particular channel partner or that is a common outcome? Companies need full visibility of the sales funnel and the buyer's journey so they know what's happening at each step. A clear view of the buyer's journey not only helps in quantifying the KPIs but also helps companies identify areas of concern such as a weak partner marketing process, a poor lead qualifying process at the partner marketing level, or a leaky sales funnel at the channel level and fix it, so there's no lead leakage.
From the partner's perspective too, being aware of the entire lead journey helps them sell better, For example, being alerted of the lead's activities when they interact with the company's marketing materials or website, helps channel partners reach out to the leads at the right time with the right messaging.
The solution to most of the challenges in measuring partner marketing KPIs is "One platform", i.e. using a single platform for Partner relationship management (PRM), channel operations, partner marketing, and channel sales. Managing these core elements of the channel sales model from a single platform allows data to flow freely between the various functions and offer each of them a clear view of the big picture. Both, the company and its channel partners get an uninterrupted, comprehensive, 360-degree view of buyers and their lead-to-revenue journey. Having a single platform lends more repeatability and scalability to all processes. When everyone uses the same software, the process flow is more fluid and all the varied functions and data 'talk to each other', contributing significantly to the big picture, instead of creating their own data islands in silos. Whether it is partner onboarding, certification, and training, MDF, marketing assets, portal logins, deal registration, or lead conversions, having a single platform definitely makes it easier to measure their effectiveness.
Where it may not be possible to implement one platform, end-to-end, companies must focus on seamless integration between the various functions and tools used by them. For example, a partner marketing software that integrates with the CRM used by channel partners, will allow the company to measure partner marketing KPIs effectively vis-a-vis a stand-alone platform.
Apart from seamless integration on the technology front, communication between the various functions that own the KPIs is very important. While technological integration will certainly help, internal communication will help smooth out any creases that may exist between the various functions as the data flows back and forth.
The partner marketing team has to work towards gaining the trust of their channel partner network. Only when partners trust the company and the people they work with, will they be transparent with data (numbers) and other business challenges and information.
When partners talk, companies must listen. When companies are responsive to feedback from channel partners and keep the lines of communication open, it not only fosters great partner relationships but also helps in understanding the various challenges/gaps in the partner marketing process that can affect the partner marketing KPIs
Mindmatrix is a leading provider of PRM software, channel partner marketing software and sales ecosystems enablement solutions including partner portal software. Since its inception in 1998, Mindmatrix has been focused on helping companies sell more, faster. A pioneer of sales (direct & indirect) and marketing enablement technology, today Mindmatrix is the only company offering a fully unified platform (Bridge ™) that connects and enables sales (direct & indirect), marketing, alliances and partner ecosystems. Backed by Mindmatrix's innovation and expertise, Bridge expands sales ecosystem enablement beyond its traditional boundaries to cover not just Sales Ecosystem Enablement, but also Partner Marketing and Multi-vendor Solutions Management