by Jim Holland, Sr. Product Marketing Manager
As we move into the final quarter of the calendar year, many channel sales leaders and channel chiefs have reviewed and finalized their channel partner strategies and plans for the new year. The revenue performance associated with channel sales is always scrutinized and often derived from what worked with direct sales and applied to judge channel success. Indirect or channel sales needs its own measurements and KPIs.
In its research, 10 Strategic KPIs for Channel Chief Success, the 2112 Group recommends you “don’t let others define your metrics” when it come to channel sales. “The mistake many channel chiefs make is not defining their key performance indicators or KPIs upfront. When a channel chief fails to define his or her own objectives, the executive team or others in the management chain have free rein to interpret channel performance any way they see fit. Misconceptions about channel partner performance are born in a vacuum.”
2112 group recommends 10 metrics you should consider. They include:
- New Logos
- Average Cost of Sales/Compensation
- Attached Sales
- Customer Retention Rates
- Sales Resource Utilization
- Technical Resource Utilization
- Partner Initiated Opportunities
- Sales Conversion Rates
- Partner Satisfaction Rates
- Channel Impact
Understanding channel metrics and KPIs is reliant on comprehensive and consistent channel data and insights into the when, where, why and how of channel sales. Having real-time knowledge of what new logos have been sold, attached sales (or rates), products, product lines, bundles and which partners have had success with new end-customers all fuel strong KPIs.
To learn more about how Model N can help you better manage your channel data and partner network insights, go here. If you would like to chat with someone from Model N about your channel challenges, click here. To read the complete research from 2112 Group go here.