So, chances are that if you haven’t already started your partnership program, then you’re certainly thinking about it. But are you also thinking about your partner marketing KPIs?
What are partner marketing KPIs?
Partner marketing KPIs are quantifiable metrics that you can monitor to track the success of your partnership marketing strategy. This might be done at a campaign, program, or channel level.
You’re probably already tracking your number of partnerships, your deal registrations, and the revenue that they generate, but it’s essential that you think holistically when it comes to assessing partnership success. This means tracking all of the KPIs that make up the intricacies of your program.
If this sounds like a lot of manual work on top of your other partnership activities – well, it doesn’t have to be. By leveraging a partnership marketing management (PRM) solution with advanced automation capabilities, you’ll be free to focus on program strategy and leave the tedious stuff to the AI.
Why are partner marketing KPIs important
The power of partnership marketing comes from its incredible ability to boost your company’s brand awareness, customer retention rates, market share, and bottom line, all of which increase your capability to drive exponential growth.
But if you aren’t tracking your KPIs, you might never reach those heights.
As the old adage goes: “if you can’t measure it, then you can’t improve it”. KPIs are important because they measure the value of your partnership programs and their potential for long-term success. It isn’t enough to focus on revenue alone – you need to monitor and analyze your channel program from multiple angles in order to accurately gauge what’s working and what isn’t.
If your profits are flatlining or declining, assessing these KPIs will help you pinpoint where improvements need to be made.
And if you’re turning a profit, these metrics will tell you what you’re doing right (and how you can do it even better to promote business growth).
Your KPIs are the guiding lights to your partner marketing efforts and provide your sales process with evidence-based integrity. So, what are the KPIs that you should be keeping track of? Well, look no further.
10 Partner marketing KPIs to monitor
ROIs and ROAs
Return on Investment (ROI), sometimes referred to as Return on Ad Spend (ROAS), is a measurement used to determine the overall profitability of an investment. In partnership marketing, ROI represents the profitability of a partnership marketing investment, usually at a channel or campaign level.
Naturally, ROI is one of the go-to metrics for marketers to focus on. It can give you valuable insights into the success of your marketing strategy, from indicating the profitability of any given campaign to determining whether marketing dollars can be increased towards partnership programs.