It is almost impossible to generate revenue on day one with a new sales partner. If this happens, it is likely to be a fortunate coincidence. The portfolio knowledge embedded within the vendor’s organization needs to be effectively communicated to the new sales partner. Since they are likely to be supporting other vendors at the same time, they will have a limited window of attention. Therefore, it is crucial to use this time efficiently.
Rule-of-thumbs to measure the new sales partner effectiveness.
A sales partner should be capable of independently offering the portfolio within nine months.
To measure the effectiveness of a new sales partner, a general rule of thumb is that this new partner should be able to offer the portfolio independently within nine months. In the end, the new sales partner should have fully integrated the portfolio into their offerings by the 18-month mark.
In relation to this blog, next week a special blog will examine the process of successful onboarding of a new sales partner to achieve maximize efficiency.
Review of performance
It is important to recognize when a sales partner should become an effective salesforce. Equally important is identifying early signals that a new sales partner may not be as effective as initially expected. One way to monitor the progress of a sales partner is through the use of the last blog discussed Quarterly Business Review (QBR).
Ending a channel partnership due to lack of results is often in the best interest of both parties; do not hesitate to take this step when necessary.
If a sales partner is not on track to meet these milestones, it may be necessary to carefully review the reasons for this. It may be that it is necessary to invest more resources, or if this is not a viable plan, may decide to move forward with another partner as an alternative. This decision will probably be mutually beneficial, as carrying a non-performing vendor within a portfolio does not help the sales partner generate revenue.