You nailed it. Signed that big partner. Tick the box and collect that MBO. But here’s the hard truth – unless you can effectively bring that partner onboard, your success ends here.
The data shows that the way you onboard a partner at the beginning of the relationship directly affects your likelihood of getting to revenue with a partner. According to Zift, a well-structured partner onboarding process can reduce the time it takes for partners to start generating revenue by up to 30%. That’s like having a GPS for your business success.
Partners are in agreement! 92% of partners say that a smooth onboarding experience is essential for building a successful partnership (Forrester Consulting) and partners who go through a structured onboarding program are 30% more likely to remain loyal to the vendor (Channeltivity).
However many companies fail to see results because they overlook the human factors. Simply signing partners won’t cut it. Two overlooked areas that make or break channel success:
- Onboarding – 37% of channel chiefs admit their onboarding is ineffective. (Source: DemandGen) Structured onboarding gets partners productive faster.
- Team Development – Companies that give sales reps channel training see 50% greater revenue growth versus competitors. (Source: Corporate Visions) Developing channel competencies across teams ensures channel execution.
Now, let’s talk about two often-neglected aspects that can make or break the success of your partnership and channel strategies: onboarding and team development.
Partner Onboarding: The GPS for Success
Think of partner onboarding as the GPS that guides you and your partners to your destination. It ensures that everyone is on the same page, knows the route, and has the right tools for the journey.
Statistics back this up:
- Companies that invest in partner onboarding programs experience a remarkable 16% increase in annual revenue compared to those that don’t. (Channeltivity)
- A well-structured partner onboarding process can reduce the time it takes for partners to start generating revenue by up to 30%. (Zift Solutions)
- Partners who receive formal onboarding training are 35% more likely to stay with a vendor for three or more years. (HubSpot)
A structured partner onboarding process ensures that everyone speaks the same language, reducing misunderstandings and boosting engagement. Tools like Launch GTM will help you increase capacity for onboarding, command visibility into the onboarding process and drive glorious outcomes.
Team Development: The Engine of Success
Teamwork makes the dream work, but only if your team is well-prepared. Team development is not just about hiring the right people; it’s about equipping them with the skills and knowledge needed to excel in a partner and channel-driven environment. This includes knowing where to spend your time, and where to use technology as your competitive edge. Consider these facts about developing your team:
- On average, organizations can expect a 10% increase in productivity when they invest in employee training. (Association for Talent Development – ATD)
- Companies that invest in employee development and training programs tend to have a 24% higher profit margin than those who don’t. (American Society for Training and Development – ASTD)
- Organizations that offer opportunities for professional development and training experience a 34% higher employee retention rate. (LinkedIn Workplace Learning Report)
So, if you have the “what” with the platform and process, education will give you the “how”. Investing in programs like the Partner Performance Advisor Program (PPA) will help your team maximize your investments and bring your ecosystem to the next level.
Don’t forget the importance of partner onboarding and team development. They are the secret weapons that can turn your partnership and channel strategies into roaring successes, taking your business to new heights. So, it’s time to adjust your route and hit the road to partnership prosperity!
