As outbound and inbound are getting harder, partnerships play an increasingly important role in achieving success. Nearbound is becoming a crucial strategy. The right collaborations can open doors to new markets, drive revenue growth, and improve retention.
But identifying which partners have the most potential and how to prioritize resources can be a complex challenge.
Reveal's Partner Analytics can help. This feature provides a comprehensive understanding of the value each partner brings to the table.
Partner Analytics is a feature available on Reveal Pro and Power plans, allowing you to assess the revenue potential of each partner in your ecosystem.
To leverage Partner Analytics effectively, it's essential to comprehend the summary metrics it provides. These metrics offer a concise breakdown of your partner addressable revenue and help you visualize the potential revenue you can generate
This metric signifies the total potential revenue across all your partners. It acts as a compass, guiding you towards the overall revenue potential in your partner ecosystem.
This metric focuses on potential revenue from partners' customers who are not in your CRM. It's calculated based on the number of accounts, win rate, and deal size.
Influence metrics track your prospects with open deals who are also customers of your partners. It estimates potential revenue based on the number of accounts, win rate, and deal size.
Win Rate Boost is a metric that helps you quickly identify partners with whom you have a higher likelihood of winning new deals. This measures the impact a partner has on your success in closing deals, ultimately amplifying your revenue potential.
The % closed won of all new business opportunities in my CRM where the account was a customer of my partner when the opportunity was closed.
Revenue Potential is based on this formula:
1. # New prospects x Assumed conversion rate from prospect into opportunity x Calculated Deal Size x Calculated Win rate
2. # Existing prospects x Assumed conversion rate from qualified prospect into opportunity x Calculated Deal Size x Calculated Win rate
3. # Existing prospects with an Open Opportunity x Calculated Deal Size x Calculated Win rate
To make the most of this metric, consider the following actions:
1. Focus on High-Performing Partners: Partners with a significant Win Rate Boost should be a priority. Concentrate your resources on these partnerships to achieve better results.
2. Joint Sales and Marketing Efforts: Collaborate with partners who enhance your win rate to create joint sales and marketing initiatives. This can further boost your win rate and drive revenue growth.
3. Optimize Sales Processes: Analyze the sales processes and strategies that work well with these partners and apply those best practices to other areas of your business.
Deal Size Boost is a crucial metric that helps you assess whether a partner contributes to an increase in the average size of your deals. In essence, it measures the impact a partner has on the monetary value of the deals your business closes.
The percentage difference between your average deal size across all partners, and your average deal size with this partner. A higher deal size means more revenue per transaction, which is a key factor in revenue optimization.
To leverage this metric effectively, you should:
1. Identify High-Impact Partners: Use Deal Size Boost data to identify partners that consistently contribute to larger deals. These partners should be a priority in your partnership strategies.
2. Collaborate for Growth: Work closely with partners who have a positive impact on deal sizes to explore how you can further enhance the value of your joint offerings. This collaboration can lead to even more significant deal size boosts.
3. Tailor Marketing and Sales Strategies: Adapt your marketing and sales strategies to highlight the added value that these partners bring to the table. Highlighting the deal size boost can be a powerful selling point.
Incorporating Partner Analytics into your business strategy is akin to having a North Star for growth. It empowers Partnership Managers and key decision-makers to pinpoint high-impact partnerships, make informed data-driven decisions, efficiently allocate resources, and ensure alignment across teams.
This strategic compass not only optimizes your partnerships but also propels your entire business towards unprecedented growth, making Partner Analytics an indispensable asset on your journey to success.
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