The number of companies leveraging partnership programs for growth is increasing day by day. From established firms like Hubspot, Zendesk and Slack to small players, startups and scaleups, partnerships are being used to generate leads, build awareness, and expand to new markets.
Since it is critical to structure a partner program that is scalable and maintains excellent partner relationships, more and more companies are relying on a partner relationship management solution (PRM). We spoke to Steven Muhr, founder of Kiflo on the role PRMs play in growing company revenue and scaling partnerships.
There are so many ways for a company to expand their audience. What makes partnerships such an attractive channel?
B2B partnerships are a great way for companies to grow. Building a network of B2B affiliates, referral, and reseller partners lets companies leverage mutual connections to expand, connect, and provide more value to the end customer.
Today, around 70% of the global revenue is being driven through 3rd-party channels. Partnerships add value not only to the company’s bottom line but also in terms of providing a good customer experience and support.
How does a company set up a successful partner ecosystem?
There are three key factors that need to be considered when building a partner ecosystem.
The first is choosing the right partners. For partnership programs to be successful, your partners should have an existing relationship with your target audience. Even better, they should have complementary products / services to give partners an added incentive to promote your brand.
Then you need to properly present your program. Having an organized, well-presented program is the key to building a committed group of partners. Partners need an environment that is well-structured to make them feel secure and proud to work with you.
Finally, ensure the system is scalable. The success of a partnership program depends largely on the number of engaged partners one has. Thus, the system must be scalable. Ideally, tasks such as onboarding, training, deal registration, partner management and commissions should be simplified and automated in order to save time so you can focus on growing your partner network and performance.
What role does a PRM play in managing partner ecosystems?
As mentioned above, setting up a partner ecosystem that is scalable is essential. This is the purpose of using a PRM. You could try to manipulate a CRM or use an excel sheet for partner management but it’s not an effective solution. Using the wrong tools can waste effort and time instead of saving it. The more effort you spend on managing processes, the less time you will have to focus on growing your program and increasing your ROI.
A PRM like Kiflo gives you all the tools needed to manage partners from the onboarding stage right until commissions are distributed. It automates processes and makes it easy for you to see how each partner is performing and where it’s best to invest your time. It also ensures that your partners have the material required to promote or sell your product. This maximizes partner performance and thus your partner revenue.
Your partner ecosystem can be simple or complex. So whether you have multiple partnership programs running at the same time or you have a tiered partner program, Kiflo keeps everything organized for you. A connection between Kiflo and your CRM allows you to easily exchange information between your sales team and partners. Ultimately, it helps build a sustainable, scalable ecosystem.
How does Kiflo facilitate partner onboarding, training, and certification?
Kiflo allows companies to automate the onboarding process for all partners. Once set up, manual effort is minimized and training and certifications are made available to partners automatically, as and when needed.
You can also design specific training and sales objectives for partners. With Partner objectives, you can set and view the number of products mastered, number of certifications, etc and keep track of your partner’s training progress.
At the partner’s end, Kiflo provides access to a personalized portal where they can view prerequisites, goals, training modules, sales material, etc. Once a lead is generated, Kiflo’s portal makes it easier for them to track deals through their personal sales pipelines. It then equips them with everything needed to manage their deals and keep them motivated. This, not only simplifies processes but also, makes your partnership professional, transparent, and encourages partners to proactively play their part.
How does Kiflo simplify the sales process?
Kiflo gives partners all the tools needed to manage and track their leads and deals. Once a lead is submitted, it gets added to a personal sales pipeline. This can be viewed by both you and your partners. Shared visibility eases collaboration and makes sure that you can give your partners the support they need to progress along the sales path.
You can view how a deal is moving, what stage of the sales cycle each partner is at and the forecasted revenue. All information such as notes, transactions, etc. stays organized in one place and is accessible for you and your partners, which adds transparency and trust in your partner relationship.
Setting KPIs and tracking partner performance also helps streamline the sales process. You can easily identify partners who need additional support as well as the high performers to take actions and get better results.
How does Kiflo help manage commissions?
To stay motivated, your partners need appropriate commissions. Kiflo helps maintain transparency in the commission system. You can choose to award tier-based commissions on leads or completed sales. Alternatively, you can choose a fixed percentage or recurring commission often used for SaaS models.
Kiflo tracks all paid as well as unpaid commissions and makes sure no transaction is missed. When a partner reaches their goal, you will immediately know how much of a commission is to be awarded. This maintains trust in the relationship and keeps partners motivated.
About Kiflo
Kiflo is a PRM designed specifically for startups and SMBs. It aims to simplify the way partner programs are built and sustained while saving time and effort. The main features offered include deal registration, automated partner onboarding, training, asset management, partner portal, and reward tracking. For companies of all sizes, Kiflo offers affordable solutions for partner management from the get-go.
Related Categories