for partner relationship management best
practices in 2024
The past year has likely been a mixed bag of wins and losses, successes and challenges and plenty of learning opportunities and room for growth in your partner program. With Q4 in full swing, organizations are focused both on wrapping up projects and initiatives from the previous year, as well as planning for the year ahead.
This balancing act can lead to a busy couple of months in the partner space, but having the right partner relationship management tools at the ready can make the workload a little easier.
We’ve put together a toolkit to guide you through reflection on your past partner management strategies, along with a checklist to prepare for new objectives and shifting best practices in 2024.
End-of-Year Planning Best Practices: Overview
Reviewing your efforts over the last year is the first step toward setting a solid foundation for 2024. The next move to make is planning for the rest of the year and into early Q1. There are a lot of competing partner relationship needs happening during these busy months, so staying organized and prioritizing tasks is key.
Condense each end-of-year priority into three categories, such as starting a new channel, scaling an existing channel and adjusting your channel strategy. These initiatives will begin at the end of this year and rev up in early 2024, so it’s best to start as soon as possible.
Priority 1: Starting a New Channel
Identify which companies you wish to target based on any gaps in your existing partner program or opportunities that have come up in Q4. Determine the preferred channel program structure and which type of partnerships you’re going after.
Map out the benefits of any new desired channels, and include detail about how each partnership would improve the customer experience and your company’s revenue overall.
In our How to Secure Channel Budget webinar, you’ll learn how to create a stellar pitch for securing budget — vital to making your wishes for starting a new channel a reality. Download the template to build a framework based on forecasting and planning for upcoming financial needs.
Priority 2: Scaling an Existing Channel
Perform a channel audit to assess where your program is succeeding and what could be improved in the new year. Build a proposal for scaling your program by outlining which partners are helping you grow revenue, detailing activities that will lead to partner success and which networking opportunities could help bring in valuable new partners.
One way to ensure alignment between you and your partners is through a channel partner scorecard with defined metrics. Evaluate the success of your channels with our Channel Partner Scorecard Template, which helps you assess partnerships after they have onboarded.
This will give you insight into how the partnership has progressed over the year, how well you and your partners are aligned on shared goals and what components are essential for a successful partnership next year and beyond.
Priority 3: Tweaking (or Even Overhauling) Your Channel Strategy
There’s likely no need to start from scratch next year in terms of your entire partner program strategy. A smooth transition into 2024 is ideal, which means continuing your existing channel management practices and improving upon tactics gradually when and where it best serves your partner relationships.
PRM platforms aren’t ‘set‘em and forget ‘em’ tools,: successful partner strategy requires data-informed evaluation coupled with insights from real people.
Reflect on the beginning of 2023 to determine if the outcome of your program over the course of the year aligned with your original hypothesis. Connect with mentors, your network and industry leaders to gather new insights on what makes an attractive partner program.
Analyze and improve your strategy as you dive into the new year with our What’s Working in Partner Relationship Management? eBook, which will aid in your evaluation of the past year’s activities and plans for 2024.
Access Your 2024 Toolkit to Skyrocket Your Partner Channel Revenue
Partner relationship management best practices evolve over time, but looking back at your wins and challenges over the past year and using trend analysis and forecasting to anticipate what’s to come can help you plan for a strong 2024.
We’ve compiled our top resources for analyzing your past partner program actions from 2023 and preparing for what’s ahead next year. Grab all the tools needed for your partner program kit so you can create actionable steps that will lead you into the new year.