If you want to make sure that you are adopting the best possible partner retention strategies around then you have come to the right place. Here you will find five strategies that you can implement today, so you can ensure that you are always making the best decisions for your partners and your customers.
Which Strategy is Right for Me?
Usually, it’s a good idea for you to adopt numerous strategies. The ones that are most effective will present themselves over time, so you can focus on those going forward.
Why do Partners Leave?
Partners can leave for a number of reasons. It’s your job to make sure that they don’t by rewarding them and by incentivising them.
How do I Know if my Partners are Content?
Regular communication will help you to know if your partners are happy with the organisation you’re running.
Retention Strategies you Can Adopt Right Now
If you want to try and make sure that you are retaining your partners as much as possible then this is the guide for you. Here you can find out how you could stop your team from going to your competitors, while also learning top strategies that will keep them engaged.
Make your Team Passionate
Your partners probably have a great deal on their minds. Whatever it is you are offering may fall to the wayside if they have other, more pressing needs or if there are other exciting opportunities on the horizon. For this reason, you have to try and find ways to ignite their passion. There are a few ways that you can do this, such as by giving them new material or even inviting experts. Incentives should also be explored. Keep your most profitable partners hooked by giving them new rewards. This could range from having some more assistance or even boosting their selling through marketing development funds.
Manage Expectations
Partners should always have a solid idea of what they should be expecting from a program, as well as the sales process. They should know how intense the onboarding process is and they should also have a good understanding of the payment structure too. What’s more is that they should be guided through your system so they know what to expect in the future. If you can put in the work to be transparent then this will entice new partners to join your organisation and with time, this will pay for itself. Having your partners dropped when they are not a good fit for your organisation is also essential. Be sure to do this sooner rather than later so you can avoid investing too much if the partnership in general was never meant to be.
Keeping Competitive
You are not the only company out there who is trying to court partners. If you do not have a solid program then you will find it impossible to stay competitive and this is the last thing that you want. If you want to do something about this then you need to stop your partners from pulling away from you and into the arms of a rival provider. There are a couple of ways that you can remain competitive, and that is done by incorporating new services, incentives and more, based on the feedback your partners are giving. You might also want to opt for a commission percentage that actually counterbalances the time and the investment of your partner.
Getting the Highest ROI
Opportunities for various partner programs can be endless, but at the end of the day, your budget isn’t. Defining a tiered structure for your partners helps you to reward the relationships that matter the most to you, while also helping your other partners to achieve their full potential. Some of the things that you can do to try and reward your high-level performers include marketing development funds, co-marketing opportunities, or even market exclusivity. If you can make sure that you are rewarding those who may be bringing in the most money for your company then this will help you to solidify your presence for the future, allowing you to not only stay competitive but also give you the highest possible ROI.
Look Out for Weak Links
Another thing that you need to try and do is look out for any weak links within your partner’s journey. If you are finding it hard to keep your boat afloat then you need to try and pinpoint where the leak is. If you can make sure that you have a solid PRM then this will help you to track your individuals as well as your teams, so you can see what content interactions are being made while also being able to illuminate set behavioral patterns. If you can see where partners withdraw or fall off then you need to think about why this is happening, and if there is anything you can do to stop it.