A new partnership can transform a business for the better and propel it forward. Those productive partnerships can bring fresh opportunities, higher revenues and new expertise.
Unfortunately, 70% of business partnerships fail. The failure of a partnership can be a disaster – not only will you lose out on the various potential benefits, but you might lose significant amounts of time, money and effort.
If you want to protect your partnerships, you’ve got to focus on mastering Partner Experience (PX). In this post, we’ll offer up a clear definition of PX and dive deeper into exactly how it can benefit your business.
What Is Partner Experience (PX)?
Partner Experience (PX) is a measure that businesses can use to gauge the health and profitability of their various partner/reseller relationships.
In today’s complex business environment, strong local and inter-organisational relationships can open up new opportunities and boost revenues. This is why it’s so essential that businesses have a methodology to assess the quality of their partnerships.
The most productive and profitable relationships will lead to a high PX score, while a low PX score suggests that the partnership can be improved. Businesses can use this useful metric to guide their actions, assess their impact and bring about the most fruitful relationships possible.
How to Measure Partner Experience
There are a number of metrics and factors that you can measure to assess the effectiveness of your PX initiatives.
Here’s a brief look at some of those key metrics:
Number of partners
A good way to assess the impact of your PX initiative is to track the number of partners that you have over a given time period. This is a great metric to get an overview.
Revenue per partner
You can assess the impact of your PX initiatives by tracking the revenue generated per partner over a period of time. You could plot PX initiatives against revenue growth to uncover trends.
Long partnerships are often the most profitable ones. You should regularly track the length of your partnerships to gauge how satisfied your partners really are.
Partner satisfaction score
The best way to understand the satisfaction of your partner is to ask them with regular questionnaires and surveys.
How Can Partner Experience Benefit Your Business?
If you focus on nurturing a strong PX, your business will reap the rewards. Here’s a closer look at the benefits that you can unlock with PX:
Stronger relations with your partners will ultimately result in more sales and higher revenues. Whether you’re nourishing relationships with resellers
If you focus on keeping your partners happy, you’ll be sure to elevate their satisfaction. This higher level of satisfaction gives you the ability to retain your
Develop closer ties with your partners
If your business focuses on elevating PX, you’ll naturally forge closer and more productive links with your partners. Those closer relationships can result in new opportunities for your business and additional support.
Enhance your reputation
Modern business is a team sport. Those businesses that learn to cooperate and forge symbiotic relationships with other businesses are the ones that will prosper.
If you nourish and maintain productive partnerships with other businesses, you’ll find it easier to build on those experiences. You’ll quickly build a reputation as a trustworthy and productive partner which will open up new doors for your business.
Offer more effective and efficient support
In today’s interconnected business environment, it’s critical that businesses are able to offer timely and always-on partner support. If businesses focus on PX, they’ll naturally make the right decisions when it comes to support and reap the benefits.
Offer excellent support and you’ll see partner retention and satisfaction rocket.
Boost Your PX Today with Follco
Here at Follco, we empower businesses to create industry-leading secure private communication portals that boost engagement and communication. You can quickly get started with our platform to spin up a personalised and feature-rich portal.
Our platform empowers you to create a personalised platform that champions your culture and brand while offering a one-stop-shop for communication with your partners.
Ready to improve your partner experience today? Visit our website to learn more and get started with Follco today.