When working with partners in a digital economy business model, it is essential to measure their program’s scalability.
In this article at Forbes, Chen Amit recommends some effective metrics worked by him for the long survival in the digital arena. Obviously like other metrics, your mileage may vary. Hence, start with baseline measurements and act upon improving it.
What’s a Partner Program?
The digital economy partner program identifies and adopts specialists at large to deliver marketplace mechanism. It bridges the gap between those who have a need and those who can fulfill it. In return, the marketplace charges a good amount of money from either the creators or the consumers for connecting the two. Here are some beneficial metrics to define how your business may scale:
- Onboard & Engender Productivity: Adding partners to the business is like adding clientele in sales and marketing. The partners need to join rapidly and be a part of the ecosystem as productive members. Minimizing the onboarding window may keep the potential partners active. Then, it is the best time to train them about the business. Background and blacklist checks may help you filter the incompetent ones.
- Effective Communication: Being on a digital platform, you may not meet most of your partners in person or even connect over phone. Hence, communications and interactions must be unified. Thus, establishing web portals, online content, email or text notifications apart from electronic payments should be one of your primary engagement mechanisms.
- Partner Fraud Rates: A huge amount of risk is involved with digital partners, particularly if they are from some other country. Ideal onboarding must catch the identity fraud, still, the risk of fraud remains. Constant fraud checks should be a major part of the relationship maintenance process. Verifying the partner prior to each transaction is a ‘must’.
- Partner Retention: In the digital arena, partners go through some amount of churn which is obvious. However, if you never wish to lose your highly productive partners with unique capabilities, keep them happy the way you keep your consumers.
Click on the following link to read the original article: https://www.forbes.com/sites/forbestechcouncil/2019/01/16/digital-economy-four-partner-metrics-that-define-how-your-business-scales/#7f7cfeb633bd