There have been some amazing advances in Channel Predictive Analytics in 2016. One of these is getting access to important leading indicators from channel partner revenue, pipeline, opportunity and external data.
ChannelEyes‘ new product, OPTYX, displays a unique “Channel Health Score” that is a statistical measure that weights, normalizes, and combines several complex partner performance metrics into a single letter grade. The Channel Health Score is produced in real-time from important revenue, pipeline and opportunity metrics.
Similar to how a personal credit score works, it provides important leading indicators to the future success of every partner. It can also be rolled up by territory, region or channel program to provide channel leaders with broader perspective.
We understand the difficulty in evaluating partners because of the magnitude of variables. Who’s performing well? Who’s trending down? Is share of wallet expanding? What is our competitive product positioning?
Channel Health is best described as “the potential for the Partner to be a quality partner over the next 12-18 months”. OPTYX algorithms are robust, leveraging important and hard to measure data signals. In fact, there are 85 core factors that are weighted and normalized as part of the health score.
OPTYX constantly monitors partner revenue, opportunities, and activity, in addition to scraping the web ensuring the Health Score is accurate and up to date. It is focused on providing intelligent, real-time sales advice for channel account managers. Knowing which partner to engage at what time is the key to developing a fast growing and healthy channel.
5 AREAS THAT INFLUENCE HEALTH
1. REVENUE METRICS
Analyzing partner sales and comparing to past performance, opportunity specific confidence scores, and dozens of other data points, OPTYX alerts channel managers about meaningful positive or negative trends and can drive immediate action.
2. PIPELINE & DEAL SIZE
Understanding key pipeline metrics against history and industry best practices, OPTYX accurately forecasts a partner’s performance both near-term and longer-term. Channel capacity planning doesn’t need to be an annual exercise!
3. SALES CYCLE & VELOCITY
Knowing the speed that your partners close opportunities is important in managing the throughput of a territory. We know that every partner (and every opportunity) are different, and the activities that work in one case may not work in another.
4. SELLING SUCCESS
OPTYX deeply analyzes every opportunity and generates a real-time confidence score whether it will be won or lost. There are hundreds of factors that feed this composite model, and the scores change frequently. This allows the system to drive behavior at critical times in the sales cycle, rolls up to an accurate forecast, and highlights changes (good or bad) in your partner’s health.
5. EXTERNAL DATA
In addition to these internal factors that drive Channel Health, OPTYX also looks to the external world. Outside influences such as changes in partner financial condition, key personnel, or even pending M&A can be important leading indicators to the quality of partnership going forward.
OPTYX is the world’s first software platform that is focused on providing intelligent, real-time sales advice for channel professionals. Knowing the health of your partners as well as who to engage, and when, is the key to developing a predictable and trustworthy indirect channel business.
Download the Channel Health Score brochure