Learning management software (LMS)
Noun
[lur-ning man-idge-mint soft-ware]
A learning management software (also called a learning management system or LMS) is an automated application that houses all of your educational content, including courses and partner certifications, to motivate partners to market and sell your product or service more efficiently. An LMS is a software application used to administer, document, report, and deliver educational content, so it serves an important role in partner onboarding and enablement.
Your partner program platform should offer or include access to an LMS. This is where you can create courses, certifications, documents, and reports that allow partners to enrich their knowledge of the program and market and sell your product more effectively. Some LMS resources can also be available on a self-service basis, so partners can access the information they need when they need it.
Example: Louis needed to learn about a new product release, so he logged into the LMS to take a certification available for the product.
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The Ultimate Guide to Partnerships for Ecosystems in 2023
Noun
[life·time reh·vuh·noo]
Lifetime revenue is a metric that shows the total amount of money a customer or client spends on your products or services over the entirety of their relationship with your business. Lifetime revenue can also be referred to as customer lifetime value (CLTV) or customer lifetime revenue. Lifetime revenue can be used to determine which customer segments are most valuable to your business.
Example: Building loyalty with partners is a good strategy to increase their maximum lifetime revenue.
Noun
[laang tayl paart·nrz]
Long-tail partners are the roughly 80% of your partner who only drive about 20% of your revenue. The concept of long-tail partners is related to the Pareto principle, which states that 20% of a group of customers will generate 80% of your value. The other 80% of customers drive much less value — about 20% altogether. Your long-tail partners are not your high performers, but you should still develop a strategy to nurture them and realize as much value as possible.
Example: Although they drive a smaller percentage of your total revenue, long-tail partners are still an important subset of customers to engage and enable to make your program as lucrative as possible.
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