If your business depends on value-added resellers (VARs), technology integrators, or other indirect sales or channel partners, a cloud-based Partner Relationship Management (PRM) system can help you to efficiently communicate, collaborate, and educate your network.
What is PRM?
PRM is a software that combines sales network development, management, and support processes for both internal and external channels. Additionally, a PRM system incorporates methodologies and strategies into a web-based platform. Using these tools, vendors can engage with partners and manage their partner relationships.
What does PRM software do?
PRM software provides a variety of items and functions to users including:
- Training & onboarding programs
- Certification tools and instruments
- Product information
- Marketing & campaign materials
- Collaboration forums
- Lead distribution
- Sales tracking
- Reporting tools
Additionally, by having cloud-based PRM software, your business is able to access all the benefits of PRM software from anywhere in the world through a web-based platform.
ROI of PRM Software
Indirect channels play a valuable role in the sales processes of most if not all manufacturing companies. Partners establish customer relationships and provide the services essential to their customers’ success.
Traditional enterprise software sales applications focus on direct selling relationships, overlooking the unprecedented collaborative obligations essential in managing partner relationships. Because businesses generally have less influence over partners than direct sales representatives, managing the channel can be difficult.
PRM solutions are custom-built to enhance channel management practices. Because many companies’ existing channel management infrastructure is insufficient, PRM often produces considerable improvements after widespread implementation.
How does PRM Drive ROI
PRM helps drive ROI results in three ways:
- Helping companies increase revenue through the channel
- Helping companies reduce channel management costs
- Helping companies create the scalability processes to ramp up channel networks without having to increase staff and infrastructure
Features of a PRM Software
Partner onboarding is the action of providing your partners with the skills and knowledge they need to become successful at selling your product or service. PRM software will be equipped with a basic automated partner onboarding process.
PRM software can provide a consolidation of information. Partners are able to easily gain the information needed such as documents, brochures, co-branded collateral, training, and deal information.
Marketing Development Funds (MDF)
MDFs are used by partners in an indirect sales channel to help pay for the marketing materials and activities necessary to sell the vendors’ products or services.
PRMs have the capability to forecast channel sales and collect data for analytics of partner performance numbers and overall effectiveness.
Preventing Channel Conflicts
By ensuring that leads are not double-assigned by error, a PRM will have built-in processes in place to prevent sales and channel conflicts due to human error.
What are the benefits of a PRM software?
Centralization or consolidation is a main theme throughout PRM software. A PRM will consolidate everything your channel needs, from product information and marketing guidelines to training materials. These critical data points are available to your partners on a cloud-based platform.
A primary feature of a PRM platform is that it is built to empower channel partners. PRM software streamlines and creates simple and open communication between channel partners. Using a PRM, your partners have the ability to communicate their feedback, questions, and concerns. Additionally, channel managers are also able to manage the platform with ease.
PRMs allow you to track a partner's performance and the status of their goals and overall sales. By integrating a PRM with an ERP, you are able to set up alerts and real-time monitoring to ensure sales goals are met. Additionally, an ERP is able to track and store data collected by the PRM software to create accurate projections and modeling.
Rewards & Loyalty Program Management
PRM software is able to track a partner’s progress and implement rewards when a milestone has been reached.
Marketing and Brand Management
PRM software can also help your partners maintain a brand image by providing logos and marketing materials that are officially branded. Partners will be able to see the most updated version of your materials. Maintaining a brand image ensures consistent communication and relationship facilitating throughout your channel.
By using PRM solutions to help build more productive relationships with selling partners,
businesses can extend their reach and build stronger, more profitable long-term relationships with end-customers. ManoByte is able to implement your PRM software and ensure your company is using technological advancements to ensure business goals are being met. Contact one of our Business Growth Consultants today to learn more about how a PRM can take your business to the next level.