<img src="https://d5nxst8fruw4z.cloudfront.net/atrk.gif?account=2LgIl1aQibl0vg" style="display:none" height="1" width="1" alt="">

A Beginner's Guide to Inbound Content

Rewatch our Tech Tuesday Webinar, where we cover Inbound Content and CRM's role in aiding quality content. 

July 3, 2020 | 5 Min Read

Understanding PRM Software

Posted By
Diana Vilic
Share
Understanding PRM Software

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 

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.

Resources 

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. 

Forecasting

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

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.

Communication

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.

Sales Analytics 

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.

strategies to grow



Topics: Inbound Marketing

Related Posts

Inbound Marketing

4 Digital Marketing Trends for 2021

As the world moves into another year facing COVID-19, digital engagement is becoming one of the most prevalent forms of communication. Smart business ...

Read More
Inbound Marketing

5 Social Media Tips for Manufacturing and Millwork Companies

Social media manufacturing content is on the rise and B2B companies are working to take full advantage of the benefits that come with these outreach p...

Read More
Inbound Marketing

How 2020 Changed Marketing & Business For Good

Marketers have been saying it for years: digital transformation is unavoidable for modern businesses. If there was any doubt, COVID-19 was the final n...

Read More
Inbound Marketing

5 Tips for Gaining Executive Buy-In for PRM

Technology can be a game-changer for your company. Often the needs, capabilities, and opportunities are well apparent to those working in the trenches...

Read More
Inbound Marketing

Why is Mobile Optimization Important in Today's Marketing World?

When it comes to website design, access, and usage, it’s clear that the mobile experience is the driver. While web design started when desktops were t...

Read More
Inbound Marketing

What NOT to do in a Webinar

In the midst of the COVID-19 pandemic, many of us are spending lots of time in virtual gathering. Zoom calls, Microsoft Teams meet-ups, and GoToMeetin...

Read More
Inbound Marketing

10 Things to Do as You Prepare for a Website Redesign

Websites are the bread and butter of e-commerce companies and a crucial marketing component for businesses of all types. If you’ve taken a look at you...

Read More
Inbound Marketing | Business Growth | Services

9 Tips to Improve How You Monitor Your Business’s Website Analytics

You’ve got your website up and running, with great images, compelling copy, great marketing content and the latest bells and whistles. So how do you k...

Read More
Inbound Marketing

4 Top Tips for Writing Long-Form Content

While it's absolutely fair to say that many content marketing professionals understand the importance of actual, high quality content in their overall...

Read More
Inbound Marketing

5 Highly Effective Inbound Marketing Strategies for Healthcare Providers

Did you know that according to new studies, more and more people are searching online for health information, but frequently can't find what they're l...

Read More