What is partner relationship management
SaaS startups can gain tremendous benefit from forming relationships with other companies in their industries. In order to curate mutually beneficial partnerships that are not only successful but also sustainable, companies need a system of strategies and methodologies to create, manage, and maintain these relationships effectively. Partner relationship management PRM is a set of software and strategies that companies use to enable smooth business relationships with those they partner with on marketing and those that sell their products. PRM can range from simple approaches for managing co-marketing relationships to complex programs involving sophisticated software and data-management. Partner programs can have a range of formats and purposes depending on your type of business and your goals for partnering with other companies.SEE VIDEO BY TOPIC: Managing Partner Relationships
SEE VIDEO BY TOPIC: Best Practices for Managing and Measuring Partner RelationshipsContent:
Partner Relationship Management (PRM)
For many industries that rely on indirect sales channels, managing their partners effectively is a frustrating challenge. Most of these organizations develop partner programs to structure policies and procedures that enable them to scale revenues through these partners more rapidly and cost-effectively than building a direct sales operation.
Technology solutions for partner relationship management PRM are rapidly solving the problems associated with scaling partner programs. PRM software combines many channel management best practices for sales enablement, sales process management and partner performance management to automate an end-to-end business process. From channel partner onboarding, training and certification to lead and opportunity management, joint business planning and marketing development funds MDF management, PRM tools have become essential in running successful channel management programs.
Many industries rely on third-party indirect sales channel partners to take their products to market. Partner Relationship Management PRM usually refers to a system or collection of business processes and capabilities that allow a vendor company to communicate and engage with its channel partners. In addition to providing access to a sales opportunity database and distributing product, pricing, and training information, the ability to collaborate with channel management teams has become increasingly important for partner engagement.
PRM applications help channel management strategize and support a healthy channel sales environment. These applications facilitate easier partner program management through contextual communication, transparent campaign and lead management, and secure access. According to Accenture, for most technology companies, the indirect channel has been and remains a vital part of their business.
Some fortune Companies such as SAP and Cisco drive about one-third of their sales through the indirect channel and generate upwards of 80 percent or more of their revenue through channel partners respectively.
Indirect sales are more cost-effective - enabling faster growth than direct sales. PRM software and solutions help companies connect with and support their partners, streamline business processes and increase revenue through sales enablement. PRM arose from a trend of companies needing better communication and improved productivity with their partners. Over the last decade, there has been a huge movement to sell through and with channel partners by companies that need to grow rapidly without the high cost of a direct sales model.
Many companies have developed partner programs to recruit, engage, support and incentivize channel partners to work with them. But many of these partner programs relied heavily on staff resources from the channel management team to onboard partners, handle collateral requests and manually update forecast spreadsheets. As partner programs grew, they rapidly became unwieldy and the resources including staff required to manage it manually became excessive.
In addition to high operational costs, companies began noticing a trend of lost deals with no insight available as to why an opportunity was lost until after it had gone sour. Emailing spreadsheets and resources back and forth was no longer cutting it.
Ineffective lead distribution, rigid procedures, an unmanageable backlog of collateral requests and sluggish response times all acted as indicators that legacy software that had become a major barrier to success.
This category includes many of the traditional elements contained in a direct sales solution opportunity management , but the solutions are configured for supporting a partner-driven environment. These applications consolidate data and transactions; set business rules and track activity; are typically used to manage channel partners, distributors, alliance or strategic partnerships; and often include a portal to enable bidirectional information flow and communications between partners.
In recent years, PRM applications have integrated with CRM solutions to eliminate data silos and extend the functionality of an integrated data source of record, Integrated processes between partners and channel management now benefit from a centralized database of customer data. Not sure if your company needs a PRM portal? Effective asset distribution will allow your channel team to quickly send collateral and promotions to relevant recipients easily.
With the rise of the digital workplace the world is shrinking. It is much easier to expand your organization outside of your physical vicinity and with new locales come new challenges i. Effectively communicating with all of your partners can be difficult. A PRM community portal that enables partners with self- service while offering a slick user experience that allows them to easily accomplish what they need will foster open discussion and mindshare with partners.
Your partners can share insights, feedback and valuable experience with you and each other easily which will strengthen your channel sales team. When on-site training, phone calls and even webinars become an unsustainable way to disperse information and training to your growing channel ecosystem due to scale, time constraints or associated cost renting space, paid training time, etc.
Mobile friendly, reportable, integrated learning management systems support easy course assignment, timely course material updates and keep partners fully up to date with certifications all with one login. From partner onboarding through online training and certification to deal registration and sales enablement we've broken down all the components of an effective PRM solution to help you decide if a partner relationship management software is what your channel sales strategy needs right now.
The features of PRM solutions usually fall into one of these 4 main buckets: Partner lifecycle management, channel partner marketing systems, sales execution, and service. Before you invest in a PRM solution - make a checklist of requirements your channel program needs to be successful. What should you include on your list? How do you figure out your requirements? We created a sample one for you to customize to suit your business processes.
One of the challenges with PRM solutions is that there is no one-size-fits-all for partner programs. Even though there are best practices for many aspects of partner relationship management, partner programs include many variations in business process and unique requirements.
When evaluating any PRM solution, you need to begin with defining your channel program. Who are the stakeholders? What are the goals? Once you have clearly established and documented the foundation of your channel program, you need to define the capabilities needed to service each of these groups.
One way to approach an evaluation is to begin with user journeys. First, define the user roles that will participate in the PRM solution. For example, you may define 3 or 4 key roles such as:.
For example, as a partner user I am able to access a homepage which provides me with the following items:. Do partner users need to agree with terms and conditions the first time they access the portal? What information should be summarized or highlighted for the partner in the first page after login? Should partner users be able to do deal registrations? What information does the Partner need to provide?
Who should be notified? What reporting is required? Should Partner users be able to access Opportunities? What information on the Opportunity should be made visible to a Partner user? Can the Partner user update some values on the Opportunity record? The following table is an example of criteria that might be used for evaluating PRM solutions. All your research, planning and implementing will go to waste if you don't make it attractive for your channels sales partners to use your Partner Relationship Management solution.
Creating a welcoming, time-saving, value-adding experience for your channel partners to adopt a new software into their daily workflow with your organization is vital to the success of your sales channel digital transformation.
The initial and continued promotion of your new PRM solution is crucial for its success. Repeated communication is an important success factor for adoption. Announce the launch and your plans so users know what to expect. You can also use other forms of communication to reinforce the message, such as adding portal links to email signatures.
One way to ensure your portal becomes part of your day-to-day practices is by making certain processes exclusive to it. This is particularly effective when specific tasks must be completed on the portal.
Another key success factor is to make it useful and show the value. Users need to know how it will make their job easier. Otherwise, the PRM portal represents a burden and additional complexity in their work life. Start by clearly defining and communicating the benefits of each use case. For example, when partners need information or materials, they can go to one place to find all manuals, documentation, collateral and help tickets.
They can quickly access knowledge base articles to solve an issue. They can get immediate sales assistance by registering leads or deals. They can easily track and manage all their cases in one place — no more email threads to search through.
Some manual entry always will be necessary but to drive successful adoption, minimize data entry. For example, create forms with picklists or lookups to minimize text entry. Create buttons for common batch actions and enable cloning for quick record creation. Use functionality like Data Import to create new and update bulk records and use Mass Enable to bulk activate users.
And most importantly, test it with a small number of users before launching to everyone. Use their feedback to make data on the portal flow smoothly from your CRM and easily on to any device for seamless consumption.
Complex processes that meet business needs often require so many steps that users usually end up skipping the ones they deem as inessential. Just like the burden of data entry, this complexity effectively crushes the chances that users actually will use the new system. Reducing the number of steps required in any given process is mutually beneficial and critical to the success of the portal.
For example, use wizards or buttons to guide the user and break up complex processes in shorter steps. The automation of these tasks is advised wherever possible. Strong leadership during the rollout of the new system is critical.
Businesses often make the mistake of not leading the transformation from the top. Users need to understand that using the community portal is not optional, that the new processes will enhance both their work and the rest of the team, that the metrics from the portal matter, and that accountability does exist. Start by assigning a leader at the outset of the initiative and create a project vision.
Creating adoption milestones and publishing guidelines for users will help boost adoption and frame it as a necessary and supported business action. Set basic usage regimens in place before layering more advanced ones on top. Ongoing change is best achieved when done over time, with lots of positive reinforcement. Start with just the basics, and gradually educate users on the more advanced functionality over time. For example, make a pre-launch announcement — get some excitement going.
In the initial training, focus on one important function and introduce the others. Then repeat training with a focus on advanced topics. Create contextual help files and send tips and tricks to reinforce the training.
Partner Relationship Management
Can your company afford not to have a solid channel marketing strategy? What about partner relationship management? The indirect channel remains a top priority to IT vendors, both on premise and cloud alike. A solid channel strategy will be fundamental when building a profitable portfolio of solutions and delivering consistent growth.
Castus provides priceless insight from the very beginning of every relationship. See how we provide active consulting to businesses like yours. Partner relationship management describes the methodology for establishing and improving relationships between you and your channel partners. This involves engaging, onboarding, and managing your key partners.
partner relationship management (PRM)
Share and collaborate on files, publish the best and most relevant content, and track it all in real time. Infuse communities with data from any system, anywhere. Sales Lead Tracking Management. Mobile Collaboration Platform. Community Cloud. Help your partners sell more with a CRM-connected community. Increase your ROI by providing partners with quick-start tools and features that help them sell more, faster. Watch Demo. Simplify every step of your channel sales process, from onboarding to selling. Get your partners up to speed and selling faster.
What is Partner Relationship Management?
PRM stands for partner relationship management , which refers to the business processes vendors use to manage the outside companies that resell their product in the channel. PRM also refers to software suites that vendors may use to automate some of these processes. Vendors sometimes make the mistake of thinking that CRM — customer relationship management — is more or less interchangeable with PRM or that CRM software can be used to manage channel partners. Partners require a specific type of support, much different than the support your direct sales team might need.
Channel and alliance leaders are known to be good jugglers. With the average partner program containing over 90 distinct components, encouraging channel growth while mediating conflict is a complex undertaking. Partner relationship management PRM connects the dots between partner planning, recruitment, onboarding, enablement, incentives, co-selling, co-marketing, and management. Due to the growing number and types of partners, managing a channel program today has become less of a linear approach and more on-demand with automated workflows, personalization, customization, and scalability.
Partner relationship management PRM is a combination of the software, processes and strategies companies use to streamline business processes with partners who sell their products. PRM systems are often web- or cloud-based and typically include a partner portal , customer database, and other tools that allow companies and partners to manage leads, revenues, opportunities and sales metrics. Partner relationship management systems also track inventory, pricing, discounting and operations. Many companies rely on partner companies to sell products on their behalf as part of a channel strategy, in addition to or instead of using a direct distribution channel.SEE VIDEO BY TOPIC: Partner relationship management (PRM)
Partner relationship management PRM is a system of methodologies, strategies, software , and web-based capabilities that help a vendor to manage partner relationships. The general purpose of PRM is to enable vendors to better manage their partners through the introduction of reliable systems, processes and procedures for interacting with them. There are a number of solution providers who offer PRM software companies who rely heavily on a PRM solution to stay relevant in their respective industries. Vendors who implement a PRM solution are typically motivated by a need to reduce the financial overhead and establish new partnerships to drive channel revenue and scale. Partners may also be integrators or managed service providers.
Partner relationship management
Interested in PRM? Contact Us. The indirect channel remains of central importance to IT vendors, on premise and cloud alike. No competitive company can afford not to have a solid channel strategy that will be fundamental in building a profitable portfolio of solutions and deliver growth consistently. A Partner Centric Channel Portal plays a key role in the way vendors are perceived by the channel. Impartner PRM allows unprecedented control for vendors, whilst adding value to its partners without intruding. The challenge is out there, mid-market clients are demanding and the market is as competitive as ever.
Often referred to more generically as Channel Management Software, PRM solutions are Web-based in some cases cloud-based platforms that can enable your company to customize and streamline business processes. A robust PRM system includes key features for on-boarding new channel partners, lead management, executing marketing campaigns, training, performance management and other features designed to facilitate your relationship with your channel partners. PRM is often compared to Customer Relationship Management CRM but the complex relationships within the sales channel that need to be effectively managed to drive engagement and collaboration are way beyond the capabilities of a CRM system. A PRM solution can help in establishing and maintaining trust and open communication across your entire sales channel. PRM processes seek to identify and resolve conflict in every area of the channel partnership, creating a more efficient system of conducting business.
Oracle Partner Relationship Management provides everything you need to recruit and onboard the best partners. Plan and market jointly, manage deals from campaign to close, accelerate quote-to-order, measure channel programs, incentivize sellers, keep reps productive, and even provide knowledge-centered support. Channel managers can drive high-velocity sales programs. Partners can qualify, convert, and get paid faster.
Abbreviated as PRM, p artner r elationship m anagement is the term used to describe business strategies and processes used by a company to communicate with its channel partners. In many ways, PRM software and processes are similar to customer relationship management CRM as it enables the organization to automate channel partner business functions and gather real time information about the channel partner. Stay up to date on the latest developments in Internet terminology with a free newsletter from Webopedia. Join to subscribe now.
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