Partner relationship management (PRM) software has the power to transform your channel program, but not every solution is the same. Although investing in the right solution can take your channel to the next level, picking the wrong one can have a disastrous impact on your efforts.
To increase the chances you end up picking the right PRM software, make sure you avoid these four major mistakes when searching for a PRM platform.
Mistake #1: Thinking that the solution is designed for one role.
When most companies begin searching for PRM software, they have one of two goals in mind: either improving the channel manager’s productivity with a purpose-built solution for that specific role, or strengthening the partner experience with a platform built with partners top of mind.
These goals don’t have to be mutually exclusive. For the best results, look for a solution designed to help users on both sides of the equation.
By making life easier for both your channel manager and your partners, you will improve your channel. It’s that simple.
Mistake #2: Thinking that the solution will automatically let you know who your best partners are.
Many organizations believe that they will be able to easily determine which partners are sending business their way once they have the right PRM software in place.
Unfortunately, that’s not always the case. Without the right tools, you may struggle to determine which partners are driving the most deals—and which partners aren’t contributing to the well-oiled machine you’ve built.
Avoid this fate by investing in a solution that enables you to close the loop on channel ROI. That way, it’ll be easy to determine which partners deserve market development funds (MDFs), co-op funds, and other incentive dollars—and which absolutely do not.
Mistake #3: Thinking that the solution will allow you to measure partner influence in multi-partner deals.
Although one singular partner might be responsible for a deal every now and again, in most cases, several partners are involved in the process. You might have a referring partner, service partner, implementation partner, and support partner all involved in one deal, for example.
Many organizations think that all channel tech is the same, and that they’ll be able to easily determine which partners influenced the deal and by how much simply by investing in a modern solution. Unfortunately, that’s usually not the case.
Believe it or not, most solutions on the market don’t allow you to associate multiple partners with the same opportunity or have multiple deal registrations on the same opportunity. This is why it’s so important to conduct due diligence and make sure you wind up with a solution that includes these capabilities—such as Vartopia.
Mistake #4: Thinking that the tech itself will solve all of your problems.
Although investing in channel tech is definitely a step—or even several leaps—in the right direction, a digital platform won’t solve all of your channel’s problems on its own.
Not only do you need to invest in the right platform, but you also need to put it to use in a way that enables you to unlock its full potential. For example, you can put yourself in your partners’ shoes and try to create an experience that makes life easier for them (e.g., publishing content for different partner personas). You can even opt to create “partner journeys” that expand upon that concept and deliver even more personalization.
Ready to narrow down your PRM options?
At Vartopia, we live and breathe channel tech. Over the years, we’ve worked tirelessly to refine our platform and give channel managers and partners alike the tools they need to reach their full potential, day in and day out.
For more information on how Vartopia can help you avoid making these four mistakes, request a demo today.