If you’re reading these words, chances are that you’re in the market for a new partner relationship management (PRM) solution. That is awesome news.
The right PRM solution can help you optimize your channel program, increase productivity, and enhance the partner experience. However, choosing the wrong one can have disastrous impacts on your efforts.
That being the case, it is critical that you conduct due diligence and vet vendors as thoroughly as you can. By doing so, you can increase the chances that your investment in a PRM solution helps your channel program reach its full potential.
With that in mind, here are five questions you need to ask PRM providers as you narrow down your options.
1. Does your platform automatically remind partners to update deal statuses?
Chances are that your company does not want to pay high wages to a channel manager just so they can spend all their time trying to encourage partners to update deal statuses.
By choosing a modern PRM solution, you can automate the partner engagement process. This technology will automatically send reminders to partners about updating their deal statuses, which they’ll be able to do without logging into a portal.
2. Do I need to log in to your solution to access data, or can it integrate with my CRM?
Every channel manager knows what it’s like to have to hop from platform to platform, logging in and out of accounts, just to find the information they need to do their jobs. Not only is this an annoying process, it can also crush productivity. In fact, one study found that context switching—or jumping between platforms to do different tasks—can eat up as much as 80 percent of your productivity!
Leading PRM platforms automatically populate customer relationship management (CRM) systems with data through robust integrations. Not only does this ensure that the data that passes between your systems is accurate, it also prevents you from having to jump from one platform to the next, crushing your productivity along the way.
3. Does your solution help close the loop on channel ROI?
Most PRM systems don’t give you the granular insight needed to accurately measure the performance of market development funds (MDF), co-op funds, and other incentive dollars. When you use these types of systems, you end up sending your partners cash, crossing your fingers, and hoping for the best. It’s more or less impossible to determine whether your investments are actually delivering results.
This is why it’s so important to look for a solution that closes the loop on return on investment (ROI). With the right platform in place, you can easily measure the performance of these funds and get the data you need to figure out which partners and events give you the best returns.
4. Does your PRM solution deliver robust analytics?
In today’s data-driven age, technology that brings robust channel analytics is an absolute necessity.
When you invest in PRM tools, you need to make sure that the system you ultimately choose delivers channel performance indicators at a glance. That way, you can use data to continuously refine your efforts moving forward, instead of making decisions based on gut instincts.
5. Can your platform measure partner influence when multiple partners are involved?
In the real world, multiple partners are often involved in the same deal.
To ensure you are compensating each partner fairly, you need to make sure that your PRM solution is able to measure partner influence in channel deals. That way, you can pay partners exactly what they deserve.
It’s time to give your channel the PRM tech it deserves!
Vartopia is the only solution on the market that can answer each of these questions in the affirmative.
Not only does Vartopia enable channel managers to reclaim time and get the information they need to continuously improve operations, but it also gives partners tools that make their lives easier—a true win-win scenario.