The purpose of any investment in technology is to make a current cumbersome, inefficient process more straightforward and efficient to effectively scale that business unit. PRM Software is invested in, and essential for any organization to start, run and scale a successful channel business.
The truth is, depending upon the types of partners, the market you are in, and the difficulty of your product, managing your partners effectively can be quite challenging. Organizations look to PRM software to enable them to close this barrier through a cost-effective, and scalable software solution to help fill those gaps.
What does PRM Software do?
PRM software is an all-encompassing platform related to all activities of the partner lifecycle. Recruiting, partner agreements, partner onboarding, partner enablement, business planning, deal registration, and so on. PRM software allows organizations to perform end-to-end business process management for every aspect of their channel program.
Partner Relationship Management delivers all the business processes that help any organization to communicate every piece of the necessary information with its channel partners effectively.
PRM software enables partners to have a hassle-free experience where they access all your relevant information when it is convenient for them. Everything from the structure of your margins, product information, marketing collateral, and updates on their deals.
While most PRM providers have a full suite of features, we have nailed down the most important ones that you should place at the top of your priority list when deploying your PRM software:
1) Treating your partners right!
Usually, the communication from organizations to partners about product updates, competitive intel, and market changes is concise and delivered on a consistent basis. Where most organizations fall short is keeping partners up to date on pricing changes, margin updates, rebates, and SPIFFs. An easy way to fix this is by introducing a commission-based management system that communicates rewards, how to obtain them, and then actually delivers those rewards. Since your partners are a significant asset to help grow top-line revenue, make sure they are always aware of the incentives your company is putting out to help keep them motivated to grow with you.
2) Partner engagement process and communication
Effective communication is the key to a smooth process and flow of information. With so many partners, your PRM software must provide clear communication to your partners in a personalized manner to ensure they only see what is relevant to them. Where most organizations drop the ball is enabling and encouraging partners to communicate clearly and effectively back to them. Consider integrating tools like WalkMe to allow partners to easily provide instant feedback on your partner portal, or deal registration process.
3) Scalable Growth
The entire purpose of investing in PRM software is to enable your organization to grow its channel revenue, without having to invest in headcount, which leads to a decrease in the cost to acquire a new customer (a key metric in SaaS (Software as a Service)). PRM software enables you to monitor partner engagement, performance data and drive transparency and predictability into partner forecasted deals. With the pressures of modern-day companies to grow bigger, and faster, the only way to do that is by leveraging the network of Referral and Reseller partners around the world to be your indirect sales team.
4) Partner Marketing
Partners are nothing less than your brand ambassadors in their market. Your PRM software should enable partners with the knowledge they need to be able to execute their own effective marketing campaigns. Your partners have their own tools, own integrations, and own processes. It is up to you to leverage your expertise to help them become better at growing their business.
PRM software enables you to create impactful and fruitful relationships within your channel sales environment. This leads to a transparent, and mutually beneficial relationship in which when one-party wins, both parties win. Request a demo today to explore how Vartopia’s PRM software can help you manage your relationships with your partners.