It’s safe to say that partner enablement tools have grown beyond the portal. Although many organizations are still using older solutions to manage their channels, forward-thinking channel programs have already adapted to the times.
So what is the next big thing in partner enablement software? The answer: Purpose-built solutions that are designed for the modern world.
By investing in purpose-built channel technology, organizations can enhance their sales efforts, drive better business outcomes, and make life simpler for partners and channel managers alike.
With this in mind, let’s take a look at five ways partner relationship management (PRM) systems work in your industry to give you a better idea of the impact the right solution can have on your program.
How Modern PRM Systems Work in Your Industry
Because you’re reading these words, chances are that you’re still using the same old-school partner enablement software you’ve been relying on forever. If that’s the case, the world has already progressed past your technology. And your competitors have too, by investing in modern solutions that deliver the following benefits to channel programs across your industry:
Do you really want your channel manager spending the bulk of their day nudging partners and tracking down updates?
We didn’t think so.
Leading partner enablement solutions make sure that partners are updating their deal statuses, without channel managers having to lift a finger. For example, Vartopia’s EZ Update feature automatically reaches out to partners at predetermined intervals to remind them to update statuses. As an added bonus, partners can make these updates via email, without logging into a portal.
It’s a win-win for both sides of the channel.
2. Future-Proof Channel Management
Unless you’ve been living under a rock, you no doubt have an idea of how the channel has changed in recent years. Of course, the pandemic further accelerated these changes, and although in-person events will likely return at some point, it appears that digital events are here to stay for the time being.
The good news? With a powerful partner enablement solution in place, you can implement a digital-first strategy and help your partners make the switch. The sooner you modernize your approach to reflect the realities of today, the better you’ll look compared to the competition.
3. Personalized Partner Experience
Imagine you’re a systems integrator in the greater New York City region who has been working with a vendor for three years. One day, you log into a partner portal looking for some helpful information, only to be greeted by content aimed toward value-added resellers on the West Coast who are brand new to the program.
What kind of experience is that?
Leading partner enablement solutions allow you to create personalized journeys based on partner personas. That way, the provided content is always relevant and helpful, and partners don’t waste any of their time.
4. Incentives Made Easy
When it comes down to it, your partners don’t work for free. If you want them to perform certain tasks, you need to incentivize them the right way.
With a modern solution in place, it’s easy to offer incentives to partners for all sorts of behaviors, including completing training, registering deals, using your portal, and selling a certain volume of product.
5. Closed-Loop ROI
When you’re relying on old channel tech, it is impossible to determine whether your market development and co-op funds are actually returning results. You might give a partner $30,000 to go to a conference on your behalf, then just cross your fingers and hope for the best.
When you leverage modern solutions, you’re able to close the loop on ROI and determine whether that investment was actually worth it. For example, with Vartopia, you would be able to see that your partner submitted five deals from the event and that you were able to convert two of those leads at $60,000 each, giving you four times ROI.
6. Measure Influence in Multiple Deals
When multiple partners are involved in a deal, what do you do? Are you able to determine how much each partner is owed for their efforts?
If not, chances are that you’re either overpaying certain partners or drawing the ire of partners who you’re not paying enough.
With best-in-class channel tech in place, measuring partner influence—even when multiple parties are involved—is a breeze. In fact, Vartopia is the only solution on the market that supports this functionality.
Optimize Your Partner Program with Vartopia
In addition to these benefits, Vartopia also enables you to set goals and targets, track them in real time, and collaborate with vendors to make sure everyone is holding up their end of the bargain. This is an easy way to hold everyone accountable and make sure each party gets paid what they deserve.
For more information on how Vartopia is the next big thing in partner enablement software, request a demo today.