No matter how good your channel is doing, it can always be improved. Are you getting the best results for your channel? If not, here are some of the ways partner relationship management (PRM) can help you drive better results and impress your boss. Take these five tips to heart, and your channel will be stronger because of it.
1. Differentiating PRM from CRM
Although they are both acronyms composed of similar letters, PRM is absolutely not the same as customer relationship management (CRM). At a very high level, PRM is centered around managing a company’s relationship with its partners and those partners’ customers. You could say that PRM is a specialized version of CRM, focused entirely on channel sales optimization. If your definitions of PRM and CRM are more or less the same, you’re doing it wrong. Change the way you think about partner relationship management, start using a best-in-class deal registration solution, and transform your CRM into an improved, partner-friendly experience. (Plus, differentiating between the two might even earn you a few points with your boss.)
2. Reimagining PRM After COVID-19
You may have been the best channel manager of all time pre-pandemic. However, if you are still relying on the same playbook you used a few years ago, there is no way you’re going to get the best results possible in the modern age. Although in-person events are slowly returning, it appears unlikely that the old world of conferences will return in full force. More and more organizations are embracing virtual events, and you will have to do the same if you want to win in this new era By taking a
digital-first approach to your channel, you can modernize your program, meet partner expectations, and drive more sales for your organization.
3. Transforming the Partner Experience
In recent years, partner relationship management technology has evolved considerably. Gone are the days of channel tech simply being a portal that is hard to navigate and filled with clutter. When you invest in the right channel technology, you can transform the entire partner experience. Your partners will appreciate it, and so will your boss. For example, you can
create partner journeys based on any number of characteristics, including partner type, user role, geographic location, stage in the partner journey, and certification level. By doing so, you build personalized experiences for all of your partners, making their lives easier and increasing their loyalty to your channel.
4. Making Your Work (and Life) Easier
It’s also important to understand that Partner Relationship Management technology doesn’t just benefit your partners. It also makes your work much easier—and probably your boss’ work, too! A modern PRM portal solution can connect your internal team to your partners, including value-added resellers, technology integrators, and support specialists. As a result, you’re able to gain insights on individual sales activities. You can also use data to create predictive forecasts and analyze performance trends, so that your partners become a fully supported branch of your company’s sales team. It’s an easy way to take busywork off your own plate and equip your partners with the tools they need to consistently improve their results. What’s more, PRM technology can also give channel managers the metrics they need to figure out who their best partners are and how to allocate their market development and co-op funds most effectively. On top of that, this technology also enables you to close the loop on ROI to see the full results of your efforts.
5. Incentivizing Partners to Drive Behaviors
At the end of the day, we all work for money. Your partners are busy, and your company isn’t the only one they work with. If you really want to unlock the full potential of your channel, you need to make sure that it delivers the best possible experiences to partners. The easiest way to do that is by
incentivizing partners to drive desired behaviors. For example, you can incentivize partners when they complete training, obtain certifications, register deals, or use your portal. You can also incentivize the most loyal partners and those who drive the most sales. The bottom line? The more you incentivize your partners, the more likely they will be to prioritize your channel over others—and the more likely you’ll impress your boss as a result.
How Vartopia Can Help
Unfortunately, you can’t just invest in any Partner Relationship Management solution and experience all the benefits we’ve talked about in this article. You need to select the right solution, which is where Vartopia enters the equation. With Vartopia’s services and solutions at your fingertips, you can both impress your boss and take your channel performance to the next level. To learn more about how Vartopia can help your organization transform its approach to PRM,
request a demo today.
