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Built for professionals at the beginning stages of a channel
Identify the strengths and growth opportunities in your partner program
Best practices and insider secrets for partner recruitment
Maybe you’re a new hire at a company, brought in to build a channel partner program from the ground up. Maybe you’ve been at your organization for years in marketing or sales – and now your boss is asking you to take a new direction by focusing on partnerships. Or maybe you have experience in partner programs previously and pitched the idea yourself.
The partnership career path can take a lot of winding twists and turns. Regardless of how you came to it, you’re now faced with the challenge of building a channel partner program.
And like many new channel partner programs, at first, you’re on your own. A one-person team facing a seemingly Herculean task.
When you start planning the launch of your channel partner program, the list of to-dos to make it successful can seem endless. How do you get started? When do you scale? Who do you hire next?
Here’s how to build a partner program when it’s just you.
Focus on the Priorities: Getting the Program Off the Ground
Before you begin, take stock of where you’re currently at – you may not be starting from scratch as much as it seems or feels. Many times, organizations that benefit the most from launching a formal channel partner program will already have some of the pieces informally running in the background.
Are there people or companies that are already championing, perhaps even reselling, your product to their clients? That’s a good place to start.
Setting and Hitting Initial Goals
From there, sketch a vision of where you want the partner program to be in the first 60 days, 90 days, six months, year and so on. Having big picture goals will help you break down your plans into actionable steps.
These steps can vary depending on what stage you’re at and what has already been established, but typically include:
- Getting executive buy-in for the support and resources needed to start a partnership program
- Identifying your ideal partners
- Recruiting organizations interested in participating as a partner
- Setting up partner processes including standard operating procedures, compensation agreements and tiers
- Creating channel marketing materials to onboard partners and give them the tools they need to sell
- Setting KPIs and parameters for measuring success
Making Friends and Getting Cross-Departmental Alignment
As a one-person team launching something new, getting buy-in and support from other departments at your company is more important than ever.
You may be the only one with ‘channel sales’ or ‘partnership’ in your job title, but you’re not alone. Colleagues in other departments, particularly marketing and sales, will also be impacted by a successful partnership program – make sure you highlight those benefits to them and seek out ways to win together.
Sometimes, these colleagues who may later become members of your partnership team. It’s not uncommon, for example, for salespeople to later transition to a partner manager role as a program grows.
Leverage Technology to Make Your Job Easier
The good news is that the right channel technology can make your job a lot easier.
Freeing up the time you spend on manual tasks, like onboarding partners or registering deals, means you can focus on more important tasks.
A PRM System
If you’re new to the world of partnerships, you may be wondering ‘what’s a PRM system?’ Or the more important question, ‘why does your partner sales program need a PRM tool?’
In essence, PRM software coordinates sales partner management. It’s similar to how a CRM, like HubSpot or Salesforce, manages customer relationships.
Many organizations choose to build their partner program at the same time they implement a PRM. Having the right tech stack from the beginning has advantages, including helping you scale faster, save costs down the road and leverage the power of automation.
The Advantage of Automation
Especially as a one-person team, you want to take advantage of PRM automation whenever possible. Who has time for endless spreadsheets?
Not only does using PRM software give you more time in your day to focus on strategy, but it also creates a better experience for your partners – a win-win.
With a partner management tool like Allbound, for example, you can automate:
- Onboarding: Partners can learn and go through learning tracks at their own speed, on their own time.
- Communication: Share specific content with partners at different stages of their journey and centralize communication within one platform with email notifications. Allow partners to co-brand materials when needed and submit digital forms for marketing development fund requests.
- Engage and support partners: Prospect pages, playbooks and other important marketing materials are easily accessible within a partner portal.
- Deal registration: Avoid conflicts and duplicated efforts with real-time deal registrations.
- Measuring success: Get all the data and metrics you need in one place to measure what’s working.
Grow Your Team From One to Many
Once your partner program has taken off and is seeing return on investment, you’ll start to think about scaling.
As your program grows, you may need to hire additional team members to help manage partners and grow the program. Hiring the right person for a job – especially for a newly-created role – is no easy task.
Who to hire next
Who you decide to hire as the second and third team members depends on your goals and resources, but there are some general guidelines.
The first hire, you, typically holds the leadership position – particularly if the job description involves launching a program from scratch and building out a team. The job title could be something like Head of Partnerships or Head of Partner Marketing.
But it’s not uncommon for the first person working on a partner program to still have an older job title leftover from previous marketing or sales roles. If that’s the case, now is a good time to reevaluate your role and responsibilities.
With a leadership position in place, a good next hire is someone who can be more involved in day-to-day partner management. This could be a partner success manager or a partner development representative. These are roles that focus on supporting partners on an ongoing basis. It also involves working closely with sales representatives and account managers to make sure everyone is aligned.
Another good option for first hires is a channel sales manager, someone who wears several hats to manage relationships both internally and with partners. To further guide the hiring process, read Questions to Ask in Your Next Partner Manager Interview.
Finding the right candidates
The best way to recruit and hire the right employees is an age-old dilemma and definitely not limited to the partner space. But finding candidates for a new role in a newly-created program presents additional challenges.
Once you have a solid job description prepared for the new role, look internally for candidates. Someone from the sales or marketing team who has been involved in the partner program from the sidelines may be an ideal fit.
Other places to find top talent include LinkedIn or Slack communities focused on channel sales. But keep in mind that your next hire doesn’t neede previous channel experience – most people who end up on the partnership career path started out in other departments first.
Look for relevant skills and experience that may not include the words ‘channel sales’ but could instead be focused on onboarding, enablement or partner engagement. Someone who can work collaboratively with other departments like sales, marketing, product and engineering can be very valuable to your team.
Find Mentors and Learn From Others
Sometimes, the hardest part of being a one-person team is not having anyone else to bounce ideas off of or brainstorm with. You may be the only person in partnerships at your company, but you’re not alone.
The channel sales community is active online so don’t be afraid to tap into the resources that are available outside your organization. Join Slack communities, listen to podcasts and network with others in your industry.
This can help you find mentors (or your next hire!) and learn what others are doing that’s working for them.
And if you’d like to learn more about how to build a partner program from scratch, we break it down step-by-step with insights from leaders across the channel partner space in our new guide.
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Ali Spiric
Latest posts by Ali Spiric (see all)
- Affiliate or Referral: How to Pick the Perfect Partnership - January 2, 2020
- 5 Ways These Remarkable Channel Leaders are Improving Their Partnerships - December 18, 2019
- eBook–How to Get Your Partners to Step Up to the Plate - November 26, 2019
A Boost to Channel Programs: Allbound’s $43 Million Growth Equity Investment from Invictus Growth Partners
When building technology stacks, Sales and Marketing actively avoid tools with capabilities that heavily overlap in order to limit spending. This leads to a very common question: can I use my existing CRM platform to manage channel partners?
The short answer? It’s not recommended to rely upon your CRM for partner relationship management (PRM). This is because it’s not equipped with specialized features that speak directly to channel partners’ needs, such as content co-branding, onboarding, and automated content curation based on group types. The lack of comprehensive yet targeted PRM functionality will force you to rely upon multiple tools in addition to your CRM, complicating processes and erecting barriers to scalable operations.
Contrastingly, a PRM is a centralized hub intended solely to help companies enable partners through a variety of features and automations triggered by user actions and customizable settings. What’s more, PRMs are increasingly essential to staying ahead of the curve, as Forrester predicts the PRM market will grow to $679M by 2023 across all industries.
Still on the fence? Consider that PRM technology is relatively new and specifically designed to address CRMs’ insufficient abilities to service partners.
In this article, we’ll help you understand key differences between CRMs vs. PRMs and how to best integrate the two platforms.
What is PRM?
Partner relationship management software provides businesses with tools to track reseller and referral sales while also giving partners support, resources, and a portal to communicate with your business. The power of PRM comes from a personalized portal for partners where they can access documents, marketing content, market development funds (MDF), opportunities, and track deals.
PRM is considered the 3rd evolution of SaaS tools, the first being CRM and then marketing automation. When the market started changing, PRM stepped up to fill in the gaps.
What do PRMs offer in comparison to CRMs?
PRM software provides businesses with tools to track reseller and referral sales while also giving partners support, resources, and a portal in which to communicate with your business. When comparing it against CRM, PRM technology’s power can best be summarized by three points:
- It centralizes most functions and content within a partner-friendly interface - Content is housed in a library with a search bar. Features like market development funds (MDF) requests, deal registration, and prospect pages are all within a single platform. This allows both partners and your management team to be more organized, as well as to identify relationships between different portal activities and subsequent conversions.
- It grants partners controlled freedom - Partners can engage with training and quizzes when most convenient, co-brand select materials as needed, and find quick solutions using the portal’s search function. This results in partners having the autonomy necessary to be productive and achieve success on a mass scale.
- It utilizes automation to improve the partner experience - The portal micromanages partners on your behalf based on commands you set up prior to deployment. This means that you can gate some features and content from defined partner groups and map out content recommendations based on users’ past responses.
Another advantage of utilizing a specialized PRM is that it shows your partners that you invest in their success. You’re willing to spend to accommodate their needs rather than asking them to fit their square bodies into your CRM’s round hole.
Case in point, Serko, a technology solutions provider in the travel and expenses industry, uses Allbound to support their partners who manage over 6,000 customers globally. Channel sales managers at Serko were able to showcase a world-class partner program and portal in which each partner was provided with the right sales and marketing content for their needs. Serko now has 100% partner adoption, which you can read about here.
It’s not “PRM vs. CRM”, as you will need both
Your company’s CRM is not intended for managing your partner ecosystem. However, there are CRM capabilities that are indispensable to Sales and Customer Service that a PRM simply cannot provide.
The Value Your CRM Brings to Your Partner Program
Remember, CRM is an acronym for customer relationship management, meaning that it helps businesses track prospective and existing customers within a single system of record, regardless of whether they came from Direct or Indirect. Advantages of a CRM (in conjunction with a PRM) include:
- The ability for Customer Service to pull client information to better serve their needs
- Customer base data for easier analysis, enabling companies to create and test retention strategies
- The option to schedule emails to customers through the CRM and collect related open-rate data
- Comprehensive pipeline views and sales forecasting, achieved by pulling data from both your CRM and PRM into a single view
- Customer segmentation for intelligent automation and more in-depth analysis
In short, your CRM is essential to keeping all the won leads your PRM helped generate. Additionally, it grants long-term insights into the quality of partners’ leads. For example, if a particular partner group consistently generates customers with high abandonment rates, this could indicate that they’re pursuing the wrong audiences or are setting false expectations, both which modified training practices can fix.
How and Why to Integrate Your PRM and CRM
Your PRM and CRM should share real-time data with one another through integration. This will grant you:
- The ability to block duplicate deals across both platforms - when Direct Sales and a partner both lay claim to a lead, the results are messy. Avoid channel conflict by enlisting data-sharing between your PRM and CRM so both platforms will immediately notify users that the deal already exists within the sales ecosystem.
- A fuller understanding of your pipeline and sales forecasting - Your PRM and CRM should generate reports that give you an overview of today’s (and future) performance. However, why look at two separate reports when you can dive deeper into one?
- For data comparisons between direct and indirect sales performance - By enabling your CRM to pull data directly from your PRM, you can do side-by-side comparisons of how different audiences react to various strategies. This enables you to create better-informed hypotheses and have the sales channels learn from one another.
Allbound’s PRM technology has standard integrations with a number of CRM solutions, such as Salesforce, Pipedrive, SugarCRM, and Hubspot. We also can do custom integrations in order to accommodate new customers’ existing technology stacks. In order to have the process go as smoothly as possible, designated integration specialists will sync up our PRM with your choice of CRM (as well as with other technologies). The end result is seamless interactions between the two software with minimal maintenance required.
What About CRMs That Say They Offer PRM Capabilities?
Because of the rapidly accelerating interest in channel partners, the Sales world is abuzz about PRM technology. It’s only natural that some related software companies would want to capitalize on this interest by laying claim to the PRM title, even if their products don’t quite meet the definitions.
Remember, a true PRM acts as a centralized hub for partner management and sales prospect interactions. Read Automate, Scale, Integrate – PRM System Criteria for a fuller understanding of what features to expect, and remember that a tool that offers only a fraction cannot call itself a real PRM solution.
The Bottom Line About CRM vs. PRM
The market has already started moving to a comprehensive partner management approach. In fact, 65% of high-tech companies have already adopted PRM tools that deliver a significant amount of company revenue. Companies that continue to manage partners in traditional ways via CRM or spreadsheets are not only missing out on new end customer sales, but also valuable insight from the data provided by channel partners. Consider creating a great partner experience to see big returns on your bottom line.
To learn more about choosing a PRM that fulfills your program’s needs, we recommend reading Partner Portal Best Practices and Design Checklist.
How does PRM work within a complex partner ecosystem?
Channel partners are your company’s selling allies, an extension of your sales team. PRM tools give you the functionality to support a variety of partners and their end customers.
PRM tools automatically gather and analyze performance data and metrics, with a clear focus on revenue and activity metrics. Rewarding your most profitable partners with MDFs for hitting revenue targets, or training completions, ensures that you see ROI from your investment.
PRM and tracking revenue
The revenue metrics for partner programs are unique to the indirect sales model, which is why PRM tools have extensive features to track leads and revenue including:
• Partner portal software for easy communication and data exchange
• Access to relevant parts of the customer database
• Dashboards for tracking leads, deal progression, deal registration, and sales KPIs
• Data about which partners perform well and which individuals fail to generate or convert leads
• Integrations with contract, scheduling, expense, and content tools
What are the benefits of PRM?
Overseeing a partner program has traditionally involved complex spreadsheets and manual correspondence for every deal, which required switching between a CRM and other tools to fill in the gaps. This is a huge competitive disadvantage and makes it almost impossible to correlate partner activity and training to closed business. That’s why PRMs provide partner management specific features like:
• Business intelligence, automation, and template-based workflows
• Visibility on the impact of 3rd parties on reaching new buyers
• Partner segmentation for targeted experiences
• Partner channel avoidance through clear registration processes and pipeline integrations
• Planning, recruitment, onboarding, enablement, co-selling and co-marketing, and incentives
• Overview that channel managers can use to track how well training and content is performing in relation to deal registrations
Integrating your partner tool with your CRM
For a complete view of your entire revenue org, both indirect and direct, integrate your PRM with your CRM tool. Look for a PRM vendor that helps you get your integrations in order.
Allbound let’s users bring their existing sales tools with them into the partner management process. You can pass information between your PRM and CRM to create a consolidated pipeline that is your single source of truth and stays relevant with real time updates on deal registrations. Syncing your data also avoids duplicate deal registrations, making partner conflict resolution much simpler.