April 6, 2021 – G2Crowd, the world’s leading business solutions review website, released its Spring 2021 Report on Partner Relationship Management (PRM) Software. Allbound continues to be recognized by G2Crowd Grid Reports due to the responses of real users for each...
What is PRM?
Partner relationship management (PRM) is the platform used to automate the channel partner lifecycle.
Channel Account Managers must account for onboarding, training, co-branding materials, content management, deal registration, performance analysis, marketing strategies, and channel conflict. Plus, CAMs must consider how they can scale their success in order to grow revenue (hint, this often involves implementing a PRM).
Ensure the success of your partner relationships with these PRM best practices:
Make Data-Driven Decisions with Channel Insights and Better Partner Reporting
Business decisions should be built on proven metrics rather than speculation. Your PRM software should automatically “connect the dots” between various data sets and integrate with similar tools to grant you a comprehensive view of your sales funnel.
- MDF automation and tracking. Market development funds (MDF) is the financial support you grant partners to better promote your products. But how do you know whether you’re spending your money wisely if you can’t tie marketing strategies to revenue? With a PRM tool like Allbound, you can easily analyze which marketing efforts led to improved deal registrations and which bore no noticeable impact. Additionally, automating MDF requests within the platform expedites the process for all involved by eliminating paperwork and back-and-forth emails.
- Deal registration within the platform. Arguably the most essential asset of any PRM tool, this feature allows partners to create polished prospect pages and track their progress. Relatedly, deal registration enables the automatic collection of conversion funnel data so you can better understand how to move forward. Another benefit of real-time deal registration within a shared portal is that it prevents channel conflict. An effective deal registration process allows you to clearly see which partner registered a duplicate deal first. This allows you to be transparent with your two partners and handle conflict in a cut, dry, and fair manner.
- Built-in charts to visualize trends and assign meaning to data. What good is raw data if you can’t comprehend its significance? A PRM tool helps you visualize data for easier tracking of partner program health and influence of different marketing campaigns.
- Integration with your existing tech stack. Allbound believes that your PRM platform should seamlessly work in conjunction with your CRM and existing tech stack. Our integration capabilities help bridge gaps between tools for a robust view into your overall sales channel.
Create a Strong First Impression with Seamless Onboarding and Learning Tracks
Efficient communication is the foundation of successful partner relationships. It is on your shoulders to make expectations clear, as well as to make learning opportunities readily available and well organized. A PRM tool can help facilitate the sharing of key insights through features such as:
- Structured partner onboarding within the platform. Newcomers will be able to view training materials on their schedule without heavy involvement from your team. You can track their engagement to determine which partners put forth the effort and who is not fully committed. Plus, a polished partner portal with an automated onboarding track makes a strong first impression in comparison to a jumbled assortment of PDFs sent via email.
- Content libraries and training quizzes. While training, partners have access to defined learning tracks to guide their growth. Answers will be at their fingertips without delay. Plus, with the collected data about which lessons your partners rely upon the most and least, you can find new ways to improve your PRM training content.
Maintain Brand Consistency Throughout Your Partner Ecosystem
Your company’s messaging should stay consistent no matter which partner represents your products. With the right tool and defined brand best practices, you can maintain consistency across your PRM program no matter how large it grows.
- Co-branding capabilities within the partner portal. Partners can add their logo to pre-approved materials in a way that presents a consistent, professional aesthetic. Plus, you can restrict the co-branding of premium materials to partner tiers (i.e. gold tier partners who have completed all learning tracks). Without a PRM tool, this process can be time-consuming and slow, as it requires your team to manually add the logo and send multiple emails back and forth for each individual request.
- Playbooks to guide partners’ sales conversations. Channel sales reps are the face of your brand. Therefore, it’s important that you empower them with playbooks on how to handle certain sales situations. By providing multiple content sets focused around specific audiences or products, you equip partners to represent your brand with your messaging.
Enhance Scalability Through Automation
All of the above-mentioned PRM tool features help CAMs save time in their day-to-day activities through automation. This frees them up to pursue new channel partner relationships, extract key learnings from channel insights, and refine sales messaging. A channel portal like Allbound can serve hundreds of partners just as easily as it could ten, making it a long-term solution that can grow right alongside your team.
Bottom Line: What is PRM? An Opportunity to Diversify and Grow
An increasing number of tech-based companies invest in channel partners to sell their SaaS products. If you’re interested in joining their ranks for accelerating your existing program, see how a PRM tool can strengthen and automate elements of your channel strategy.