PRM stands for partner relationship management. It refers to the practice of managing and optimizing relationships with a business’s partners. Those partnerships can include distributors, resellers, or affiliates. PRM typically involves a range of activities. For example, it should start with partner onboarding and training. It includes communication and collaboration, deal registration, affiliate tracking links. And then wraps up with, performance tracking and reporting, and support.
PRM is an important part of many businesses’ overall strategy. It helps to ensure that their partners are effectively promoting and selling their products or services. By providing partners with the tools and resources they need to succeed, businesses can maximize their return on investment from their partner relationships and drive better results.
PRM software is a type of business software that is specifically designed to support partner relationship management. This type of software typically includes features such as a partner portal, where partners can access resources and information, and tools for tracking and managing partner performance.
Partner enablement activities are the various tasks, processes, and initiatives that a company uses to help its partners become more successful in selling its products or services. These activities are often managed by a Partner Relationship Management (PRM) system. Which can automate and coordinate tasks. Some examples of PRM partner enablement activities include:
- Partner training: Providing partners with access to training materials. Such as videos, tutorials, and documentation, that help them to understand the company’s products, services, and processes.
- Partner certification: Offering a certification program. Partners can complete to demonstrate their proficiency in selling the company’s products or services.
- Deal registration: Allowing partners to register deals they are working on. So the company can track their progress and provide support as needed.
- Lead distribution: Automatically distributing leads to partners. this can be based on their location, expertise, or other criteria.
- Co-marketing: Providing partners with access to marketing materials. such as email templates, brochures, and webinars, that they can use to promote the company’s products or services.
- Partner portal: Providing partners with a self-service portal where they can access information, complete forms, and track their progress through the onboarding process.
- Performance tracking: Tracking and reporting on partner performance, Such as; revenue generated, deals closed, and training completed.
By providing these activities, a PRM helps partners understand better and have more knowledge about the company’s products or services. This in turn allows them to have the resources and tools to effectively sell them.
A Partner Relationship Management (PRM) system should ideally have integrations with other systems and tools, Tools the company already uses in order to improve efficiency and reduce data silos. Some examples of integrations that a PRM system might have include:
- CRM: Integrating with a customer relationship management (CRM) system. Which allows the PRM to share data on leads, deals, and customer interactions between the sales and partner teams.
- Marketing Automation: Integrating with marketing automation tools. This allows partners to access marketing materials, track campaigns and performance, and automate lead nurturing and scoring.
- Sales Force Automation: Integrating with sales force automation (SFA) systems. Which allows the PRM to share data on leads, deals, and customer interactions between the sales and partner teams.
- Accounting & Finance: Integrating with financial systems such as accounting and invoicing software. The PRM can track commissions and revenue associated with partners. and push invoices to the financial systems.
- Business Intelligence: Integrating with business intelligence systems allows partners to access data and reports on their performance.
By integrating with these systems, a PRM can provide a more comprehensive and efficient way to manage the partner relationships by having a unified view of the data, and also, to automate many of the tasks involved in the process.
- Increased Partner Efficiency: PRM systems can automate many of the tasks involved in managing partner relationships. Such as; lead distribution, deal registration, and performance tracking. This can help partners to sell more efficiently and effectively.
- Improved Communication and Collaboration: PRM systems provide a central location for all partner-related information. this makes it easier for the company and its partners to communicate and collaborate.
- Increased Partner Satisfaction: By providing partners with access to training, support, and marketing materials, PRM systems can help to increase partner satisfaction, This leads to better retention and loyalty.
- Better Visibility into Partner Performance: PRM systems can provide detailed tracking and reporting on partner performance. Such as; revenue generated and deals closed, which can help the company to identify top-performing partners and allocate resources accordingly.
- Increased Revenue: By improving partner efficiency, increasing partner satisfaction, and better visibility into partner performance, PRM systems can help companies to drive revenue growth.
- Better Partner Onboarding: PRM systems can standardize the onboarding process and provide partners with a self-service portal. Here they can access information, complete forms, and track their progress through the onboarding process. This improves the speed and effectiveness of the onboarding process.
- Greater Partner Loyalty: By providing partners with access to training, support, and marketing materials. PRM systems can help to increase partner satisfaction and loyalty, which can lead to better retention and more revenue.
- Better Data Management: PRM systems provide a central location for all partner-related information, making it easier for the company to store, access and share data, which can help in making data-driven decisions.
It’s worth noting that some of these types of partnership terms can overlap and be defined differently in different contexts. For example a type of PRM can also be called Partner Portal or PRM software. Sometimes it can be referred to affiliate programs or even channel partner programs.
Overall, PRM is essential for businesses that rely on partnerships to drive revenue. By effectively managing and optimizing their relationships with their partners, businesses can drive better results and maximize their return on investment from their partner relationships. Which, ultimately leads to increased revenue and better customer satisfaction.