What Are PRM Platforms?
PRM platforms are tools, usually digital, that enhance different components of PRM—meaning “partner relationship management.” Due to the complex nature of partner relationship management, tools like PRM software are often critical to not just the success of a partner portfolio, but its survival.
At Torchlite, we understand how difficult partner management can be. And our software handles this complex, ever-changing role with the respect it deserves: by creating a platform that houses every piece of a partner portfolio—from communication channels to data tracking, financial reporting, adaptable workflows, and much more. Keep reading to learn more about what to look for in a PRM platform, and why Torchlite’s platform is the best choice for any organization looking to strengthen their partnerships.
What Is PRM, and Why Does It Need a Platform?
PRM, or partner relationship management, is the strategy by which you facilitate multiple business relationships simultaneously. It involves coordinating, communicating, and working alongside various organizations, all while accounting for their individual goals, timelines, and business objectives.
The reasons PRM requires a platform can be boiled down to two words: “complexity” and “adaptability.”
First, managing a portfolio with multiple partners quickly becomes challenging because of how nuanced each partnership is. You can’t treat every partner the same, not only because each partner is different, but each partnership is likely different, too. For example, a business may have multiple types of partnerships—such as resellers, co-marketers, and distributors—each of which likely has totally different terms and success metrics. A distribution partner is not going to want or need the same resources, communication timeline, or agreement terms as a reseller, and so on.
Secondly, PRM requires adaptability because partnerships are dynamic, not static, agreements. In a way, they are living entities—ones that change, evolve, and update with each partner’s circumstances. The goals you set with a business partner will likely change year to year as your business models evolve. This would be complex to keep up with for just one business, but as they say, “it takes two to tango” in a partnership. Even after you establish a unique working relationship with a partner, that relationship needs the ability to grow, change, and get rid of things that no longer serve the partnership.
Doing all of this is much harder without a platform to house it all. Many businesses know the pain of this firsthand after desperately swimming through disorganized documents and emails, trying to maintain relationships while also trying to prove the value of said relationships to their leadership teams. All of this is why PRM platforms matter—because in most cases, without them, PRM is simply not possible.
What Is a Good PRM Platform?
A good PRM platform will automate, consolidate, and simplify the components of partner management—all in a single source that can adapt alongside your relationships. There are critical functions you should expect a PRM platform to have, such as:
- Account management
- Partner communication channels
- Onboarding and training
- Financial attribution and ROI reporting
- Resource sharing capabilities
- Mutual visibility for partners and internal teams
- Targeted intent data tracking
- Flexible and customizable workflows
Truthfully, this just scratches the surface of what PRM software should be able to do. And while that is a big list to fulfill, the best software solutions are able to do all of this and more. Torchlite’s solution not only accomplishes these core capabilities, but has an infrastructure that upholds partner relationship management best practices—by being adaptable and user-friendly. Our software takes a very complex, nuanced role and makes it simple, for both you and your partners.
Torchlite: The Best in PRM Software
At Torchlite, we combine cutting-edge technology with user-friendly platforms. Our “Simply Intelligent” software design makes it easier to navigate your partnerships, and even easier for you to adjust your strategy alongside each partner. Here is some of what you can expect from working with our solution:
- A single source of truth for your PRM strategy and partner portfolio
- Clear, simple communication channels for each individual partner
- Detailed data analytics and financial reporting for better showcasing of ROI
- Flexible interfaces and workflows that support business growth and evolution
- Simplified resource management and document sharing between partners
- CRM integration that makes it easier to internally track incentive programs
We could say a lot more about how effective our software is at managing partner portfolios, but we’d rather let our software speak for itself. If you’d like to see the true power of PRM platforms firsthand, book a demo with us today. We look forward to taking your PRM game to the next level!