Today we live in a hypercompetitive world. If you’re not taking care of your partners, your competitors most certainly will. Most partners do not have unlimited resources, so if you enable these partners to do business with you in a faster, better and easier way, they will naturally gravitate towards you when they are thinking of solutions for their customer base.
Today most vendors have a partner portal which they use for communicating with the partners about programs and about the progress that the vendor is making with the business. But as a part of the process they also distribute co-branded assets.
Marketing Communications Support
Robust PRM technologies provide a company with a partner portal environment and tools to manage its channel marketing documents, communications and other marketing assets within one dashboard.
Increase Returns From Partner Incentives
If you are selling to the channel, you probably offer partner rebates that are given to the partner company, and its possible offer some sort of rewards that go to the sales reps or technical reps or marketing individuals from the partner organization for carrying out certain activities.
Sales Productivity Tools
On the sales productivity front, the right PRM solution can give an emerging growth company the tools to communicate, educate, motivate and measure its channel performance.
New Products Introduction
New products introductions are the lifeblood of any emerging growth company. A well-designed PRM system recognizes that by giving channel partners the ability to provide real-time feedback on products and selling strategies and vendors reliable data on product performance.
What is Partner Relationship Management?
• A business strategy designed to automate and streamline business processes between brand owners, dealers and vendors
• It enables them to work together to increase revenues, reduce partner channel costs, improve customer satisfaction
• Provides a real time environment in which the brand owner and partners are able to communicate without any delays
• Represents a customer-centric approach for collaborating with partners and implementing best practices and processes
• Focuses on improving the way a brand owner enables its partners in their customer interactions
What Functionality Does a PRM Solution Provide?
• Partner Relation Management solution offer’s enhanced data capabilities, support variety of relationships, and integrate productively with CRM
• PRM enables partners to establish relationships, processes, data integration with other organizations, regardless of a partner’s role in the network.
• Partners no longer have to rely on the brand owner to moderate all activities and relationships, transforming the linear partner value chain into a dynamic partner network.
• PRM solutions support complex, many-to-many; collaborative relationship models on a single platform, based on the needs of the brand owner and all partners involved.
What are the Business Benefits of a PRM Solution?
• PRM solution offers network to provide a better overall experience for the customer
• Improvements are gained in overall quality, ease of doing business, and channel options, thereby increasing customer satisfaction, loyalty, and lifetime value
• The implementation of a PRM strategy facilitates consistency of product literature, pricing, lead management, and sales practices
• PRM solution streamlines the collaborative partnering process, providing functional benefits, financial benefits, satisfaction and loyalty benefits
• PRM solutions increase satisfaction and loyalty throughout the partner value network
• Satisfaction and Loyalty Benefits Increase Customer Lifetime Value
• Satisfied partners are far less likely to form alliances with competing firms
• Satisfied partners demonstrate allegiance and are more likely to report their satisfaction to other business associates
• Satisfied partners are more willing to commit matching resources to joint projects than are partners who feel they have been shortchanged in the business relationship
• Partners who are supportive of brand owners are more apt to promote, up-sell, and cross-sell products and services provided by the brand owner, even if there is no direct benefit for the partner.
• A comprehensive PRM strategy equips partners with
- a collaborative platform of tools, information, and resources
- needed to improve partner effectiveness, and partner loyalty
- to be able to build a long-term profitable customer relationships
• The brand owner is able to gain visibility into
- previously inaccessible customer, product, and partner information
- to improve its overall go-to-market approach
• PRM has become a leading strategic area for many businesses
- with a high potential for ROI from the adoption
- and implementation of e-business platforms
• PRM solutions become increasingly critical as brand owners recognize
- the tremendous value associated with leveraging their partner relationships
• PRM has therefore become an imperative for brand owners and partners
- operating in today’s increasingly competitive environment
- as they collaborate to meet customers’ increased expectations
- for coordinated solutions and customer service