PRM 101 - The Basics Of Partner Relationship Management
What is PRM?
PRM, or Partner Relationship Management, can be defined as a business
strategy, internet system, or software program aimed at improving
communications between businesses and their channel partners. It allows
partners to access leads more efficiently, collaborate on deals, improve
their ability to do business, and build solid partner relationships.
It allows companies to track indirect channel sales and gain more coverage
or exposure without spending more money.
How Does PRM work?
PRM has complete channel visibility and allows companies to provide more
information quickly and easily to business partners and collaborators. This
means faster deployment, higher use by partners, customizable branding,
ease-of-use, and real-time access to data.
Channel partners also have access to executive dashboards and myriad reports
that are easy to use and customizable to their own preferences. Essentially,
becoming a partner means you become an affiliate and create your own
customized application based around your company. A good application will
come complete with partner training, account management, and a host of other
training materials.
Who does PRM benefit?
PRM benefits both the company and the affiliate, or channel partner. Channel
partners receive high levels of training and the ability to manage all their
direct and indirect sales channels, and the parent company gains more
product or service sales. Additionally, most PRM applications offer tools to
manage the relationship.
What are some PRM applications?
PRM applications are created around the same idea as a spreadsheet, where
values can be filled in and tabulated to quantify, analyze, and interpret
data. A PRM application can both collect and analyze information
simultaneously.
What is an Online PRM system?
An online PRM strategy allows companies to manage and streamline
administrative tasks by making real-time information available to all
partners via the internet. This can include spreadsheets, schedules, and
much more. Web-based PRM allows new information to be accessed immediately
without any time lapse. It is different from a software-based PRM program in
that it allows for live, as-it-happens updates; thus, information remains
current.
How do PRM systems help businesses?
PRM systems help immensely in driving sales and increasing a company's
exposure. It allows businesses to recruit large numbers of partners to
essentially sell their product. Thus they gain a wider audience for their
wares without spending more money. The partners get commissions off sales
and reap the benefits of channel partnership. It also allows multiple
businesses to work together without having to match up all their business
and sales strategies. Many companies like the comfort and professional
flexibility it offers.
When should a company use PRM?
A company should use PRM if they are large and have multiple channel
partners. PRM isn't so great for little company unless they are specifically
set up as an affiliate site whose sole interest lies in spending a little
money to create a potentially larger investment. Generally speaking, any
company that uses any kind of partnership to sell their product is an ideal
prospect for partner relationship management.
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