PRM (Partner Relationship Management) enables optimal collaboration between companies and their sales partners. It aims to improve the efficiency and profitability of partnerships (e.g. in indirect sales) by optimizing communication, resource provision and lead management. In this blog post, we explain the core functions of a PRM system and offer you a guide to help you find the right PRM for your company.
What is a PRM system?
PRM stands for Partner Relationship Management and is usually used in 2 contexts: On the one hand, to describe a specific strategy aimed at optimizing collaboration with sales partners and, on the other hand, to refer to various technologies developed to optimize interactions between a company and its sales partners.
Essentially, PRM focuses on improving the effectiveness, efficiency and profitability of partnerships. Whether through tools or processes, it is about optimizing communication, training, resource allocation and performance tracking. In this way, Partner Relationship Management promotes close, cooperative and successful collaboration between a company and its sales partners.
Have you only known CRM systems so far? We have explained the difference between PRM and CRM systems in this blog post.
What functions does a PRM have?
Each PRM system has individual characteristics and is more or less suitable for certain industries. However, we can define the following overarching functions of a PRM:
Onboarding: The right onboarding is the first step in a successful collaboration with a new sales partner. PRM systems can help provide all new partners with the necessary resources and training materials in a consistent manner, as well as create mini-trainings that maximize long-term success.
Communication: When you have a large number of distributors on board, it's easy to lose track of them. PRM software helps you provide relevant information to many people at once and stay in touch with your partners.
Lead distribution and management: Especially when working with specialist dealers or sales partners, it is essential that leads are passed on efficiently to the best possible partner. If there is no smooth process here, it can quickly become expensive and lead to disgruntled end customers. PRM software such as leadtributor supports the processing, management and forwarding of leads to the right partners.
Resources: A PRM is a wonderful tool for sharing all resources with your sales partners in one central location. Be it the latest branding kit, product information or upcoming marketing campaigns.
Reporting: Peter F. Drucker once said: “You can't manage what you can't measure”. It is therefore very important that the PRM used has dashboards and metrics that enable you to measure the performance of your sales partners and - if necessary - optimize it. KPIs could be, for example, the contact acquisition time or conversion rate.
Finding the right PRM for your company
You may have already typed “PRM” into Google and been somewhat overwhelmed by the results. Before you jump straight into researching providers, I recommend doing some preliminary work to find the best PRM solution for you in the long term:
Determine which features are absolutely essential to your day-to-day work and company structure. What do you currently spend a lot of time on? Where are resources currently being lost? What causes frustration for your team and could be improved? Gather honest feedback from existing sales partners that can be incorporated into your analysis.
Set a budget that you would like to invest in the implementation of the new PRM system. In addition to the one-off costs, also consider ongoing fees for licenses and maintenance.
Take a look around the market: Which providers are there? Are there systems that specialize in your industry or business model? Perhaps you know other companies with similar challenges and can get a recommendation.
Request demo presentations from the providers on the shortlist. Are all the functions relevant to you mentioned? Is there room for customization?
Many providers offer a test period or pilot phase. Take advantage of this! This is the only way to test whether the system meets all your criteria on a day-to-day basis. Get feedback from all team members and sales partners before making your final selection.
PRM software from leadtributor
Finding the right PRM for your business is no easy task. At leadtributor, we specialize in supporting manufacturers with partner sales in lead distribution and lead management. With our software, no more valuable leads are lost! In addition to automatic lead distribution, lead follow-up, escalation management and lead provision to your partners, we have integrated a clear reporting tool that helps you to optimize your organization in the long term.
Comentarios