Partner Relationship Management Software (PRM) is at the core of most successful channel management programs. It is comprised of a suite of tools, including software, templates, methodologies, best practices and automated workflows that manage business processes between companies and their channel partners.
Learning how to effectively use a PRM system is a critical part of channel management training. Without understanding the structure, workflows and goals of a PRM it is impossible to use the program to its full extent. PRM’s also usually integrate with other software applications throughout an enterprise and again, it is essential that the channel management training program clearly demonstrates to the channel professional how these work together in order to achieve synergies across the business.
While all PRM systems differ in some way, most usually cover six key areas:
- Recruiting & Onboarding New Channel Partners
- Registering and Managing Sales Opportunities
- Training & Enablement of Partner Employees
- Integrating External Software
- Delivering Incentive Programs
- Measuring OKRs or KPIs
These six key areas are often referred to as “Partner Lifecycle Management”, where partners are initially recruited, then integrated into the partner programme and are finally judged on their performance.
During their channel management training course channel professionals should be introduced to the key benefits that the company is trying to achieve in the use of the PRM. Some examples of benefits of a PRM might include:
- Promotes Transparency – realtime data providing both partners and vendors specific insights into performance and benchmarking.
- Increases Partner Productivity – automated workflows and content templates enable channel partners to accelerate business activity.
- Raise Partner Mindshare – throughout the vendor’s organisation by increased engagement.
- Improves Collaboration – by increased engagement between vendor and partner, and even partner-to-partner.
- Increases Trust – deal registration and joint selling improves the trust factor.
- Optimizes Business Activities – through the use of standardised processes and best practices backed by formalised and automated workflows.
- Encourages Data Driven Decision-Making – instead of merely basing decisions on preferences, opinions and what has been done previously. Both vendor and partner have online access to data that can feed into more effective decision-making.
In summary, the days of managing channel partners using complex spreadsheets are over. Partner Relationship Management (PRM) systems enable more comprehensive management of channel partners. However, having a system is one thing. Maximising the value of the system is an entirely different challenge! By integrating PRM training into their channel partner management training program, a vendor has the opportunity to realise the full benefits of their investment in PRM.
