If you want to find out more about partner relationship management or how you could benefit from it, then you have come to the right place. This guide will tell you everything you need to know about it, while also giving you a solid insight into how you could use it to benefit your company.

What is Partner Relationship Management?

PRM is a combination of strategies, processes and software. Companies use it to streamline their business processes with those who choose to sell their products.

Do You Need PRM?

PRM platforms are great because they help you to ensure that you have all of the right training for your channel partners. You can easily create a repository for quick access too, so you can give your team the information they need to succeed.

How does CRM Differ from PRM?

CRM tends to revolve around the relationship that a company has with their customers. If you look at PRM, you will see that this revolves around a company’s relationship with the indirect sales team or channel partners.

How to Make the Most out of your Partner Relationships

If you want to make the most out of your relationships with your partners, then this guide will tell you everything you need to know.

Know your Partners

The relationship that you have is only ever going to be as strong as the foundation you have. If you build your entire business partnership on some kind of shaky base, then it will not survive for very long at all. If you want to avoid issues like this, then it is crucial that you make sure that you and your partner are on the same page from the start. Before you even think about getting started with anything, you have to understand who your partners are, what they like, what they don’t and more. They should do the same for you, so be mindful of this if you can.

Set Expectations

If you want to make the most out of every partner program that you have then you have to start by setting expectations. Every single person has to be aware of the relationship and what they are going to be taking and giving from it. If you can do this and if you can ensure clear communication from the start, then this will help you greatly. If you want to ensure that your message is not only being heard but also understood, then communication is everything.

Invest in Tools

Communication is a crucial part when it comes to your relationships. Imagine for a second, trying to manage your team without telephone contact or email. If you have Zoom or even Skype, then you may be able to work around this. If you have a big team however then this will not be easy to do. If you want to work around this, then it is imperative that you use partner portals and software so you can make sure that everyone is on the same page without any detriment.

Verify and Measure

It is imperative that you measure how well your partners are doing. If you can, you have to try and set up a system so you can measure how each of your partners is doing. Think about the metrics that are important to you and the success of your partner. You also need to think about how you are going to gather data like that regularly. Keep in mind that if you are not receiving this information already then you need to find a way to make it easier for yourself. Ideally, if you want to ensure success over the long run, you need to automate the process. That way when you have a partner take your product live, you have a way to know what they are doing. If you are not tracking how your partners are doing and if you are not monitoring their progress, then you have no way of making sure that they are taking positive steps for your company and this is the last thing you want.

Strong Business Partnerships are Essential

It is important to know that strong relationships are crucial if you want your company to be a success. Strong partnerships tend to be built on trust, and a lot of this is built on solid communication and accountability. It is critical for you to program success into the system you have now, and this starts with laying down the foundation from the day that your partners begin working with you. You also need to try and set healthy expectations through crystal clear communication. If you do not do this, then you will not have a team who is pushing themselves to meet your needs, and this is the last thing you want. It is even possible for you to build very strong relationships with your partners by simply trying to set mutual expectations during the onboarding process. A few examples of what you can do here include having a solid payment schedule and for you to have some incentives too. Data sharing schedules and even sharing the responsibility of every partner will help you out a lot here too. If you can do this and if you can make sure that you understand what is expected of everyone, then this will benefit the entire team.

Regular communication is also vitally important. If you can, invest in a partner portal as this is a great tool that will help you to keep your partners informed about a new product or service. You can also find out how they are performing overall so be mindful of this if you can.

 

Partner Relationship Management FAQ

What is partner relationship management (PRM)?

Partner relationship management (PRM) refers to the strategies, processes, and software that companies use to streamline business processes with channel partners who sell their products.

How does PRM differ from CRM?

• CRM focuses on managing relationships with customers
• PRM focuses on managing relationships with indirect sales partners

Why is PRM important?

PRM is important because it helps companies:

• Provide training and support to channel partners
• Share knowledge and best practices
• Set expectations and facilitate communication
• Monitor partner performance
• Strengthen partner relationships

How can you build strong partner relationships?

To build strong partner relationships:

• Get to know your partners well
• Set clear expectations upfront
• Invest in PRM tools and portals
• Continuously verify and measure performance
• Maintain open and regular communication

What are some key principles for partner relationship success?

Key principles include:

• Establishing trust and accountability
• Setting mutual expectations early on
• Sharing data on an ongoing basis
• Providing incentives and recognition
• Programming success metrics into the process

How can you make the most of partner programs?

To maximize partner programs:

• Onboard partners effectively
• Set payment schedules and incentives
• Share data and responsibilities
• Use a partner portal for communication
• Track partner performance closely
• Optimize based on partner feedback

What are the benefits of strong partner relationships?

Benefits include:

• Increased sales and revenue
• Expanded market reach
• Improved channel marketing
• Enhanced brand credibility
• Greater innovation
• Higher customer satisfaction