There can be any number of reasons why sales are not as high as they could be. However, in these economically challenging times, with many companies facing downsizing and consequently a smaller direct internal sales team, implementing an effective customer relationship management strategy. Partners (PRMs) could provide a welcome revenue boost or even a lifeline for many tech companies. . In many ways, PRM is the newcomer to the sales and marketing market that savvy business leaders must take advantage of to succeed. Around 2000, customer relationship management (CRM) entered the scene and platforms like Salesforce that we all know and use today revolutionized the way companies interact with their customers. About 10 years later, we've seen the rise of data-driven marketing automation platforms give marketers insights into data. Right now we are witnessing the next chapter, which is PRM. About the Author Meshach Amuah-Fuster is Managing Director of EMEA at Allbound
So what exactly is PRM?
Well, basically it's about making the sales process easier for your partners and making it easier for them to find the information they need to close deals. It allows you to streamline relationships with your resellers and distributors, giving you more time to devote to other channel partner efforts. When you consider how much revenue comes from indirect sales, it becomes clear that investing in PRM is just as important as identifying the right partners in the first place. In fact, according to Aberdeen Group research, companies that invest in channel technologies like PRM can experience 48% higher annual revenue growth.
So what is the catch?
Well, you have to spend some time and attention to get the most out of your partner network. But if you do, the rewards are great. PRM is all about developing clear systems, processes, and procedures for partners who are selling for you. Once everyone gets used to the usual ways of working, it becomes much easier to find prospects and share your knowledge. Partners can self-service and access essential product information to advise consumers and use the Partner Portal to take advantage of all the training options they could need to be even more productive. Embrace this strategy and it will be much more profitable to acquire tech-savvy customers and manage and build relationships with them by measuring sales and marketing results. There are also valuable data reports available that reveal what content resonates best with partners and leads to transaction records. In fact, add it all up and you'll create a network of partners more committed to your vision. Companies and their partners can recognize that they can work smarter and see how everyone is moving in the same direction. They want to know more about your business and your products, and as their knowledge improves, so does the effectiveness of your end-customer message that builds loyalty and good reviews. The key to successfully using partner sales channels has always been the ability to effectively track and manage these partners through effective communication and without the need for individual micromanagement. A PRM platform provides internal managers with valuable evidence about the performance of certain partners based on well-defined KPIs and indicates whether they might need additional training. The best PRM tools also enable strategic and repeatable onboarding and activation processes that end up building partners for success. From a partner's perspective, they're more likely to stay with you if they can see content dedicated to helping them reach their full potential.
PRM and CRM
The link between PRM and CRM is incredibly close, and your partners will appreciate a combination of the two so they can manage customer relationships and work with you more effectively. Being able to distribute leads and make the best use of marketing budgets is critical. The only thing your partners will appreciate is the PRM/CRM technology that works seamlessly to ensure smooth communication between all parties.
Do you need PRM today?
With such an uncertain economic landscape, there has never been a better time to invest in something that will increase your reach and sales, which is so aligned with our collective new way of working. After all, the most successful channel programs have hundreds of partner interactions each month, so automating this process is essential for scalability. There is no question that interest in SMRs has accelerated during the Covid-19 pandemic as ways of working have changed. Because? Well, as companies get smaller, they realize how an effective PRM program becomes more and more essential to success and pay more attention to it. There are no office or salary costs, as partners only receive commissions on the income they generate. This shift towards remote work and the use of PMR also leveled the playing field. Startups with smaller budgets can now compete with the big tech dogs that have relied on the power of their brand to develop products around the world through their network of partners. Many of the trends we are seeing now, such as remote work, are likely to continue post-pandemic and increase demand for effective PRM tools. For example, the subscription-based model for sales and marketing technology is growing rapidly. This has sparked a lot of interest in API-based PRM that delivers measurable results based on user experience. The real-time data it generates is extremely valuable. PRM is not a new concept, as CRM was not new when Salesforce entered the market, but organizations' attitudes towards it change based on market forces and changing business needs. . PRM is not only popular in the hardware and software technology industries, but is also revolutionizing the approach taken by telecommunications, manufacturing, retail, biopharma, and other industries with its ecosystems. of channels. Business is ultimately a team game, and by helping your partners implement an effective PRM system, you can reshape your network into a win-win formula.