From distributors and agents to franchisees and resellers, how do you manage your partner network? While you can go it alone and choose a hodgepodge of solutions, you’d be better off with a single partner relationship management (PRM) software. A PRM solution helps you manage your partnerships more effectively, fostering communication and collaboration between you and your partners.
How do you know which partner relationship management software is the right one for your partner program? Discover the five factors you must consider when shopping around.
PRM tools come with a wide range of benefits to help improve channel sales performance, including:
Further Reading: 3 Ways to Build Strong Channel Partnerships
Each PRM solution on the market comes with a unique set of features. Look for the following ones as they are most important in a PRM solution:
Further Reading: Maximize Revenue Using These 4 Channel Partner Strategies
To manage partner relationships, don’t count on a one-size-fits-all solution. The right partner relationship management software for your business depends on several factors.
Consider your business size. If you have a large, global business with many partner relationships to manage, you’ll need a PRM solution that can support the complex nature of managing them. But if you have a smaller business with only a few partners, you might get by with a simpler solution.
Choose a PRM solution that can handle a growing number of users and partners without any problems. As your business grows, you’ll need a partner relationship management software that can scale to support a larger number of partners.
PRM solutions vary widely in price, from a few hundred dollars to several thousands of dollars per month. Decide how much you’re willing to spend on a PRM solution and then look for one that fits your budget. Some PRM vendors offer a free trial or a low-cost introductory plan that can be a good fit if you want to test-drive a few options.
Know what your specific goals are for using a PRM system. For example, you might need a system that can automate some of the more tedious tasks associated with partner management, such as lead tracking and contract management. Or you might simply need a way to keep all of your partner information organized and in one place. You can pick one PRM over another based on your needs or add and delete modules from a specific PRM.
Find a PRM solution that offers the features you need to support your partner relationships. Look for a tool that is user-friendly and easy to navigate. Your partner portal should be such that partners find it easy to log in, view and study sales collaterals, and close deals.
The PRM solution you choose should integrate with your other business systems to make it easier to manage your partner relationships. Ideally, it should integrate with other software you and your partners use, such as your CRM solution, quote and proposal builder, marketing automation, and billing systems.
Look for a PRM solution that provides reliable customer support to handle any questions or problems you might experience when using it. Also, ensure the PRM solution provider offers 24/7 customer support, so you can get help whenever you need it. Customer support should be easy to reach, with various contact options, such as email, phone, chat, and FAQs.
Further Reading: How to Build a Partner Program
If you're wondering whether you need a partner relationship management tool, the answer may depend on the size and complexity of your partner ecosystem. Weigh the options listed in this blog before you make a choice.
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