Why do you need PRM to manage your partner network?
Forrester Research estimates that every day, over 12 million end users log in to PRM (Partner Relationship Management) systems. In the next two years, the number is expected to rise quickly. The company predicts that the PRM software market will grow with CAGR of 14.2 percent by 2023. Do you know why telecoms, manufacturing, insurance, retail, and many other industries invest in PRM? The answer is simple: because with partners you can grow faster.
Today in many sectors, partners are the primary revenue source. That is why indirect channels are so important. Selling through partners is cost friendly, it allows to scale effectively, and it is easy to expand geographically. But there are challenges. You have much less control over the sale process and customer experience. Quick and effective onboarding is not easy. You have to help each partner to grow while managing a complex partners network. Communication is essential: partners need to understand your products and strategy clearly.
So if your indirect channel is important for reaching to your customers, it is critical to have a PRM solution. It offers content management, communication portals, collaboration tools, interactive reports and dashboards, KPI analytics, and integration with other IT systems. With the right PRM solution, managing relationships with partners is effective and more efficient. And onboarding, training or supporting partner network is not a challenge anymore.
Working together is success…
Today it is harder than ever to find a good partner. And if you find one, you need to provide him with great experience, because there is a competition on the market. With PRM, it is easier to create a robust partner ecosystem, that cooperates and shares knowledge. It is a tool that encompasses the whole partner journey and experience.
What is more, the right PRM solution allows for managing holistically direct and indirect channel. It is important because PRM should be a part of the customer strategy. The difference between PRM and CRM is the focus. PRM shifts the focus from the customer to the relationship with the salespeople. If they have a great experience, it is more likely the customer experience will also be great. So PRM can be viewed as an extension to CRM, a tool that enables executing a holistic sales strategy, accelerate revenues, and grow a business.