Major benefits of PRM software solutions available in a partner relationship management market.

Major benefits of PRM software solutions available in a partner relationship management market.

February 26, 2024

Partner relationship management (PRM) consists of policies and software, organizations use to simplify their business connections with shareholders and traders. PRM covers a range of activities that help companies manage their co-marketing relationships. These activities can be as simple as basic ways to manage the partnerships, or they can be more complex programs involving high-level software and data management. PRM tools are essential for successful channel management and partner programs. They cover everything from onboarding channel partners and training them to joint business planning and market development fund (MDF) management.

Software solutions available in partner relationship management market allow businesses to better manage various business operations using advanced and innovative functionalities.

Main functions of partner relationship management:

Partner Relationship Management (PRM) software is a cloud-based solution that provides businesses and their partners with a partner portal, customer database, and other useful tools. PRM software allows for the tracking of leads, opportunities, sales metrics, and revenues. Additionally, it should be able to keep track of inventory, operations, pricing, and discounts. The features of PRM software can vary among different solution providers and can be customized to meet the specific requirements of each customer. Below are some functionalities of PRM solutions:

  • Life cycle management: PRM software manages complete partner lifecycle including recruitment, boarding, regions assignment, leads monitoring, profiling, and boarding...
  • Contracting: Management software also ensures contract archival and contract renewal. This software contains all necessary documentation about partnerships.
  • Engagement: Relation management software function includes partner engagement, which includes tools for emails, newsletters, and notifications, as well as virtual community development and events registering. 
  • Rewards and offers: PRM also has functions for partner commission management, growth incentives, rebate management, partner rewards administration, SPPIFFs, and gamification.
  • Marketing: Functions for digital assets library curation, market insights sharing, marketing concierge service, channel sales, web content syndication, deal registration, market development fund (MDF) management, cooperative marketing funds, and business development funds.
  • Tracking and Attribution: PRM software allows precise tracking by using affiliate tracking tools and provides attribution across multiple touchpoints. This data is later utilized to examine and improve performance.
  • Support: Software also has functionality like knowledge database development, service tickets management, partner support, and partners’ product or service return management.

Benefits of using partner relationship management software:

  1. Partner Recruitment: Marketing to potential partners is a crucial activity for businesses, and Partner Relationship Management (PRM) can assist in reaching out to them via online platforms, email, or social media. PRM solutions also aid in partner onboarding, which is a critical process, by offering automation that enables you to set up and monitor partners as they progress through various stages of the onboarding process.
  2. Scaling partnerships: Many organizations collaborate with multiple partners to manage their sales and marketing operations. However, it is not practical to assign a dedicated channel manager to each partner in the network due to the large number of partners involved. This is because there is a shortage of time and resources. By using Partner Relationship Management (PRM), smaller partners can easily find and order products, freeing up the channel partners to focus on more significant deals and strategic relationships.
  3. Optimizing operations: One way to improve your business's partnership relations is by implementing an efficient Partner Relationship Management (PRM) system. With PRM, your partners can save time on routine tasks like buying products or components. Customers can order products from your channel partner, who can then order the product from your corporation just as simply and effectively as the customer via the PRM portal. This streamlined process can lead to more satisfied customers and stronger partnerships.[VST1] 

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