PRM - Partner Relationship Management
PRM (Partner Relationship Management) refers to the systems and practices used to efficiently manage and strengthen relationships with partner companies—such as agents, resellers, and other allied businesses. By centrally visualizing and optimizing communications with these partners, the goal is to boost sales, enhance support, and grow revenue.
Main Functions and Roles of PRM
Centralized Partner Information Management
Store contracts, contacts, sales performance, and deal status by partner in a database, accessible via a real-time management dashboard.
Understand each partner’s strengths or areas of expertise, enabling more effective strategic planning.
Strengthened Communication and Collaboration
Use portals or chat tools to enable two-way interaction with partners.
Run joint campaigns and share marketing resources (brochures, design assets, etc.) to bolster promotional activities.
Training and Educational Support
Provide online learning content, seminars, and certification programs to help partners fully understand and effectively sell/support your products and services.
Track partners’ training progress and offer follow-up support where necessary.
Optimized Lead and Deal Management
Make leads and deals obtained by partners visible, and track their status as they progress.
Manage allocations to avoid overlap or competition among partners, preventing conflicts.
Performance Evaluation and Incentive Design
Evaluate partner achievements and manage compensation or bonus programs based on sales volume or contribution levels.
Motivate partners by setting incentives aligned with targets, growth rates, and other data-driven metrics.
Benefits of Introducing PRM
Expanding and Strengthening Sales Channels
Reach broader markets through many partners while capitalizing on their specialized fields to increase sales efficiency.
Improved Information Sharing and Fewer Disputes
By managing partner interactions in a single, unified system, you can reduce misunderstandings caused by communication gaps.
Real-time data updates facilitate faster and better-informed decision-making.
Boost in Revenue Through Partner Education and Support
As more partners gain product knowledge and hone their sales skills, they can drive greater sales of your products and services.
Offering robust training and support also nurtures stronger trust between you and your partners.
Data-Driven Partner Strategy
Analyze each partner’s results and market trends to decide which areas to prioritize and which partners merit additional support, all backed by solid data.
Conclusion
PRM (Partner Relationship Management) is a system and approach for streamlining interactions with resellers, affiliates, and other partner organizations to:
Expand sales efforts
Enhance support
Maximize revenue
Whereas CRM (Customer Relationship Management) focuses on strengthening ties with end customers, PRM places emphasis on establishing trust and collaboration with partner companies to accelerate business growth.