When it comes to scaling your business, an integral component of your growth strategy will likely include channel partnerships. With that comes the need to manage those partnerships to make sure that the relationship is beneficial to both parties, that KPIs are being met, and that your channel partners are adding value to your company. There are so many elements of integrating and maintaining channel partnerships, that it is almost impossible to manage it all manually without gaps or errors.
Enter Partnership Relationship Management Software (PRM). PRMs help you seamlessly integrate channel partners into your workflow from onboarding onwards, without missing a step, while also keeping track of metrics. With hundreds of PRM options available, it’s important to know what to look for when choosing a PRM, and how it will impact your bottom line.
Ease of Use
One of the most important elements to consider when choosing a PRM is how easy it will be for your team and your partners to use. Consider your team’s daily activities, and how the PRM will help facilitate their roles. Do the same for your partners; are training files easily accessible? Can they easily register new sales?
You’ve decided to use a PRM because you’re ready to continue to scale. Don’t choose a PRM with a long lead time for implementation, or that requires excessive support or costs to install. Look for a company with an engaged team that helps walk you through demos and setup so that you’re not left trying to search for answers to your new program.
Integration of Current Programs
Don’t redo work already in place in your CRM or ERP. A good PRM will allow for easy integration of your files and tools to give you access to all necessary documentation. This will make things easier for staff and partners knowing they are using up-to-date data in familiar formats.
Functionality for Company Needs
With so many PRMs available, you need to understand what features you want from a PRM, and how they will benefit your company’s growth. Some areas you will want to consider are:
- Onboarding: Central location for all training and introductory materials
- Training: Easy access to training material for varying products
- Marketing Programs: Ability to share data, launch new campaigns, and automatically co-brand materials
- Sales Leads: Manage leads in a consistent way that allows access for you and your partners
- Stats: Define and measure KPIs for success management
Cost and ROI
The full cost of a PRM cannot be measured solely in monthly charges. Evaluate what processes are streamlined, and how much time will be freed up, allowing you to focus on areas with higher returns. The same will be true for your team as processes are optimized, giving them the flexibility to focus on nurturing their leads.
Finding the right PRM is a chance for you to evaluate your immediate and long-term channel partner needs, and understand how different features will help you reach your goals. A PRM should help you strengthen your relationships with your channel partners by making processes and procedures easier for you both.
xAmplify is a PRM designed to make your channel partnerships easier to manage, and more profitable. Set up a time to talk to one of our representatives to see how xAmplify can help take you to the next level. Contact us today.