When you are a vendor and your strategy is to…
Partner Relationship Management system is a web based system that helps companies manage their channel partners. Channel partners can be even resellers, distributors, system integrators, consultants, value added resellers (VARs) and other types as well. A partner relationship management system can be used in order to communicate with your channel partners, distribute material like product updates, marketing stuff, documentation, also train your channel partners through courses, provide them leads and receive deals. You can check through analytics who is the channel partner that sells more, who is more active and productive in terms of won or lost deals and leads, have a clear view of the revenue that come through your channel network and revenue forecasting in order to take the right decisions and improve things that can be beneficial for your company. A Partner Relationship Management solution can include contract management functionality, certifications that can be generated when a partner passes some courses and tests that you upload on the system, MDFs management, incentive and reward programs, partner portal in order to make your channel partners accessible to your website visitors and provide them leads from web traffic. Also, PRM systems is preferred to be integrated with major CRMs or Marketing Automation solutions in order to be flexible and easy to use by their clients.
A basic partner relationship management system must include at least the following functionality:
Partner login page: This is the place where your channel partners can sign into your PRM system or sign up. The partner login page comes with a unique URL that is recommended to add it into your website on a “Partners” page.
Partner Onboarding: Through this function you can upload material like videos or files in order to help your channel partners be 100% ready to sell your product effectively. You can upload product updates, marketing material, newsletters, documentation and more.
Lead distribution: Here you can distribute leads to your channel partners. This is very important because you have more chances to win a potential client when you distribute leads to a reseller that can support this client better than you. Imagine that you have a Brazilian reseller and you are a US based company. If you have a potential client from Brazil you should send this lead to the Brazilian reseller in order to try to win this lead. The client will feel more secure if he collaborates with a local reseller that will support him whenever he has the need. Also, you are going to have a satisfied reseller because you bring him leads. This will build a trust environment between you and your channel network and they will prefer to sell your product among other.
Deal registration: Here your channel partners upload deals. When a channel partner is trying to close a potential client then he needs to upload this deal on the PRM system in order to avoid anyone else from your network to try to close the same client. Deal registration is very important to avoid conflict inside your channel network and gives you the ability to have a full understanding of how active your partners are. The number of deals they upload and the number of lost or won deals are the ones that determine how effective and productive your channel partners are.
Channel analytics: These are analytics that provide data about your channel network performance. You can check who are those channel partners that bring you more revenue, the actual number of revenue and profit that come through your indirect network and more.
Elioplus PRM is offering a variety of features that cover the needs from small to enterprise level companies. You can create an account for free in order to test the Partner Relationship management system and manage your channel partners with success.
About the PRM market:
The Partner Relationship Management Market is a mature market that is growing fast. According to various sources the next 3-5 years PRM software industry will be an industry of $700 million with an annual growth between 14% – 16%.
Why PRM industry is growing:
The need of managing channel partners has increased lately because every company now understand that entering new markets through channel partners is the best way. Channel partners know their market very well and have an existing client base or connections that they can sell or refer your solution. They are keen to offer new innovative solutions in order to increase their sales. On Elioplus’ Partner Recruitment solution we have seen that channel partners are keen to resell 4-5 new innovative solutions every year. Also, 70% of the revenue comes from indirect – third party sales. This fact makes marketers focus more on building a strong and reliable partner program. The more effort you are spending on building your channel network means that the more channel partners you will onboard. A PRM software gives you all the functionality you need in order to save time of managing your channel network, have a clear understanding and control of how the network performs and take the right decisions about next steps.
Some words about our company:
Elioplus is a SaaS company that operates in the channel industry from 2015 with offices in US and in Europe. Elioplus is offering 2 main services:
- PRM software will full functionality that cover the needs of every company size trying to manage their channel network effectively.
- Partner recruitment will a network right now of more than 1,500 software, SaaS and cloud services vendors. Also, a network of more than 120,000 channel partners worldwide looking to resell new solutions.
Some clients of Elioplus:
SAP, Freshworks, IRI data masking and data security, Repsly CRM, Totara LMS, Sutisoft and more.