When engaging with new potential partners, the approach really matters…
With three quarters of the world trading flowing through indirect channels it is crucial for businesses to find a way to better manage and enable their partner networks. As a solution to the complexity of growing and maintaining such partner networks partner relationship management (PRM) products have been introduced to make the process efficient and easy for both parts.
A Partner Relationship Management (PRM) software has features tied to how a partner program is built so it can offer the functionality for vendors and channel partners to work seamlessly. So, for example if a partner program includes deal registration then by default a deal registration feature is required to help channel partners register their deals and vendor to manage it. Other basic features include onboarding, enablement, incentives, collaboration and partner management.
As the needs of these organizations have been growing so are the features and functionality of PRM systems. Forrester predicts the PRM software market to grow at a CAGR of 14.2% by 2022 and additional functionality such as through-channel marketing automation (TCMA) to be a standard for most PRMs. Below there is a list of the top 10 PRM systems available in the market based on our opinion.
Allow us to start from our own PRM software, not just because we have developed it but for three main reasons. The first is that it helps vendors to actively recruit new channel partners and grow their network. Because it is built on top of our platform our PRM helps you attract new channel partners based on 15 different criteria. It doesn’t just provide you the features to manage new prospect partners but you can actually target your ideal partners to increase your channel network.
The second reason is that the Elioplus PRM offers a Partner-to-Partner functionality that enables and incentivizes your channel network to promote your solution and makes your partner program more attractive. The Partner-to-Partner feature is built to help channel companies share and receive deals thus incentivizing new channel partners to join your network to benefit from it and your current partners to receive more deals and drive new business.
The third and final reason it’s that is has a free plan for vendors with a small channel network. We don’t just provide you with a trial but with a free plan with all features available and no time limits. Apart from these features all basic functionality is available like onboarding, partner directory, resource library, partner collaboration, deal registration, lead distribution etc.
Elioplus PRM has a free full-functional plan for companies with a small partner network and then 3 tiers based on the number of partners. For enterprise companies it starts at $1,200/per month and grows based on the number of partners.
Impartner is one of the heavy weights when it comes to PRM out there. Ideally for enterprise companies but not only limited to large organizations it offers functionality for sales enablement like lead management, business intelligence and partner locator as well as through partner marketing and MDF modules.
Their pricing is not publicly available on their website although it was in the past and they were charging based on the modules their customers used. We don’t know if that’s still the case.
Channeltivity is another well-known player in the market of PRM systems and offers modules like partner management, deal registration, resource library, joint planning and many more. Their focus is on their integration with Salesforce and Hubspot CRM for seamless data flow.
The standard edition is $1,119/month and the Salesforce/Hubspot edition is $1,499/month. Additional features like lead distribution are being charged extra.
LogicBay has been around since 2003 and PRM is its core business as they have also been providing crowdfunding portal solutions. The functionality includes document management, CRM and marketing automation integration, local marketing automation, collaboration and others.
There is no set pricing and it depends on the configuration.
Ziftsolutions is another heavy weight in the market and you will find all the basic functionality for their partner portal such as deal registration, lead distribution, onboarding, content management etc. Apart from the technology and telecomm industry it also focuses on the manufacturing industry so some features are developed for this sector.
It’s not available publicly on their website
Mindmatrix offers both direct sales software and partner portal solutions. Their PRM software includes features like deal registration, MDF module, reporting and asset management. The industries Mindmatrix focuses on are Hi-tech, Manufacturing, Real Estate, Insurance, Finance, Retail and Advertising Agencies.
The pricing for the PRM software starts at $1,000/month for up to 1.000 partners
Apart from Convey’s partner portal the company also offers customer portals, membership portal and content intranets. On their partner portal you will find features like partner management, deal registration, discussion forum and marketing campaigns. The target industries are IT, Telecom, Cloud, Insurance and Foodservice.
It’s not available on the website.
GetPartnered offers a platform to onboard and manage your partners. Their platform features include deal registration, opportunity pipeline, analytics and onboarding among others.
There are two plans available but you have to get in touch with their sales team for details.
While Outwork offers a platform to onboard and manage your partner organizations they also offer a marketplace feature that allows you to showcase your integrations to your customers.
If you want to launch your own partner program then there are two plans to choose from both at $1,000/month plus $6,000 annually if you choose the Premier Assistance plan.
Magentrix offes three different products, a PRM, a Customer Success tool and an Employee Collaboration solution. The PRM software includes such features as collaboration, onboarding, lead registration, deal management, analytics, MDF etc.
The PRM software plans start at $1,150/month.
There are many options when it comes to selecting the PRM software to help you onboard, train, manage and enable your partner network. Before selecting a partner portal you have to create a checklist with your needs and find the tool that check all the boxes while it’s affordable for your company as you will be using this tool for many years to come. Also, you have to use a system that caters to the needs of your partners and make their onboarding process seamless as well.