Successful partnerships with other businesses to scale a revenue channel means managing an increasing number of complex moving parts, each with its own number of details. Channel partner managers and administrators need a platform technology that enables them to meet the organizational and executional challenges in managing these business relationships. PRM software is designed to meet those needs.
Here we'll look at some ways that companies looking to perform well in business sub sectors demanding ever-faster and more efficient operations can use PRM technology as a core business solution.
A PRM is a powerful software platform that is designed to enable digital management of revenue channel partners with a business that is strategizing to scale through those relationships. The PRM system is structured to accommodate and centralize the management of all facets of channel partnering activity. The function features of today's comprehensive integrated PRM platforms include:
PRM technology is designed to make managing all the external moving parts within channel partner organizational structures much more efficient and convenient. The accuracy and remote management capabilities that a powerful fully-integrated PRM platform provides renders manual or non-networked digital systems obsolete.
The PRM software platform is architecturally structured to integrate seamlessly with a wide range of other business software programs and platforms, to constitute a comprehensive network system. Naturally, this setup enables much faster, more efficient, more mutually transparent, and more user-friendly digital systems for business operations.
Here are just some of the current fundamentals for successfully managing channel partner operations:
Managing partner relationships is a challenging area of business management, even with the best of technology. It first requires obtaining the right partners and setting up relationships with them for success. A PRM system overcomes these difficulties by:
The core of channel partner operations is, of course, lead management. A top-tier PRM platform may integrate your current lead management system (LMS).
Whether you're using the PRM's native LMS program or your integrated stand-alone LMS, the PRM can be expected to support your channel partners' lead data and sales funnel activity management and tracking processes.
Just some lead management activities in your LMS that a PRM supports can include:
External marketing and sales can be most effective through the efficiencies of digital marketing and sales management made possible with a top-tier PRM software with everything from recruiting data gathering and analysis, to lead management processes, to business planning.
While external marketing and sales associations serving business revenue channels are widely diverse in kind and operational modes, they need their own particular versions of the tools to enable support for channel partners. PRM platforms accommodate vast scaling and ever-expanding scopes of strategic changes and methods and other adaptations.
The days of struggling to build a regional, national, or global brand using spreadsheets and manual workflow methods are gone. PRM technology now makes it incomparably more efficient and convenient for channel partner managers to control the highly complex relationships of multifaceted partnerships.
Sometimes company managers understand what PRM systems are and what they do, but it can still be difficult for them to appreciate the extraordinary value that this PRM software platform can deliver for their business. This disconnect, unfortunately, causes many businesses to miss growth opportunities and even to lose existing market share.
That happens because competitors are increasingly better positioned to take fuller advantage of resources such as these provided by modern PRM technology:
These advantages naturally make the PRM platform a game-changer for experienced channel managers.
If your vision for your business involves successfully scaling channel partner operations, you're going to find that PRM software is your best option for uniting and controlling your various channel operations and management systems in order to best support your channel partners' efforts.
PRMs generate untold wealth of business intelligence, all while making the formerly unwieldy complexities of external marketing and sales satellite operations organized, visible, and more manageable than in the pre-PRM business era.
It makes sense that the worldwide PRM software market is booming. Forrester's PRM report explains that annual PRM software sales volume is at US $350 million for revenues alone per year, and an additional half-billion dollars in peripheral technology services. According to the Forrester report, the PRM market is anticipated to exceed US $679 million worldwide in the next several years. This is a staggering period of expansion, establishing PRM technology as an integral organizational component for businesses looking to scale revenue channel partnering systems.
The astounding growth of the PRM software and support industry clearly enough indicates that PRM is the necessary way of the future for today's competitive organizations in virtually any business subsector of the global economy. This business case especially applies to those positioning for aggressive revenue channel growth through external marketing and sales partnering relationships.
If you would like more information about PRM software and platform integration, or to discuss optimizing channel partner management systems, contact Manobyte to speak to one of our PRM experts.