A peek at the fundamentals

The term Partner Relationship Management (PRM) has been coined to classify the business methodologies and strategies employed to leverage the functional relationship between you and your company's channel partners. Channel Management Software is the generic term for PRM.

PRM solutions are deployed through web platforms (cloud solution also available) and can be tailored to meet the specific requirement of business processes for heightened operation streamlining.

Attributes of PRM

A comprehensive Partner Relationship Management encompasses key features to facilitate incorporation of new channel partners, managing lead, execution of marketing campaigns, performance management, training and a host of other activities. The design is conducive to fostering strong business relationship with channel partners.

Certain Gurus compare PRM with Customer Relationship Management (CRM). However, PRM has an edge over CRM in that it paves the way for more effective management of the intricacies of the inherent sales channel relationships. Judicious management of them will only boost drive engagement and collaboration.

Benefits of Channel Management Software

A PRM solution seeks to establish and reinforce trust to effectively drive the communication process within the entire sales channel. It paves way for hassle free identification and resolution of conflict with the scope of enveloping the complete channel partnership field. This creates a highly effective system to accomplish business ends. The augmented engagement and consequent collaboration will help in enhancing your channel partner's mindshare. This will eventually get reflected through awesome sales and overall better performance.

Functional components of PRM

PRM systems essentially are a bunch of tools paving the way for meticulous organization and management of channel relationships. A PRM system draws its lifeblood both from technological and business realms.

The core ingredients building up a PRM system are:

a) Managing the training and certification aspects

b) Lending support for Marketing Communications

c) Introduction to new products and trends

d) Sales Productivity Tools

e) Channel Partner On-Boarding

f) Bolstering new hires

Why is PRM important?

The volatile economy and fragile market marked by endless trials and tribulation have triggered the panic button for companies. The seemingly gloomy scenario is intensified by shifting customer expectations and requirements.

Poising the strategies to gain an edge over competitors, mandates erecting top notch internal and external relationships that would take care of your company's mission while concurrently meeting evolving growth initiatives. Resounding success and innovative attitude get bolstered by open dialogue among your channel partners. Your company's success in today's shifting economy will materialize only if connections are developed and maintained for providing resources to channel partners to have their businesses reinforced and flourish.

Strategic allies and business partners are vital for sustaining your business. Channel Management Software stresses on the correct mode of doing the business. It hones your relationship skills. This is pulled off through allowing free flow of information, promoting the trust culture and aligning the individual business objectives of channel partners to achieve the greater goal of the principle company.

Partner Relationship Management or PRM fosters such vivacious spirit by forging and merging the individual mindsets into a collaborative cloud. This inspires channel partners to forsake narrow interests and useless conflicts in favor of broader business objective. PRM underpins such interdependence in a compelling manner and catapults your business to dizzying heights.

Author's Bio: 

Walt Robertson, in this article, discusses the important role played by Partner Relationship Management (PRM) solutions in improving relationship between business vendors and channel partners. He suggests companies to take advantage of channel management software if they aspire to succeed in the current highly competitive business scenario.For more information on PRM solutions, visit LINK
Relayware, Inc