Partnering has changed considerably over the last decade. And thanks to digital transformations and the move to cloud services, those changes will continue to escalate.
How your organization partners with other businesses and reps is no longer limited to the people who resell your products or services. Today’s enterprises are co-investing, co-innovating, and co-selling to offer complete solutions to customers.
A partnership relationship management portal supports better collaboration and customer service and can significantly increase sales. This glossary covers some of the most common definitions and terms used in conjunction with these critical tools designed to help you disseminate information and communicate with all partners across your network.
Channel partners are companies or individuals that partner with other businesses to market or sell their services or products and are considered part of a company’s indirect sales force. They can include, among others, resellers, vendors, managed service providers, retailers or agents, consultants, original equipment manufacturers, and independent software vendors.
Also referred to as channel partner sales, partner sales are the indirect sales channels that B2B sales organizations use to go to market. An alternative to adding more in-house sales reps, partner sales provide numerous benefits, including broad geographic coverage, deep industry knowledge and expertise, and the ability to offer customers integrated solutions that complement your product or service.
Partner Relationship Management
The process of managing and developing relationships with various business partners. Partner relationship management (PRM) includes existing channel partners while also helping businesses identify potential new partners, assess partnership value, and manage partner interactions.
Partner Relationship Management Portal
A good PRM portal helps increase sales and boost revenue and enables a company with channel partners to manage activities related to sales, lead management, and opportunity management more efficiently. It can be an invaluable tool for bringing vendors, installers, service providers, and other parties together in one easy-to-access system. The best PRM portals include training and onboarding resources, marketing materials, links to internal team members, and more.
Partner Relationship Management System
Also referred to as channel automation and channel management systems.
Partnerships serve as indirect routes to market for your business and help you stand out from your competitors. A partnership relationship management system includes the software, strategies, and processes a company uses to streamline business processes with partners who sell their products and services. A PRM system helps you automate activities to drive better channel sales, allowing you to offer higher value to your customers and partners alike. It’s now widely considered an essential part of managing traditional channel partnerships.
PRM tools help channel sales managers and marketers connect and automate all elements of a partner management process within one tool. Unlike a CRM, which is built for managing direct sales teams, a PRM is a gated portal solely dedicated to serving channel partners. It’s designed to facilitate the end-to-end partnership experience and is used by partners to drive traffic, leads, and deals and by partner managers and their teams to manage partner relationships.