New approaches to channel management remove profitability barriers.
Channel friction comes in many forms. It sabotages channel revenue, undermines partner motivation and keeps channel managers up at night. Companies attempt to reduce it by hiring more people, spending money on point solutions and reassuring partners that tomorrow will be better. Incremental improvements help in the near term, but somehow the big results companies seek never materialize.
Companies want a breakthrough that will take their channel sales to the next level. But it’s hard to know how to get there from here.
Do any of these friction points sound familiar?
Click any of the pain points below to view a case study on the topic:
At the end of the day, reducing channel friction means making relationships smooth and easy for partners, eliminating channel conflict and providing strong sales incentives. When you achieve these goals, revenue accelerates and everyone wins. But getting there is easier said than done, and can’t be accomplished simply by deploying new software.
The good news is that a comprehensive channel management methodology, coupled with advanced software tools, offer a path to revenue goals that channel managers can meet.
In another era, managing indirect sales channels was simpler and the path to increased revenue was clearer. Great sales reps, good documentation and reliable software to automate manual processes were usually the keys to success. Today the rules are different, if for no other reason than business moves at warp speed. Established processes and a legacy network of point solutions often cannot scale or evolve to meet new marketplace demands.
That’s why Partner Relationship Management exists. PRM is somewhat analogous to CRM, but optimized for channel sales. It’s actually a business philosophy and methodology that puts the channel partner at the center of everything. Accelerating revenue through partners requires a holistic approach that incorporates a broad review of channel strategy, an analysis of functional deficits, implementation planning, ongoing consulting and a technology solution that ties it all together.
A good partner portal supports the tactical plan derived from the work described above. It focuses exclusively on channel-optimized features and does not replicate capabilities that are handled well by other solutions. It must also integrate easily and seamlessly with existing solutions and best-of-breed applications that may be used later.
How LogicBay PRM Improves Profitability
Manage marketing content by ensuring that the right information is delivered to the right person on any device. Keep it simple for your partners with playbooks and automated campaigns that allow them to spend their time more effectively while focusing on what’s important.
Use a comprehensive learning management system to ensure that partner personnel are equipped to sell and support your products and services. Track and measure training solutions delivered in a variety of formats.
Track the entire lifecycle of every lead you generate or receive while providing targeted sales support. Ensure that everyone knows who owns each deal. Execute processes that deliver consistency and transparency to head off disputes.
Deploy a PRM solution that plays nicely with existing application implementations while optimizing channel-specific business processes
Get new partners up to speed quickly and efficiently. Define processes, milestones and measurable objectives to monitor and evaluate progress.
Use real-time dashboards to monitor critical indicators across the channel. Drill down for insights into process improvement opportunities or to reveal partner-specific performance issues. Run your channel program proactively instead of reactively.
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