As companies grow, the rate at which they launch new products often increases. Consequently, an overwhelming amount of information needs to be disseminated through the distribution channel. That information includes the specifications of the new products, the best way to sell them, and how to service them. Ideally, information should be flowing back to the emerging growth company as well—information on how the new products are performing and information on how well the partners are doing selling and servicing the new products. A robust partner relationship management (PRM) system can facilitate the flow of information in both these directions.
1. Using a Partner Relationship Management (PRM) System for New Product Training
Training in the sales channel is only beneficial if it’s targeted at the right people. This applies for new product training, as well. New product launches are usually done strategically. Training new partners that don’t fall into your launch strategy is a waste of energy and risks confusing partners. Meanwhile, the partners that do fall into your strategy need to receive training quickly and efficiently. Functionality for training and certification should be a hallmark of your PRM system. It should include:
- Customized partner portals, tailored for the partner’s role and location in the sales network.
- The ability for partners—and you company—to track their progress through a training program.
- A system to distribute all the media related to your training program, including videos, manuals, and online classes.
We have written an entire white paper on how to effectively use a PRM system for training and certification. While the paper is for general consumption, the lessons there apply to emerging growth companies launching a new product training initiative, as well.
SEE ALSO: PRM Versus CRM: Why You Need Both!
2. Analyzing New Product Performance Through PRM
For product managers and members of the marketing team, an easy-to-use dashboard for the coordination and execution of new product launches is invaluable. When their companies are in hyper-growth mode, people in these roles need quick access to sales performance data to make the necessary decisions that will steer growth in the right direction.
A robust PRM solution provides product managers, marketing teams, and channel partners with:
- Real-time feedback: Leveraging the speed and power of the internet to transfer knowledge, companies can assess and manage feedback in real time as they coordinate their new product launches.
- A way to review product performance: This information will help companies understand and manage performance and investments, while ensuring that new products return sufficient revenues and margins.
New product introductions are the lifeblood of any emerging growth company. However, coordinating all of the activities required for a successful launch across many business units can be cumbersome and filled with anxiety. Read more about how PRM systems help emerging growth companies face their challenges in our newest free white paper, “Partner Relationship Management: A Success Guide for Emerging Growth Companies.”