What is Partner Relationship Management software?
Sometimes called PRM software, this refers to a technology platform aimed at supporting your channel partners by providing them with the tools they need to do a better job selling and servicing your products. Most companies have issues with internal communications, so when they involve other businesses and channel partners, the impact of poor communication is multiplied.
PRM software is also incredible for helping businesses streamline their internal conversations, as well as the ones they carry out with external parties. The software does this a number of ways. For example, it helps you ensure your are delivering the right information to the right people based on their specific login credentials. This provides your partners with only the information that is relevant to them.
When it comes to improving communication between companies, you can rely on this type of software to help by keeping your partners updated with real-time information. Making sure your are delivering valuable information can prevent a partner from being left out of the loop and the costly results that can come about as a consequence.
Lastly, PRM software allows you to enable workflows that are specific to the business processes you have in place for selling through a partner network. This can include everything from new partner applications, instructions on order entry, ways to request special pricing, step-by-step marketing playbooks, and training and certification coursework. The list goes on. The bottom line is that you are going to have to help your partners understand what is required of them to do business with you. The more you can provide explicit instructions for them, the more productive your partnership will be.
How much does it cost?
Of course, the big question for many companies is regarding how much such a benefit will cost. No matter how great any technological tool is, if it’s not going to be within your company’s price range, there’s not much you can do about it.
Fortunately, there are many solutions available these days that won’t stress your budget. Your costs will typically depend on how much functionality you require from your software. As for pricing, most cloud-based SaaS PRM providers have a pricing model that charges per user. You should also expect a one-time single implementation charge for branding, organizational setup, and content uploads, and then a separate monthly cost charged on a per-user basis. These options ensure your management software is scalable by allowing the addition of more users as adoption grows.
With this in mind, depending on what you need, the software should cost you anywhere from $2.50 to $10 per user per month.
If you’re not partnering with other companies, you’re most likely missing out on potential profits. However, if you’re not leveraging software to get more from your PRM efforts, you’re probably still falling short. Utilize the above information below to make sure you get what you want from PRM resources without overpaying.
What is provided with PRM software?
Of course, the big question for many companies in determining the benefit is “What will it cost?” No matter how great any technological tool is, if it’s not going to be within your company’s price range, it’s probably not worth considering. Fortunately, there are many solutions available these days that won’t stress your budget.
The big thing is to understand what exactly your company needs from partner relationship management software. This will ensure that you don’t overspend on features your company won’t use, while at the same time, you won’t end up needing to look for other point solutions down the road because the software you chose was insufficient.
No matter what industry you’re in or the size of your business, you’ll definitely want five main things in the software you choose:
- User-friendly interface
- Advanced administrative and reporting capabilities
- Training and ongoing support
- Secure hosting
- Scalable to meet your evolving needs
Organizational structure management is also an important feature, as are forms of marcom and content management. PRM software should also help you to handle your lead management requirements something that can be difficult to do when you’re sharing opportunities with other companies.
Social media isn’t just about Facebook and Twitter these days. You should also look to find management software that utilizes social forums so that several people from all the companies involved can log in and work with each other in one central area.
In terms of the parties tasked with managing this software, there are dashboards that should be utilized to make this as easy as possible. Standard reporting features will make their job much easier in this regard as well.