Business intelligence technology has come a long way. Most industries have a number of available platforms designed to leverage business intelligence for better results.
However, the indirect channel provides an especially attractive opportunity where this software is concerned. For many businesses who operate in the indirect channel, this technology is the key to unlocking channel growth.
Indirect sale channels refer to businesses that sell products they don’t actually manufacture. They work as affiliates, marketing these products and then making sales. Today, more than 70% of the products sold throughout the world are purchased from indirect partners. One simple solution exists and can make managing all of the moving parts of the sales channel an easier task. PRM!
Monitor all facets of your sales channel.
A number of advantages are involved with taking on an indirect channel, along with an number of challenges. As a manufacturer, you have enough responsibilities as it is. Businesses that sell through indirect channels stay focused on what the do best - keeping the products coming. Their indirect sales channel partners do what they do best - sell and provide service to end customers. This is where partner relationship management (PRM) comes in.
With a PRM technology, companies can feel more confident utilizing indirect channels because they can keep an eye on all the moving parts. While they can definitely do this in real-time if they like, the software also makes it possible for them to go back and review various events with analytics to match.
Easy access to data.
Quality PRM technologies make all data points available with the click of a mouse. By having all the relevant information ready and waiting on their dashboard, business owners can make decisions that have a serious impact on their businesses with timely and accurate information. The reporting available through PRM systems can show them the status of deals, health of the current sales pipeline, which partners are ready to sell, which need more products, etc.
Shareable and integrated information.
Perhaps even more powerful is the fact that PRM software makes it so easy for business owners to share this software with their partners. They can analyze it, distill it, repackage it, etc. and then send it off to their partners to help them find areas where they may be able to improve how they’re functioning. Better yet, you can push the reporting down to the partner level and allow them to use the data locally to help them run more profitable businesses using your PRM platform. They’ll love you for that!
Improved training techniques.
Speaking of sharing information, PRM makes it simple to share training materials too. PRM software lets you certify your indirect channels’ employees to ensure they have actually gone over the material and absorbed it. As PRM software makes it easy to share large quantities of information, you can actually check in to make sure the employees of your sales partners have reached a level of competency to represent your product and your brand before trying to sell your products.
This only scratches the surface. If your business relies on indirect sales, you should take a look at how Partner Relationship Management software can help you get the job done. Contact us for more information about our technology and Channel Profit Center methodology.