Partner Relationship Management 101: Part 2 of 2

Posted by Seth Jacobsen on Mar 23, 2017 5:30:00 PM

Below is a quick recap from Partner Relationship Management 101 - Part 1.

You can also read the full article here

PRM software is an all-in-one, web-based tool designed to help manage and maintain partner relationships.  PRM is easily accessible and ensures each user (vendors and/or partners) has access to the areas they need for success.

Common features of PRM software include:

  • A single access portal, often cloud-based, and available to everyone in your channel ecosystem.
  • A database of customer leads.
  • A centralized communications tool.
  • A central digital repository of all documentation and marketing materials.
  • Learn-at-your-own-pace training modules.
  • Data on your entire channel ecosystem.
  • A customized, data-based incentive program.

Now that we have defined PRM software and provided information on the common features, let's learn how using the tool can benefit your company.

Topics: prm, Build Your Channel, partner relationship management

Partner Relationship Management 101 - Part 1 of 2

Posted by Seth Jacobsen on Mar 21, 2017 11:05:00 AM

Partner Relationship Management (PRM) software is becoming a hot topic, particularly as more businesses look to embrace indirect sales models where they rely on sales partners to drive revenue.  There are enormous challenges associated with managing a growing channel ecosystem, particularly given how much buyer behavior has changed in recent years.

PRM is the software solution that can make business relationships, and growing your ecosystem more manageable.  If you haven’t looked into PRM before, we have put together a brief, two-part guide that will fill you in on its features and why PRM makes sense in a modern indirect sales scenario.

Topics: prm, Build Your Channel, partner relationship management

Partner Recruitment and Your Ideal Partner Profile

Posted by Seth Jacobsen on Feb 14, 2017 2:14:00 PM

It’s a buyer’s market out there in more ways than one.  Due to the proliferation of business startups in recent years, and the vast reach of the Internet, virtually every company is facing more competition than ever before.  That’s not just true for B2B or B2C enterprises, but also for indirect-sales organizations seeking to sign up new sales partners.

In the same way that smart marketing today involves aligning sales and marketing efforts to precisely target buyers, a vendor looking to grow their channel ecosystem should also be focused on smart outreach to potential partners.  It can’t be a “one size fits all” effort.  Because local sales outlets almost always have a wide variety of potential partnerships on the table, they’ll be going with the vendor(s) who can best meet their own business needs.

Of course, having an ideal partner profile is key. From there, the better you can communicate your value proposition to each potential partner, the easier it becomes to create a compelling pitch to bring them onboard.

Topics: Scale Your Channel, Build Your Channel, partner recruitment

Presenting A Clear Value Proposition to Your Channel Partners

Posted by Seth Jacobsen on Jan 31, 2017 2:20:00 PM

 While indirect-sales organizations have been around for a long time, in recent years they’ve become increasingly attractive to a wide variety of businesses which, previously, had been focused on direct sales.  Improvements in communication methods and quicker access to new markets has made channel-based ecosystems much more viable on large scales, while offering fewer trade-offs in terms of loss of oversight and management.

As a result, there is more demand for the best sales partners in your industry, and they can be more selective in choosing which brands want to represent.

In order to effectively grow your ecosystem into one that’s capable of sustainable growth, extra effort is needed to convince partners to join your program.  From there, you will have help your partners focus on pushing your products ahead of other vendors, especially in a competitive offering.

Needless to say, a clear value proposition is needed.  Your partners will be rightfully asking themselves, "What's in it for me?" They must be convinced, and then continuously reminded, of why it makes good business sense for them to work with you.

Topics: Build Your Channel

Supporting A Growing Sales Channel Throughout Its Lifecycle

Posted by Seth Jacobsen on Dec 20, 2016 10:40:00 AM

One of the philosophies we feel strongly about here at LogicBay is the need to support companies through the various phases of sales channel development.  While it’s common to talk about a “sales lifecycle,” it’s far less common to see similar discussions of businesses and their sales partnerships. 

However, this belief that sales channels should be treated as growing ‘organisms,’ so to speak, is at the heart of our Partner Relationship Management technology and services. It’s not a platform specifically designed for small, medium, or global organizations.  Rather, LogicBay PRM is designed to grow alongside your organization, with scalability to support your efforts at each stage of channel growth.  

Specifically, based on our interactions with hundreds of companies since 2003, we have identified four key ‘phases’ of growth:  Three which represent the normal, sustained, healthy growth of an ecosystem, as well as a fourth which indicates sub-optimal performance.  Our goal is to help support best practices across all these phases, while assisting those that are looking to turn things around.

Here’s how it breaks down.

Topics: Scale Your Channel, Optimize Your Channel, Build Your Channel

LogicBay: Supporting Our Own Partners with PRM

Posted by Seth Jacobsen on Dec 6, 2016 1:15:00 PM

When a company creates a product or service aimed at a certain niche market, it’s easy for them to get caught up in the potential benefit to the end customer.  They offer advice on using the product which may not be realistic, or that doesn’t really mesh with on-the-ground experiences of those using the product.  In short, they’re focused on sales pitches over practical utility.

In the case of LogicBay, though, we've decided to practice what we preach, by supporting our own network of channel partners to help drive home the value of a PRM solution.  We’d venture to say that part of the reason LogicBay offers such a strong end-to-end PRM solution for our customers is the services our partners offer - coupled with our PRM technology - to create a comprehensive channel program solution.

When a partner comes to us looking for a technology platform to help put their plans into motion, we can immediately demonstrate PRM as a use case, which in turn, helps inform their advice and strategies for their own clients.

Topics: prm, Build Your Channel, channel partners

How to Distinguish Yourself to Recruit Sales Partners

Posted by Seth Jacobsen on Nov 30, 2016 8:30:00 AM

One of the toughest challenges facing any Channel Manager is recruiting new sales partners in markets with a high level of competition.  These markets may have an excess of vendors competing with you, specifically, or else they offer many different alternative solutions for buyers to choose between.  In either case, the more competitive the market, the more you need to work to truly stand out and make yourself attractive to potential channel partners.

In most cases, it's important to always think from the partners’ perspective.  As independent organizations, they’re looking out for their own bottom line, just like you are.  The better you can understand their needs, motivations, decision-drivers - and figuring out how to support those - the more likely you are to form a successful partnership.  

Topics: Build Your Channel, channel sales

Where To Begin With PRM in 4 Easy Steps

Posted by Seth Jacobsen on Oct 6, 2016 10:35:00 AM

So, you've invested - or are about to invest - in a new Partner Relationship Management platform. A good PRM system will provide a lot of functionality to support your channel program, which means there are some complicated decisions to be made about implementation.

Trying to start using PRM without a plan for how you're going to use it will end up creating a lot of unnecessary challenges down the road. Likewise, simply throwing open the floodgates and trying to implement everything at once will almost inevitably lead to confusion.

While every business's needs will be different, we have some suggestions for how to get started, and which aspects of a PRM solution to focus on early.

Topics: Build Your Channel, prm implementation, prm strategy

5 Key Steps to Bringing on the Right Sales Partners

Posted by Seth Jacobsen on Sep 14, 2016 3:15:00 PM

An indirect sales channel lives or dies based on the success of its sales partners, but it's up to you to support them effectively to strengthen your business. Clearly, success is the end result. Getting there usually starts with selecting the right partners.

This can be a tricky balancing act, especially for companies relatively new to indirect sales. It's easy to take a "beggars can't be choosers" attitude, and onboard any potential partner simply for the sake of building an ecosystem quickly. However, such an indiscriminating recruitment strategy will eventually create real problems that could have been avoided by being more selective.

Today, we wanted to take a look at some of the issues surrounding the matter of partner selection, and offer up some suggestions for how to find the best sales partners for your business.

Topics: Build Your Channel, channel partners

Great Partner Engagement Begins With The Channel Manager

Posted by Seth Jacobsen on Aug 9, 2016 5:30:00 PM

For any organization focused on an indirect sales model, one of the single most important roles is that of the Channel Manager - the direct link between themselves and all their partner channels. In a sufficiently large ecosystem, they may actually be directly responsible for more departments and workers than anyone else below the COO!

A company selling through an indirect channel cannot build partner engagement without having a great channel manager actively engaging those partners. That's why it's so important to recognize just how vital the Channel Manager role is, and to ensure they have the right tools and resources they need to do their job.

Topics: Build Your Channel, channel manager

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