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

Six Managed Services To Increase the Value of Your PRM

Posted by Kellie Auman on Mar 16, 2017 5:05:00 PM

Partner Relationship Management (PRM) software is a powerful and flexible technology solution available for managing a growing vendor\partner ecosystem.  When implemented well, PRM can be a great do-it-yourself solution that streamlines most aspects of partner management while giving you a wealth of new data sources and analysis tools to gain more insight into your ecosystem.

By adding managed services to your PRM package, you can offload much of the “busywork” of maintaining a partner network, freeing you to focus on your core competencies and your actual day-to-day relationships with your partners.  You can also partner with experienced indirect-sale industry experts who can consult with you on business plans and growth strategies to improve every aspect of your ecosystem.

While managed services may not be required for a PRM implementation, they can be highly useful and worthwhile – particularly as an ecosystem grows and a Partner Manager needs to find ways to make the most of their time.  Listed below are six managed services that take the value of your PRM to the next level.

Topics: prm, Scale Your Channel, PRM solutions

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

Creating A Smarter Channel Sales Ecosystem with PRM

Posted by Seth Jacobsen on Nov 16, 2016 9:45:00 AM

We've talked a lot lately about how much sales and marketing have changed in recent years, and the theme underlying all of it is that a modern indirect sales organization must evolve to keep up.

A channel sales system today needs to be able to provide a much wider range of services, and much better consistency in customer experience, if they're going to remain competitive.  Furthermore, as a vendor seeking partners, you also face a lot of competition.  Your sales partners, both current and prospective, are facing their own pressures and are having to choose between many options in vendors.  Appealing to them and making yourself highly attractive as a partner is vital for sales channel growth.

Topics: prm, channel sales

Challenges and Solutions In Today's Indirect Sales Environment

Posted by Seth Jacobsen on Oct 11, 2016 8:35:00 AM

If you haven't seen it already, the latest edition of HubSpot's seminal State Of Inbound Marketing Report has been released, and - as always - it's packed full of fascinating facts and insights into both inbound marketing and the overall state of B2B sales and marketing today.  We've been going over the report, and in the weeks to come, we'll be talking about some of its findings while discussing solutions to a number of the challenges it highlights.

One of the key sections of the report covers the most common challenges facing today's sales and marketing executives. As we review several of the key findings from this report, we'll relate some of the best practices we've learned through our years of channel strategy and ways that a PRM-driven technology approach can address these issues.

Topics: prm, Inbound Marketing, prm systems, prm strategy

How Technology Is Killing Your Sales Channel

Posted by Seth Jacobsen on Mar 30, 2016 3:30:00 PM

Are you at a point where your operations are suffocating under the weight of all your software systems?

It's a relatively common problem these days, especially among companies who've been continually trying to stay on top of modern technology for the last ten or twenty years. For the longest time, B2B software was very much in a "wild west" state of affairs. There were few standards, and incompatibilities were rife. In many cases, businesses ended up building their own point solutions that worked for a single internal need, but weren't compatible with other homegrown solutions or the needs of their business partners.

This is a major problem when it comes time to collaborating with independent businesses and organizations who are part of your larger channel partner ecosystem. If a group hasn't planned ahead for inter-compatibility with other systems, they could be facing significant hurdles for channel sales communications and collaboration, which endangers the bottom line of all parties involved.

Basically, those ad-hoc systems built up over the years could easily be weighing you down, making your company harder to do business with than the competition.

Topics: prm, PRM v. CRM

The Industrial Channel and Inbound Marketing

Posted by Seth Jacobsen on Mar 11, 2016 1:50:00 PM

If you're in the industrial sector and rarely (if ever) sell your products directly to buyers, relying on channel partners for sales instead, then it probably goes without saying that your success depends on their success. In other words...it's all about them.

So wouldn't it just make sense to assist your channel partners in their marketing efforts, and help ensure the greatest financial performance for everyone involved?

Topics: prm, Inbound Marketing

No Partner Left Behind: Addressing The Needs Of Your Sales Channel

Posted by Seth Jacobsen on Mar 9, 2016 8:30:00 AM

When you're reviewing your channel partner management activities, how is your attention distributed? Are you only focusing on the top sellers and most important service providers, or are you seeking to keep everyone engaged and motivated? 

For too many businesses, the answer is "only the top partners." For a channel manager facing an ever-expanding list of partners and priorities to deal with, it's easy to become focused on the handful who seem to be the most important. 

 

Topics: prm, Scale Your Channel

The Challenge - and Opportunity - of Channel KPI's

Posted by Seth Jacobsen on Mar 4, 2016 1:15:00 PM

No matter how well-integrated a partner is in the channel ecosystem, it's impossible for even the most responsible channel manager to keep tabs on their every action. There's always a bit of risk involved with bringing partner businesses into a venture, since more often than not they are independent entities that will prefer to operate at an arms-length. A key component to solidifying a partnership is setting goals and milestones that are measurable and align the business objectives of each party.

Topics: prm, Scale Your Channel, crm, kpi

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