Partner Relationship Management
When it comes to partner management then the first tool to be considered is a PRM or Partner Relationship Management software or simply a partner portal. A PRM tool will provide you with enough functionality to manage, optimize and enable your partner network.
Some of the most common elements found in a PRM software include Deal Registration features that help you avoid conflict between channel partners, Lead Distribution to help you distribute leads to your partners, a Partner Directory and Locator to showcase your partners to your visitors, Partner Training and Certification that helps you to create and publish courses for your partners and also certify them and of course co-branding features.
Other important features that you should consider before investing in a PRM tool are the integrations with third party applications like CRMs, marketing automation tools, file storage solutions etc., partner recruitment features that can help you sustain and grow the number of partners in your network and in some cases a referral add-on for companies that rely on consultants and their clientele to drive new business.
Using a referral tool will help you to keep everything organized and keep track of payouts, it also signals to your referral partners that you have invested in this channel and it is important for your company. Having a PRM and referral tool under one dashboard will minimize your time to manage your partner network and can give you the complete picture of your channel efforts in terms of analytics and commissions.
There are enough options to review in this space and for every budget available, from small companies and new startups up to enterprise level companies that have complex partner networks and needs. We’ll start from our own
for two reasons, it has a complete free plan for vendors with a small partner network and all features are available for use and secondly it has a
tool built-in that helps you to attract new channel partners and grow your network effortless and all under the same application.
When it comes to PRM, Impartner is one of the oldest (previously known as Treehouse Interactive) and most well-known companies that you should consider for your partner portal. Although it might be out of reach for some companies due to pricing as it attracts a lot of enterprise level companies Intel, LANDESK and EMC, Impartner also offer a referral product that can be handy for vendors that offer multiple partner programs.
LogicBay is another well-known channel sales software that specializes in the manufacturing industry and their recent FUSE product is the only member-based platform for the manufacturing industry. Some additional companies that offer partner portals with great functionality are Mindmatrix, that also offers a sales enablement suite, Allbound, that offers partner portal and partner engagement products, MyPRM which is a French software company, Channeltivity and PartnerStack that is ideal for SaaS vendors with referral and affiliate networks.