Partner relationship management
Partner relationship management (PRM), used especially in IT and cybersecurity industries,[1] is a system of methodologies, strategies, software, and web-based capabilities which help a vendor to manage channel partner relationships. The most common types of channel partners include resellers, distributors, independent software vendors, or affiliate partners like influencers.
According to a 2023 report, The 12 PRM Providers That Matter Most And How They Stack Up, by Forrester, the strongest performers are Salesforce, Zift Solutions, Magentrix, Impartner, ZINFI Technologies, Mindmatrix and 360insights. While Zift Solutions and Magentrix are tied for the strongest offering in a PRM.
The general purpose of a PRM is to enable vendors to better manage their partners through the introduction of reliable systems, automated processes, optimization tools, and procedures for interacting with them.[2][1] Web-based PRM systems typically include a Content Management System, a partner and customer contact database, and a partner portal which allows partners to log in and interact with a vendor's sales opportunity database and obtain product, pricing, and training information. This helps vendors to streamline processes, as well as to collect and assess data about various stages of the partner sales funnel. There are a number of solution providers who offer PRM software to companies who rely heavily on a PRM solution to stay relevant in their respective industries.
Vendors who implement a PRM solution are typically motivated by a need to reduce the financial overhead, automate regular processes, and establish new partnerships to drive channel revenue and scale. Partners may also be integrators or managed service providers. Unlike customer relationship management systems, which are tailored toward getting an end customer to purchase from you, a PRM system is focused on getting a partner to sell on your behalf. As a result, they commonly offer web-based self-service tools, information, and resources to partner resellers.
PRM Tools[edit]
Partner relationship management tools often include:
- Market development funds (MDF) request programs
- Training, certification, and accreditation automation
- Deal registration programs, under which vendors register the partner who has brought them a potential deal with a qualified prospect as their intended or preferred channel for a subsequent sale [3]
- Indirect sales pipeline reporting
- Joint business planning
- Reward and loyalty programs
- Content library
- Partner marketing automation tools
Trends[edit]
Gartner reports that PRM solutions have mainly been adopted by companies in the hardware technology, software technology, telecommunication, and manufacturing industries.[4]
The PRM application market has expanded significantly in the last 10 years, with vendors offering improved end-to-end and point solutions for the management of channel sales partners. [5] It's also grown steadily due to the recent trend towards a strategic partner-first approach at companies like Dell and others.
A 2023 Forrester Wave report[6] notes: "Marketing decision-makers identified increased focus on achieving B2B revenue and growth via the partner ecosystem among their most important priorities in the next 12 months."
Aside from Zift Solutions and Magentrix, Forrester further identified the other 10 of the 12 most significant PRM providers as: 360insights, Allbound, AppDirect, Channel Mechanics, Channeltivity, Impartner, Mindmatrix, PartnerStack, Salesforce, and ZINFI Technologies.
See also[edit]
- Channel partner
- Customer relationship management
- Supplier relationship management
- Facility management
- Software as a service
References[edit]
- ^ a b "Definition of Partner Relationship Management (PRM) - Gartner Information Technology Glossary". Gartner., accessed 17 January 2021
- ^ "Definition of Sales-focused Partner Relationship Management (PRM) - Gartner Information Technology Glossary". Gartner.
- ^ Jenkin, M., Kalibrate Asset Management sues IBM for half a million dollars over deal registration dispute, CRN, published 13 February 2018, accessed 23 September 2023
- ^ "Gartner 2023 Trends".
- ^ McBain, Jay (2018-11-02). "Partner Relationship Management (PRM) Comes Of Age". Forrester.
- ^ "Forrester Reprint". reprints2.forrester.com. Retrieved 2023-12-20.