PRM is the acronym of Partner Relationship Management and can be defined as a business strategy, internet system, or software program. Its aim is to improve communications between businesses and their channel partners. It allows partners to access leads more efficiently, collaborate on deals, improve their negotiations skills, and build solid partner relationships.
PRM has complete channel visibility meaning that companies can provide information quickly and easily to their collaborators. This translates in a faster deployment, higher use by partners, customizable branding and live access to data.
Channel partners also have access to executive dashboards and reports that are easy to use and customizable to their own preferences. Essentially, becoming a partner means becoming an affiliate and creating your own customized application based on your company’s needs.
PRM brings benefits for both the company and its affiliates. While channel partners obtain high levels of training and the ability to manage direct and indirect sales channels, the parent company gains an increase of its sales. Moreover, PRM applications offer tools to manage the relationship. These applications are similar to a spreadsheet, where values can be filled in and set to quantify, analyze, and interpret data.
An online PRM offers companies the possibility of making real-time information available to all partners through the internet. This can regard spreadsheets, schedules, and other things like that.
A company’s sales and exposure will automatically increase when using a PRM system because it allows businesses to recruit a large numbers of partners. Through these partners they gain a wider audience for their products without spending more money. Moreover it permits multiple businesses to work together without having to match up all their business and sales strategies.
Generally speaking, any company that uses any kind of partnership for selling its products is an ideal prospect for PRM.
