PRM (Partner Relationship Management)

prm

Choose a modern PRM (Partner Relationship Management) if you seek to enable your partners with marketing collateral and streamline onboarding and admin.


PRM has its origins in the IT Industry

If you’re working in the IT industry you’ve probably heard of a Partner Relationship Management tool or PRM. For decades this industry has been selling software via partners and resellers. In the early days, software was still packaged on floppy disks or CD-ROMs. Distributors and resellers were considered as box movers. 

However, more and more, these intermediaries started to play a more strategic role, some of them became the trusted advisor for their clients offering all kinds of services. Thomasz Tunguz from Redpoint divides three types of partnership as a good starting point:

  • The “VAR”: The value-added reseller sells, builds, services and operates a solution to a customer.

  •  The “Application Developer”: In contrast to the reseller model, the application developer model has one major difference. The vendor bills the customer directly and supports the customer.

  • The “Broker”: The channel partner’s value lies in bundling or packaging a stack of different solutions for a particular customer segment, and potentially some basic account management.
    More: https://tomtunguz.com/3-type-of-channel-strategies/

PRM automates the marketing process

Where BRM (Business Relationship Management) plays an aggregating role in managing the entire business relationship with your partners, PRM provides mainly solutions on a more operational level. Depending on the type of PRM, you will find the following categories covered:

  • Training & Onboarding: facilitating the process of onboarding new partners.

  • Enablement: in case your partners require a lot of marketing material to
    assist them in the sales process with the end customer.

  • Lead passing: a critical operational process in partner enablement is
     managing leads to make sure leads are qualified and get followed up
    in a structured way.

  • Opportunity Management: once leads turn into opportunities, manage
    offers and defines the right next steps.

  • Recruitment: finding new partners.

  • Cobranding: help your partners to reach out to prospects and existing customers with cobranded emails and material.

  • Marketing Development Funds (MDF): some companies decide to invest
    in their partnership by co-fund events and other initiatives.

Examples: