Does your company’s go-to-market strategy rely on value added resellers (VARs), technology integrators or other developers/manufacturers that compliment your products? A cloud-based partner relationship management (PRM) community can help you to effectively communicate, collaborate, and educate your channel.
We’ve compiled five ways a PRM platform helps to generate predictable revenue streams. You can increase sales and improve forecast accuracy - learn how below.
1. Streamline lead and opportunity management
A PRM platform provides a far more strategic way to track and nurture the pipeline and can replace forecast calls with multiple partners and their respective partner managers. When deals are registered, every stage of the lead or opportunity is visible - this enables smoother sales operations. Not only will it ensure adequate inventory or suitable functionality is available, it also negates potential channel conflict.
If you distribute sales leads to your channel, PRM technology makes it easier to inform your partners about customer requirements, close/win dependencies and specific pricing offers based on the relationship with manufacturers/developers.
A community portal empowers partners throughout the sales cycle - from registering leads to documenting the status of opportunities and ideally, requesting the resources to close the deal. Simply make it easier for partners to track business activities.
2. Improve decision making with data
You don’t want to make decisions based on assumptions of what is happening in the marketplace - it can lead to errors in product development, strategic investment and resource management. A PRM platform gives you access to the data you need to make educated decisions:
Tracked opportunities in the channel for more accurate forecasting.
Archived discussions from your community for timely resolution or follow up.
Real-time reporting that lets you easily see what content and resources are most popular.
Performance metrics in customizable dashboards to help your partners understand how they are performing against quotas and goals.
Collaboration newsfeeds for dynamic conversations in context and reducing email.
Idea submissions to capture feedback and inspiration that can shape product marketing and development initiatives.
3. Partner on-boarding and training with secure access
Learning materials such as videos and guidebooks for new channel members are critical for successful onboarding. A partner community platform makes these resources securely and easily accessible and promotes self-taught, well-versed team members.
Some learning opportunities which PRM communities serve:
New partner rules of engagement, organizational training, product training and delivery certification
New product sales, pre-sales, implementation and support training
Training for competitive sales, pricing, use of co-marketing resources and opportunity management
By offering certifications and incentives for course completion, you also personalize the learning experience for users - they can pursue education based on their interest and expertise.
4. Provide a unified business intelligence resource
Offering an unorganized jumble of websites, contacts, forms and other material is a great way to confuse and frustrate your channel. A secure, cohesive PRM platform allows for personalization based roles and partner tiers.
Besides opportunity management, technical documents, sales collateral and training videos, a partner community can offer:
Case management and self-service with a knowledge base
News articles and success stories through announcements
Document management empowered by collaboration (i.e. contracts and RFP responses)
Product catalogs and order processing
Forum discussions, feedback forms and shareable content for social media
A mobile-responsive partner portal enables your team to easily draw on company knowledge, be more effective with customers and increase productivity wherever the workday takes them.
5. Prevent partner churn
Often, your partners may have multiple partnerships with different hardware, software and/or equipment vendors. A PRM community solution makes your company easy to sell for by connecting your partners to the resources they need in one place instead of spread over disconnected phone calls, emails and static websites. A partner can easily access personalized content to confidently represent your company - fostering a positive and mutually beneficial relationship on both ends.
Upgrading your channel program with strategies like a partner community portal have quantifiable benefits. A study done by Aberdeen Group shows:
When enabled with platforms and processes that support channel partner efforts, the channel achieves:
- 28% shorter sales cycles
- 13% more sales reps achieving quota
- 12% higher lead conversion rates
These statistics reflect a simple truth: An investment in a PRM community will support a healthier channel program with less churn and more revenue.
Learn how a cloud-based PRM portal can deliver measurable results and enhance your channel operations, contact Magentrix for a personalized risk-free consultation and demo.