According to Forrester, channel sales now represents over 75% of world trade. By utilizing partners, companies can accelerate sales and grow revenue without the overhead of investing in sales headcount. Establishing a channel management strategy can readily enhance your appeal to potential partners. While simultaneously putting in place the basic infrastructure to meet partner needs.
Gartner defines channel management as “a company’s engagement activities related to selecting, enabling and compensating indirect channel partners”. Any vendor engaged in sales through channel partners (indirect sales) understands that in order to achieve success, it’s essential to utilize PRM software. PRM software aids channel management in time-saving, facilitates seamless tracking of diverse programs carried out via your partners, and provides a dedicated partner portal for your partner ecosystem. Evolved over the past two decades, a multitude of options are now accessible, offering a spectrum of prices and features. These options, despite their diversity, constitute a crucial component of partner management.
To excel in your channel management strategy, businesses need to concentrate on several fundamental disciplines. All of which are enhanced when utilizing a PRM platform.
- Partner Recruitment. Identifying and attracting the right partners play a pivotal role in establishing a robust partner ecosystem.
- Partner Enablement. Furnishing partners with essential resources, training, and support empowers them to proficiently market your products or services.
- Partner Performance Management. Consistently assessing partner performance and delivering feedback is essential to sustain a robust partner ecosystem.
- Channel Conflict Resolution. Taking proactive measures to resolve channel conflict and establishing well-defined rules of engagement is instrumental in preserving a cooperative partner ecosystem.
- Partner Incentives and Rewards. Offering compelling incentives and rewards can inspire partners to excel, foster brand loyalty, and elevate satisfaction with your partner program.
“Everything in the world starts small and then becomes bigger” – Warren St. John
Channel Starter packs have become popular as they consist of three key partner engagement programs: Partner Portal, Deal Registration, and a Content Management Program. A great, affordable way to launch your channel program and help accelerate partner adoption, increase engagement, and ultimately sales.
Partner Portals are more relevant now than ever
With the consolidation of partners and the emergence of new and different partner types, vendors find themselves competing for partner mindshare now more than ever. Having a world-class partner portal in place guarantees that your partners benefit from a tailored, all-in-one experience for interaction. Irrespective of whether you are an enterprise client or in the initial stages of channel development, your partner portal is an opportunity to give partners the best experience possible. While simultaneously boosting partner loyalty and driving partner engagement.
Coupled with a Partner Portal, Deal Registration enables vendors to build partner loyalty and helps with top-of-funnel visibility for the channel sales pipeline. From configuring deal reg request forms to capturing deal information, defining multi-level approval processes, automated notifications, and timings. With real-time reporting, partners can track deal and opportunity status at a glance, whilst you concentrate on your pipeline and helping with deal closing acceleration.
Content Management System (CMS)
Sharing content that is pertinent is key to partner success. A Content Management system is a centralized way to share relevant content in structured categories/groups like products, services, playbooks, and real-time pricing, whilst serving partners with the latest information. PRM Software allows for real-time tracking and usage, which highlights partner consumption of your content, helping to drive adoption within your partner community.
Elevating your Partner Program
While every partner program has its differences, most PRM platforms include the same core functional modules above with the potential for add-on modules including; a Not for Resale (NFR) Program, Rebate Program, SPIFF Program, Performance Programs, Promotions and Incentives, Market Development Funds (MDF) Management, Partner Onboarding, Partner Levelling, Partner Performance Dashboards, Renewals, and POS Collection, Automation, and Reporting.
PRM platforms provide significant advantages in channel management. Whether you can afford not to have one depends on your business’s unique circumstances, objectives, and available resources. However, without PRM software, the management of channels lacks the efficiency and streamlined tracking that PRM provides for various partner-driven programs.
Channel Mechanics automates the business of working with partners so that you can focus on the relationships. We partner with you to ensure our PRM results in ease of doing business for your partner community and channel teams, drives competitive advantage, accelerates revenue, and builds partner loyalty. Talk to us today and see how we can help transform your channel, with our PRM platform.