Maximizing Revenue with Partner Relations Management

Channel Management is a popular strategy being used by numerous organizations and businesses around the globe. Throughout the years, software solutions have been developed to make management tasks easier and improve communication within various channels. partner relationship management (PRM) is a popular way to maintain efficiency and order amongst companies and their partners, and is believed to have surpassed the more commonly known, traditional Channel Relationship Management (CRM) which mainly focuses on internal processes only, as compared to PRM software which gives a better approach to channel sales by using go-to-market business tactics with respective partners and end-users or customers. In the past, companies gave little attention to channel management because it was difficult to manage partners, who, in reality, were independent businesses that indirectly sold the company products. But with the new PRM software solutions, managing the indirect channels is now easier and has given different businesses the opportunity to improve their over-all sales and increase their revenue. Web-based PRM software solutions have eliminated a variety of hindrances and problems related to partner management and indirect selling. Since such software solutions provide a single platform to perform PRM functions such as recruiting, training, marketing and selling, there is increased collaboration within the channel and improved partner performance and efficiency. The main advantages of Partner Relations Management are the following: First, it improves the effectiveness of collaboration and communication between partners and companies; second, it reduces the time it takes to collaborate and communicate between partners and companies; third, it strengthens partner support and training, as well as end-consumer or customer services; fourth, it cuts down the partner ramp-up to two hours from a lengthy two weeks; fifth, it provides more efficient price quotes; sixth, it offers real time order placement and tracking; seventh, it reduces over-all costs for channel management and technology use and acquisition and; eighth, it makes it more convenient and easier for companies, partners and vendors do business together. For businesses and/or organizations that are mainly involved sales, particularly in the consumer goods division, it is advisable to take advantage and put PRM software solutions to good use. Maximizing selling potential through proper management of partners and direct retailers guarantees efficiency, which in turn, assures increased income. Partners should not be overlooked because they are crucial in assuring the channel’s ability to effectively sell and distribute services and other products to consumers by acting as links or ‘advocates’.