Rapid revenue growth is a top priority for any emerging growth company.? Many?companies, like yours, have decided to implement a channel partner strategy.? Using channel partners has been a common practice for a long time, especially for manufacturers.? Companies like Caterpillar and Hewlett-Packard have well 
established channel partners (heavy equipment manufacturers often call them ?dealers? whereas companies which manufacture technology products have VARs or Value-Added Resellers) across the globe.
OK, so you?re not a multi-billon dollar a year manufacturer, but there are channel partner best practices that you can learn from these best-in-class companies.? A simple Google search of ?channel partners vs direct sales? will provide numerous reference articles extolling the virtues and pitfalls of using channel partners.? But you have probably already done your homework regarding the pros and cons, as you are moving ahead with signing up channel partners.
No doubt your research turned up words like ?mindshare?, ?collaboration?, and ?engagement.? ?It did not take much convincing for you to agree that it is vital to any partnership to have open and frequent collaboration and engagement.? Furthermore, you realized that to manage such critical relationships, you would need to seriously consider implementing some type of technology solution.? More research on the web brought you to channel management software solutions.? A little more digging and you discovered the term partner relationship management (PRM), which is defined by Wikipedia as ?a system of methodologies, strategies, software and web-based capabilities that help a company to manage partner relationships.? The general purpose of PRM is to enable companies to better manage their partners through the introduction of reliable systems, processes and procedures for interacting with them.?Web-based PRM systems typically include a content management system, a partner and customer contact database, and the notion of a partner portal which allows partners to login and interact with a company?s sales opportunity database and obtain product, pricing, and training information.?
A PRM solution can help in establishing and maintaining trust and open communication across your entire sales channel. PRM processes seek to identify and resolve conflict in every area of the channel partnership, creating a more efficient system of conducting business. As a result of this improved collaboration and engagement is better sales performance.
LogicBay CEO John Panaccione comments on the digital evolution of partner programs:?
PRM systems are a set of tools that allow you to better organize and manage channel relationships. A PRM system can be looked at as both a technology solution and a business philosophy. The core functional components of PRM should include:
Today?s web based partner relationship management solutions are very cost effective and should be considered an integral part of any successful channel partner strategy.? The right PRM solution should be scalable and easy to implement.? To ensure the success of your channel partner strategy (success is defined a reaching or exceeding your revenue targets), you need to seriously consider implement a PRM solution sooner than later.
[If you would like to learn more about PRM best practices,?click here?for a free white paper.]
LogicBay Vice President of Marketing Todd Grant leverages a successful track record of launching numerous business development initiatives for technology-enabled business service companies and brings a proprietary business acquisition process to LogicBay often referred to as Diagnosis Selling. Utilizing this methodology he will consult with LogicBay Enterprise prospects collaborating with? View?full?profile
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