Choosing channel partners wisely and maintaining symbiotic relationships, whether with referral partners, reseller partners, or affiliate partners, are important components of any agile business strategy. Using a PRM, or Partner Relationship Management software, can support the many facets of working with partner programs and help you manage channel partners effectively.
Jay McBain, Principal Analyst at Forrester, writes that PRMs support “the entire lifecycle of channel partners” through “partner targeting, recruitment, onboarding, enablement, engagement, communication, development, co-selling, co-marketing” and more! Selecting a good partner management system is like onboarding a superhuman team member who is invested in helping your business grow and reach its goals.
- 1. Key differences between CRM and PRM
- 2. 7 Best Partner Management Software
- 2.1. Kiflo Partner Management Software
- 2.2. Allbound Partner Management Software
- 2.3. PartnerStack Partner Management Software
- 2.4. Impartner Partner Management Software
- 2.5. LeadMethod Partner Management Software
- 2.6. Magentrix Partner Management Software
- 2.7. Channeltivity Partner Management Software
- 3. Key questions to ask when choosing a Partner Management Software
- 4. Conclusion
Table of contents
First, you may be wondering, how is Partner Relationship Management (PRM) different from Customer Relationship Management (CRM)? Well, a CRM tool, like Hubspot, helps your business manage relationships with customers. Using one can save time and money by automating many of the tasks associated with customer relations, such as organizing customer data and improving retention. PRM software has a different focus and provides a B2B portal for channel partners to track progress and grow in mutually beneficial relationships.
As you can see, CRM and PRM serve very different purposes, but they can also complement one another. Data from a CRM can be integrated into a PRM tool, which in turn can help you visualize the big picture and strengthen relationships with partners. There is no one-size-fits-all when it comes to partnership programs, so your PRM tool should accommodate the unique needs of your business and channel partners.
The benefits of using a PRM are clear, but with so many great options available, how can you choose which one is the best fit? When choosing a PRM software, keep in mind some key factors such as your number of partners, budget, and long-term goals. We’ve compiled a list of the seven of the best Partner Relationship Management software options (listed in no particular order) and their key features to take the guesswork out of the process. You can compare and decide which PRM is right for your business!
With competitive pricing and consistent user satisfaction, Kiflo offers partner management for small and midsize businesses looking to grow and enhance their partner programs. Named a High Performer in the G2 Small Business category, users appreciate the responsive customer support and simple-to-use portal design.
Connect to over 3000 apps through Zapier
Reward Program to simplify partner commission and payout
Unlimited internal users within your organization
Cost: Entry price of $299.00
Valuing integrity, innovation, and perseverance, Allbound PRM is a leader in indirect sales and intuitive partner management. Their partner portal is mobile-friendly, and they offer an array of features to boost recruiting, ensure partner success, and close more deals.
Partner experience and journey automation
Co-branding that protects brand integrity
Channel insights and analytics
Cost: Available upon request
Reviewed favorably by small businesses, PartnerStack is a reliable software product for sales. Specializing in a seamless onboarding process, it was named Best Relationship and Most Implementable by B2B review site G2. Their PartnerStack Marketplace helps connect active partners with suitable partnership programs.
Automated partner onboarding, content, and payments
Supports running multi-channel programs side-by-side
Offers resources for optimizing partner programs such as the “B2B buyer’s guide to partnerships software” available here
Cost: Starting at $1,199 monthly
Impartner PRM boasts some impressive accolades including over twenty years of industry experience and awards from G2 and Forrester. Accelerating channel growth through insight and innovation, this PRM increases user revenue and decreases administrative costs.
Integration with Microsoft Dynamics 365 for a seamless partner experience
Tailored solutions including international language support
Cost: Plans start at $2,000
Starting from the premise that active channel engagement leads to more revenue, LeadMethod is a great choice for manufacturing companies. It offers tools and analysis to ensure distributor success. Many G2 reviewers appreciate the ease of the dashboard interface and the quality of the leads.
Automated lead capture and distribution
2-way CRM integration with over 65 different platforms
Partnered with Revalize, a revenue management platform
Cost: Available upon request
In the game since 2012, Magentrix offers an array of streamlined partner management tools. These features include training and certification processes to improve partner skills and increase mutual satisfaction. Their customizable partner portals are designed to maximize collaboration, productivity, and revenue.
Deal registration and management
Gamified partner incentive tools supported by TangoCloud
Offers a 15-day free trial
Cost: Plans starting at $1,499 monthly
Channeltivity is a PRM by and for tech companies. It contains a wide array of powerful tools to maximize partner program success, including a resource library that centralizes on-demand access to sales and marketing content for channel partners. Channeltivity also pays special attention to GDPR compliance for Channel Programs.
Integration with HubSpot and Salesforce
Social media connectivity
Offers partner training and certification
Cost: Plans range from $1,399- $1,699 per month
When selecting a partner relationship management software, there are some central questions that you and your team can ask internally to clarify what you want to get out of your investment in a PRM:
What is my organization’s budget?
What existing software do I use, and can it be integrated into the PRM?
How much am I looking to grow my partnership program?
Having the answers to these questions can help you streamline your search and hone in on the best partner management software for your organization.
There are many incredible partner management software options available. It can be overwhelming to decide where to begin. From PartnerStack, which offers a native partnership marketplace, to LeadMethod which offers CRM integration with over 65 different platforms, there are a wealth of options available. Hopefully, this list has given you a sense of what’s out there in the partner management software landscape.
We encourage you to do plenty of research and consult with your team members when making your decision. Booking a demo is a great way to learn even more about a PRM and ask questions that pertain specifically to your particular business and partnership situation. If you are a small or medium-sized business, Kiflo is the best choice for you.
Frequently Asked Questions (FAQ)
What is partner management software?
Partner Relationship Management (PRM) software help integrate and automate the many stages in a partner program lifecycle. These stages can include onboarding, engagement, communication, development, co-selling, and much more.
What are the benefits of using a partner management software?
A partner management software provides a one-stop solution for managing partner relationships with your channel partners. It can help increase revenue, bolster visibility, and improve the quality of your partner relationships.
I am a small business owner just starting out. Which partner management software is best for me and my partners?
This will depend on your budget and how quickly you are looking to grow your business. Kiflo is a highly rated PRM for small businesses and offers an accessible price point.
Can I use both a CRM and PRM for my business?
Yes, definitely! Many PRMs specialize in worry-free CRM integration. LeadMethod, for example, offers integration with over 65 CRMs. Channeltivity and Kiflo offer integration with HubSpot, and Salesforce at a slightly higher price point. When choosing a PRM, keep in mind your existing CRM and find out if the PRM you are considering supports integration.