Key Features to Look for in a PRM software
Partner Relationship Management (PRM) software—also called PRM Platforms—has become somewhat of a staple of the partnership's community. Effectively managing partner programs can be a huge challenge, made more difficult by a market that is constantly changing, and PRM software offers solutions to the daily struggle of making a program successful.
PRM software not only helps you streamline all partner operations, but also makes you a more knowledgeable partner professional within the business. But, with so many PRM software options, not to mention other types of partner ecosystem platforms, it can be difficult to know what features to look out for.
In this article, we will break down the must-have features in PRM software and why they are important for the success of your company.
What is Partner Relationship Management?
But first, let's review. With all the partnership lingo that's thrown around these days, it can be overwhelming to keep the terminology straight.
Partner Relationship Management (PRM) includes software, processes, and strategies companies use to manage, engage, and enable their partners. If the software is the hammer, then PRM is the force behind the swing.
This can include strategies for:
- Recruitment & onboarding
- Sales operations
- Metrics & KPIs
- Feedback loops
- & more
What is PRM Software?
PRM software, then, is the technology or the hub where all these operations take place. For instance, you can create onboarding pipelines or set sales tasks for partners within your PRM software.
Implementing a Partner Relationship Management strategy requires having PRM software that helps you effectively manage your partner program and processes, all in one place.
Benefits of PRM Software
Some major perks of having a PRM platform include:
- Easily tracking and managing partner tasks and pain points.
- Saving an immense amount of time on daily tasks via automation, time that is better spent scaling your partner program to reach different customer bases or verticals.
- Sharing marketing and sales assets to make sure partners are prepared to represent your brand and products.
- Creating trust and transparency between you and your partners.
Difference Between PRM and CRM Software
It is okay to admit that there are an overwhelming amount of tools designed to manage various aspects of a business. From CRM to BRM to PRM. Phew!
But that being said, PRM software should not be confused with Customer Relationship Management (CRM) software.
Though they can share similiar functionalities, there are major differences between CRMs and PRMs that must be considered. Ultimately, they are two products that differ from one another and belong to two different product families.
In a nutshell:
- CRMs belong to the customer relationship management family and are used to track the marketing, sales, and customer service processes. An example of a CRM tool is Hubspot. Therefore, CRM accounts are for direct sales teams to sell and grow existing end-customer accounts.
- PRMs belong to the partner relationship management family and focus on helping their indirect sales teams progress toward making a sale. A PRM includes software that provides a B2B portal for partners to track progress and grow in mutually beneficial relationships.
As you can see, although CRM and PRM have very different objectives, they can coexist and work well together.
Data from a CRM can be integrated into a PRM tool, which can assist in helping you see the big picture and improve operations. An example of this is Kiflo’s integration with Hubspot. Read more about the benefits in HubSpot’s Marketplace.
Key Features of a PRM Software
If PRM software sounds like a good fit for you and your program, the next step is deciding which one will amplify your company's unique goals and operations. Here are a few key features you should look out for when choosing your PRM platform:
Lead tracking is the process of finding the source of leads, tracking them as they move through the sales and marketing funnel, and taking the necessary steps to close the sale.
Deal management involves organizing, monitoring, maintaining, prioritizing, and analyzing deals. Deal management's goal is to successfully complete sales cycles and boost conversion rates.
Dedicated Partner Portals
Dedicated partner portals assist you in managing and automating your pipelines. They provide clarity on leads and opportunities that have been registered and their status without requiring you to continually hound your partner teams for the most recent data.
Dedicated partner portals boost productivity and autonomy among partners, and gives authority to your partner program. This is especially important when recruiting new partners.
PRM software with customization options allows you to create a dynamic experience for partners using controlled settings. This boosts partner engagement and program success. Remember, the more you can customize things like content, permissions, tasks, etc. for the specific partner, the more efficient they will be in their operations.
End-to-end automation aids both your team and partners in streamlining daily tasks. This saves time and resources that can be spent on things like scaling your program or closing deals.
Content management features enable the creation, publication, editing, modification, organization, deletion, and maintenance of content. This is important for sharing assets such as marketing guidelines, product kits, and sales procedures.
Partner onboarding is the process of signing up new partners with your business and establishing early engagement through pipelines that inform your partners of your brand and guidelines. PRM software that allows you to build and customize your onboarding procedures ensures your partners are ready for quick wins right out of the gate.
This is the ability to integrate your PRM platform with other applications and software used in your business-related operations, such as CRMs and marketing tools. Connecting your tech stack helps to align your team and operations, as well as reduces the possibility of channel conflict and human error.
What are the Best PRM Software?
So, who are some of the industry leaders for PRM software? We've listed four of the best PRM tools available on the market today and how each one can support your partner program. If you'd like to see more options, check out this comprehensive guide to PRM software.
Remember, when choosing a PRM platform, it's important to take into account the unique requirements, objectives, and operations of your partner program. Also, consider how your partner will experience the tool from their side—the easier it is to use, the more likely partners will keep coming back.
With our all-in-one solution and user-friendly interface, Kiflo is a PRM software that makes scaling partner programs a piece of cake.
Kiflo allows you to enhance your brand awareness, extend your sales footprint, and grow your customer base by creating affiliate, referral, or sales partner programs with our intuitive, easy-to-use software. Easily manage and optimize all your partnerships with automated and customizable capabilities.
Our features include:
- Organizing and Managing Partners: Streamline partner onboarding, training, and communication through our customizable partner portal.
- Lead Attribution and Tracking: Give partners a simple and user-friendly way to deliver new leads without causing channel conflicts. This allows you to nurture leads quickly and efficiently.
- Deal Registration: Keep track of your deals in the customized sales pipeline, while encouraging transparency and trust between you and your partners.
- Sharing Assets: Easily share assets with your team members and partners so your brand voice is always consistent and confident.
Kiflo PRM offers two pricing options:
- The Accelerate Plan starts at $299 monthly
- The Scale Plan starts at $399 monthly
Both options include a free trial. You can see Kiflo in action here.
Allbound is a partner relationship management platform that includes features for sales enablement, partner marketing, and shared resources. With features like Action Tracking and Shared Calendars, companies can align their teams and operations to accomplish their objectives.
Allbound also offers unique features such as gamification, a module that allows you to apply points to actions within the platform, including viewing and sharing content and completing Learning Tracks. This promotes partner engagement in the long run.
Allbound pricing options:
- Pricing is available upon request.
PartnerStack is a platform that manages affiliate and partnership marketing programs, especially for B2B SaaS. It enables companies to build and grow their partner programs while automating and streamlining procedures so you can prioritize more on growing your business.
The platform’s built-in marketplace and automated payment systems are designed for consistent revenue and accelerated growth. Additionally, it was created with affiliates in mind, making it simple for them to increase campaign visitors, generate more leads, or close more deals.
PartnerStack pricing options:
- Plans start at $1,199 monthly
Magentrix is a one-stop hub for an array of streamlined partner management tools. With Magentrix, you can increase partner engagement with features like partner onboarding, playbooks, training, and certification, as well as increase partner productivity with a customizable partner portal designed to foster the best levels of collaboration. Magentrix can also allow you to integrate with your CRM.
Magentrix pricing options:
- Plans starting at $1,499 monthly
Impartner enables you to manage, optimize, and accelerate each stage of the partner journey in order to maximize and unlock the potential of your indirect sales.
Their Deal Registration solution enables you to track closure rates, reward partner loyalty, intelligently assign and delegate leads, and foster partner trust and loyalty. Impartner additionally offers a variety of options so that partners can strengthen your marketing strategy.
Impartner pricing options:
- Plans start at $2,000 monthly
There are amazing partner relationship management software options readily available. However, choosing where to begin your search for a PRM platform can be difficult.
Before you start investing in PRM implementation, consider your partner's experience. How do you need them to interact with the tool? How can you make it as simple as possible for them?