In this blog, you will get an insight as to how to increase the performance of your Partnership Relationship management.
Partner Relationship Management (PRM) is important to define the way how a company enhances performance and provides better service to its customers. The business world is built on networks and relationships that support each other and work towards a better and successful future. Companies need to have strong connections within their communities including their partners to improve their channel sales. For this, Partner Relationship Management needs to be an integral part of how a company plans for lead generation, sales approach, and future marketing.
Channel partners need to have a mutual understanding amongst themselves and amongst the interacting personnel. Without this, the opportunities deflate and objectives lose their focus. Synergy is maintained when a product is sold through direct and indirect channels. Joining arms with another business takes patience and time for better investment. The correct payoffs can take the company to the next level.
It is not about just enabling a software system of some solutions that give you visibility across channels. It is about a mindset change, about the basic business strategy, and about inclusion of PRM principles in business goals.
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Let’s look at the influential components that are helpful in leveraging the benefits of PRM.
Partnering with businesses that optimize the value proposition
It is necessary for business units to identify the areas where the business needs actual support. Perhaps you lack the deal closing savoriness or your business is not equipped with proper sales elements in place. Partnering with units that can be helpful in enhancing the performance in these areas can increase the value proposition rather than blindly partnering with companies who sound great. Look within and assess your needs well before taking on external muscle.
Seek out for partners who share passion
Building hunger and appetite for common business goals is very much essential. Partnering with business units who share the same hunger and passion to succeed in business can be a great asset. Approaching companies whom you admire and are well established can be helpful in partnering with you can take you to the high level. At the same time, another thought could be to take on newer players who are excited about inviting and adapting to your needs. It all depends on what path you prefer as an organization. Weigh out all options well and then decide to select the right partners.
Enabling partners in the software apps and portals
Helping partners who are on board to expedite the process and provide valuable resources is always more helpful than seeking help from external sources. Getting them on to your internal and customer facing systems is a shot in the arm. Proper training, incentives, bonus, appreciation, and a good working environment can enable the partners on board to show results faster. Transparency in the internal processes and systems can also motivate the partners on board to perform better.
Promote simple objective incentive programs
Keep it simple – that is the mantra to build a strong and trustworthy relationship. Incentives of any kind promote the growth of the partnership program. Special pricing agreements drive revenue while improving the performance of the products and channel partners. The channel sales and marketing programs should be designed with simple objective guidelines. This boosts the morale of the partners by encouraging them and also helps build high performing in-house teams. A win-win scenario for all!
Simplify the working process
Simplify the working process with the partner, making it easy to understand and thus increasing enjoyment while doing it. This will not only increase productivity but also motivate the partners in doing their jobs more efficiently. Work of repeated nature could be monotonous and doesn’t give a kick to employees after some time. Introducing automated processes in the system could help in giving assurance to employees of their work being performed in a more efficient manner. It also sends a strong message that you care about where the actual efforts of humans should lie – in using their expertise and bandwidth where they can bring more value.
Social Media Help
It is the biggest game changer in the market today. Taking help from social media is one of the great ways of establishing informal but professional relationships with channel partners. Getting in touch with channel partners through professional websites like LinkedIn helps a great deal to deal with any issues instantly. Social tracking is also important given the viral nature of the media, hence the right handling can ensure better relationships.
Ramp-up new sales personnel quickly
The turnover is going to impact the sales team. New leads and recruits are going to be generated. The systems should be in place which will help partners to quickly train the new recruits and hires and make them comfortable in the team so that they are more productive in less time. These investments require a relook at both the processes and the systems, and a healthy revamp will reap huge and repeatable benefits in the long run.
Reduce potential conflicts between channel partners
Maintain enough transparency and openness between the channel partners so that the conflict between then doesn’t arise. Regular meetings should be held to share the progress and happenings in the system. This proactive approach can help to address issues at their starting point and even avoid ugly conflicts. Channel partners should have enough confidence in each other so that there are fewer chances of conflicts between them.
Quick and efficient on-boarding of new partners
Like any other relationship, the new partner recruit should have a honeymoon period to understand the systems and adapt to the working culture of the business more quickly. They should be given access to the systems that are quick to implement, robust, and easy to use.
Any system that is easy to use and robust will give quick results in the growth of the company. Collaboration, alignment, and partner engagement are the critical success factors in improving and boosting the productivity of channel partners. The right Partner Relationship Management approach can help reach these goals more quickly and efficiently.
With years of experience in sales, marketing and customer support automation,Fynsis is the most preferred SuiteCRM training & development Partner always aims to meet your budget while delivering a measurable ROI on your CRM Investment. We create best-in-class business solutions that deliver competitive edge and ROI, with power and flexibility.