PRM, Channel enablement and partner management software platforms allow vendors to nurture, streamline, and maximize their partner relationships. However, not all PRM software platforms are created equal, and to ensure that your channel management is truly optimized, you need to pick the one that suits you the best. This week and for the next couple of weeks, we will be looking at what tools a partner enablement platform should provide. Here is a glossary of the must-have features:
Partner Portals
A ‘partner portal’ a single online place where your partners find every resource necessary to market and sell. The easier it is for them to access everything they need, the more likely they will utilize all the tools you provide. Make it difficult for them and they’ll just ignore your resources, however useful they might be.
Recruitment, Onboarding, and Training
Attracting the right channel partners, training them, and keeping them engaged, is a real challenge that requires the right set of tools.
Recruiting Tools – good partners don’t just appear. You need to actively recruit, just as you would for a top-quality employee. Broadly speaking, recruiting tools fall into four categories:
- Lead/ potential partner generation tools, such as landing pages and web forms,
- Lead scoring, segmentation, and management tools,
- Lead nurturing tools (such as emails or SMS campaigns), and…
- Lead activity monitoring tools.
Although the types tools you will use for recruiting partners overlaps with types tools you use for recruiting clients or customers, it is essential that you keep your potential partner contact data wholly separate from your potential client or customer contact data. This means looking for a platform that offers dedicated PRM (Partner Relations Management) and CRM (Contact Relations Management) capabilities.
Onboarding Tools – Once an organization has identified and recruited a new partner, the next step is to onboard them into the channel network. Organizations frequently struggle with this very important step because they are either…
- … unable to maintain a consistent onboarding process,
- …unable to identify the unique needs of new recruits, or…
- …are unable to track partner progress and feedback across every phase of the onboarding process.
Dedicated onboarding and training modules can alleviate these problems.
Training Tools– After onboarding, a channel partnership becomes an an ongoing process that requires continuous investment and adaptation from both partner and vendor. To stay sharp and up-to-date, your partners need access to the latest training and information on how to best sell your products and services. A dedicated “Learning Management System”, with custom courses and certifications, can provide that access.
Partner Management
Assigning the right leads, accurately gauging performance, providing timely and appropriate support, and fostering motivation and engagement across a channel are difficult but essential tasks, that require several distinct categories of tools.
Channel engagement analytics – This allows you insight into partner activities such as whitepaper downloads, email opens, website visits, certifications sought, and webinars attended. These metrics offer you a deeper realization of your channel partner’s commitment to your business. Understanding the channel engagement index allows you to make informed channel partner management decisions.
Partner tier management – The partner ecosystem of a business can have multiple partner types and personas, each with varying needs, strengths, and commitment levels. It is important for businesses to be able to identify these and segregate them accordingly so they can offer the right kind of support to each. By including partner tier management tools in your partner marketing platform you add value that other vendors might not provide.
Deal/Lead Registration – Deal registration is a common feature of channel partner programs in which a channel partner informs the vendor about a sales lead. If approved by the vendor, the partner is given priority for the lead. A deal registration feature helps you mitigate channel conflicts by ensuring no two channel partners go after the same lead. Partner conflicts over lead management can ruin your relationship with your partners.
Partner incentive and reward management – These are what they sound like. Things you offer to encourage your partners to take their efforts to the next level. A partner marketing platform that lets you manage partner incentives can streamline the process and incentivize them to focus on what matters to increase your ROI.
MDF and co-op fund management – This refers to the funds made available to partners to invest in specific marketing campaigns. MDF funds focus on front-end marketing efforts, Co-op supports back-end marketing efforts.
Catch us again next week for insight into more such must-have features of a PRM software platform.
