Channel management best practices

How do you know when it’s time to further develop your partner program?

You’ve already set up a solid program for indirect channel partners with product and sales training, access to technical support and lead distribution, but your channel revenue, partner engagement, and lead registration processes aren’t satisfying you or your stakeholders. Now what?

From our previous blog posts, you might have gleaned how a PRM community can increase your channel program revenue and productivity but is it time for YOU to invest in PRM software?

Here are 3 tell-tale signs that your channel program is ready to take the next step by implementing an online PRM community.

Tracking Down Collateral Takes Forever

Channel Sales Collateral

Spending the majority of your day searching for and sharing sales resources? An outdated system may be at fault impacting your productivity and ability to quickly push new deals through the funnel. Are your partners waiting on collateral (case studies, battle cards, data sheets etc.) from your channel managers? Having a powerful, on-demand information repository will allow all your partners to be less reliant on your channel managers for resources and collateral. Instead, you can utilize your channel managers’ expertise in the “trenches” alongside your partners which will increase the productivity and effectiveness of your team on both ends.

If your organization is wasting time tracking down collateral, chasing partners to follow up on qualified leads or to manage deals, it is a sure sign it’s time to implement a PRM community.

With a PRM community, sharing collateral easy and you can completely consolidate your workflow processes with automated lead conversion tools. A PRM community will keep your partners in the loop while you monitor and support them in real-time to close that hard-earned deal.

Lead Registration Is Becoming A Problem

Problematic lead registration

Another sign that your channel program is ready for a PRM community is your channel team getting fed up with using ancient spreadsheets that slow down your lead conversion process. This problem can get problematic when leads begin ending up cold or dead due to delay or human error. Using a partner relationship management system will help shorten delays between lead registration and conversion from your indirect sales channels and reduce barriers to closed deals caused by outdated software.

If you’re not streamlining lead registration and distribution already, you are limiting the success of your indirect sales channels. As mentioned in a previous blog post, with a PRM community, you can quickly distribute your leads to your Channel Managers and help increase partner sales. While spreadsheets are familiar and comfortable to use, they are both time-consuming and tedious to maintain. Spreadsheets are limited in their ability to scale making them increasingly muddled as you grow. If you want to boost your sales and revenue in your channel sales operations, you should consider using a PRM community.

International Partner Opportunities

International channel partners

With the rise of the digital workplace the world is shrinking, it is much easier to expand your organization outside of your physical vicinity. With new locales come new requirements i.e. currency, time-zones, and language. Prospective international partners may be hesitant to join your channel program if international relationships are not properly supported. Having partners outside your locale is a clear sign that you are ready for a PRM community.

A centralized PRM solution will help you to easily connect and communicate with your diverse partners. A PRM community that has multilingual support can be customized to suit a partner’s location while still retaining your organization’s native functions. Furthermore, a PRM community can help you keep international partners updated on your organization’s sales program through locale-specific content and announcements. A centralized PRM system is not only a consistent communication and engagement platform with your international partners – it is a channel management software. In addition to deal registration software and analytics, you can further support your global partners with programs such as Market Development Funds software. Self-service PRM resources are accessible for channel partner onboarding and will give confidence to both your prospective and existing international partners in your channel program. By meeting your partner’s accessibility needs, you ensure a secured foothold in the international market.

A PRM solution makes channel programs more effective and easier to navigate by supporting processes, enabling communication, and encouraging collaboration. As your company continues expanding and gaining new partners a central, secure location where partners can access the resources they need (which includes your channel management team) becomes vital to the health of your indirect sales channel. A PRM community can eliminate a patchwork of legacy software, it can connect international members of your team and enable self-service for your partners.