I wish there was a simple formula that was available to help companies determine when they need a PRM offering. I have been asked this question hundreds of time over the last several years and I more often than not the answer is yes. At the end of the day the question that mattered most was can we justify PRM, but we will get to that in a bit, let’s start by looking at a few factors that typically drive the need for a PRM system:
- How many (insert what you call your indirect channel here) do you have in your program today? Companies/Accounts? Individual users? How many will you have next year and so on?
- What does my indirect channel need from me as a vendor to be successful?
- If you need help answering this question start by asking your direct sales team what makes them successful.
- What systems do we have in place today? (CRM, Financial, other)
- How much time is being spent managing the indirect channel?
- What is the time being spent on? (providing product info, training, data entry)
- What is the current ROI on our indirect channel?
- What is the opportunity to increase that ROI? How successful is it today? What is the opportunity for growth in the future?
- What would help you increase loyalty and mindshare with your indirect channel?
Answering these questions will help you understand the maturity of your program and give you a good gauge as to where you are at today. There are no wrong or right answers. This is meant to get you thinking about where you are today and where you want to be tomorrow.
Now the reason the answer to “Do we need PRM?” is most often yes is that PRM streamlines and optimizes indirect channels. A good PRM system accomplishes optimization through automation and integration, lessening manual data entry and error. This optimization can benefit most companies, the question becomes can we actually justify the cost for the need. A well implemented PRM system will virtually eliminate the manual processes that are bogging your channel teams down freeing them up to focus on more revenue generating activities.
Let me ask you now. Do you need a PRM? As I said before the answer is likely yes. We would be happy to help you justify a PRM. Give us a call so we can help you streamline your indirect channel.