In my previous life I was asked about the acronym PRM on a weekly basis. Unlike it’s better known cousin CRM (Customer Relationship Management), PRM or Partner Relationship Management is only now starting to find its place in the marketplace. PRM typically refers to technology systems that manage indirect “channels” or “markets”. These indirect channels are leveraged by companies to increase their sales reach through partners, resellers, ISVs, affiliates, agents, solution providers or distributors.
For some companies their current way of managing these partnerships might consist of excel spreadsheets, file sharing and emails. Managing hundreds or thousands of these external independent entities manually is not efficient and is very cumbersome for a vendor. This is where PRM systems come into the picture. A good PRM system offering provides vendors the ability to manage and support their indirect sales model while incorporating it with their direct sales model without creating conflict. The PRM system should also provide the indirect channel with the tools that they need to successfully sell, service and support the vendor they are working with. The easier things are for the “partner” the better as they are free agents that likely work with numerous vendors. PRM solutions usually integrate with CRM systems, provide opportunity tracking, provide content and much more. If you want to know more about PRM give us a call. We get into specifics on the various PRM vendors and offerings in our other blog posts.