Partner Relationship Management (PRM) is how you manage and enhance your relationships with external partners such as resellers, distributors, and channel partners. It encompasses the strategies, processes, and technologies you implement to improve collaboration and mutual success. PRM covers the entire partner lifecycle, from partner onboarding through to partner engagement, performance, and deal management.
It’s good to have a strategy in place for how you manage your partners. This can include things like communication practices, training, content management, marketing practices, and collaboration workflows. It should also include your deal management strategy and how you’ll move leads generated by partners through your sales funnel.
Ultimately, you want to create a positive partner experience and provide partners with the tools, resources, and support they need to succeed. Using a PRM software can help streamline your processes and facilitate tasks like deal registration, lead distribution, and data management.