As businesses strive to create and maintain fruitful partnerships, they are increasingly looking for software to help manage those relationships. The right partner relationship management (PRM) software can provide a comprehensive view of all partners, their interactions, and the value they bring to the business.
This blog post will look at the top PRM software in 2022 and the features you should consider when deciding.
What is Partner Relationship Management Software?
PRM software is a type of marketing software that helps channel managers and other partner-facing employees manage their relationships with channel partners, such as distributors, resellers, and affiliates. PRM systems typically include tools for:
• Partner recruitment
• Partner onboarding
• Partner enablement
• Partner commissions
• Learning management
• Partner engagement
• Commission tracking
• Performance reporting
By streamlining your partner journey, PRM platforms can help companies increase sales and grow their business. However, PRM systems can be complex and expensive, so it’s important to carefully consider your needs before investing in a PRM solution.
Businesses can improve partner satisfaction and loyalty by automating a partner management tool and ultimately increase sales.
How does PRM work within a partner ecosystem?
Each organization has a unique role in delivering a complete solution to customers in the partner ecosystem. For example, a partner program may include a software vendor, an independent software vendor (ISV), a system integrator, and a value-added reseller (VAR). Each partner in the ecosystem brings their own expertise and resources to bear on the customer’s problem.
PRM software enables partner organizations to work together more effectively by providing a central repository for partner information, automating partner communications, and providing visibility into partner performance. By using PRM platforms, partners can collaborate more effectively to drive sales and deliver customer value. They help to increase partner sales by making it easier for partners to find and market to new customers.
PRM vs. CRM
CRM is a business strategy that helps companies to manage their interactions with current and potential customers. Businesses can track customer behavior, identify sales opportunities, and improve customer service by using one.
CRM can also help businesses build loyalty among their customer base and increase retention rates. It focuses on managing relationships with customers, while PRM focuses on managing relationships with partners. Partners can be suppliers, distributors, or other companies that help to promote and sell your products or services.
CRM and PRM involve tracking data and creating relationships, but CRM primarily focuses on sales and marketing, while PRM is focused on business development.
Importance of a Management System
With the right software, organizations can build stronger relationships with their partners, improving performance and increasing operational efficiency. When choosing a partner management software, it is important to select a tool that will fit your organization’s needs.
There are various partner management software products on the market, so it is important to carefully consider your options before making a purchase. With the right partner management software in place, your organization can improve its relationship with its partners and realize significant benefits.
Here’s our list of the best PRM tools to simplify your partnership management process:
1. Salesforce
Salesforce is a cloud-based solution that helps businesses manage their partner relationships. It provides a centralized platform for storing and sharing partner information and tools for managing partner onboarding, communication, and performance.
Constellation has named Salesforce on its Shortlist for PRM platforms that enable partners, alliances, and indirect channels to succeed.
Features:
• Channel Analytics
• Partner Central Template
• Digital Experience Management
Pricing:
• $150-$300/user/month for Sales Cloud, +additional costs for the PRM
*Only available with the Enterprise and above plans.
*Offers a free trial and demo
2. Allbound
“The #1 Partner Preferred Portal”
Allbound provides the right partner actions in your journey to build a better experience that scales. Drive engagement and increase indirect revenue through increased traffic from partners like yourself!
Allbound has been consistently titled a leader in partner relationship management software by G2.
Features:
• Partner Portal
• Onboarding And Training
• Content Library
Pricing Plans:
•Standard
•Growth
•Premium
*Offers a free demo
*Contact Allbound to request pricing details.
3. Channeltivity
“All-in-one Channel Management Software”
Simplify your business operations with a single, powerful partner portal that streamlines deal registration and MDF requests, and channel lead management. You’ll also get easy access to training on the latest technology tools through our customer portal – so you can focus more time selling instead of worrying about how things work!
Features:
• Channel Partner Portal
• Resource Library
• Partner Management Dashboard
Pricing:
• $1,599-$1,899/month (+additional fees)
*Offers a free demo
4. Zoho
“End-to-end, fully customizable CRM solution for growing businesses and enterprises.”
Zoho is a software solution that can help you manage your entire business in one place. It’s not just powerful but also simple and long-term oriented with its vision to transform how we work!
Features:
• Allow Partners To Manage Inventory
• Customization
• Guide Partners
Pricing:
• C$19-C$65/month
*Offers a free trial
5. PartnerStack
The #1 rated partner platform for SaaS.
PartnerStack accelerates the best practices to do business by helping your partners grow their businesses. They can spend more time hunting for new customers and verticals, grow your market share, and boost demand for your products.
Features:
• Scale multiple channels
• Maximize partner performance
• Get access to the best partners
Pricing plans:
• Essentials
• Growth
• Enterprise
*Contact PartnerStack to request pricing details.
6. Tune
The most flexible SaaS platform for managing channel marketing partnerships across mobile and web, TUNE is the management solution that enables you to maximize ROI from onboarding through payout.
On one easy-to-use dashboard, discover all your important partner’s information at once — affiliates, partner networks, influencers, agencies — anything that can make an impact!
Features:
• Proactive Fraud Prevention
• Streamline and Automated
• Real-Time Data
Pricing:
• $599-$1500+/month
*Offers a free trial
7. Impact Partnership Cloud
Impact’s new partnership automation software helps you manage and scale all types of referral partnerships. Automate actions through their unified framework that takes into account every stage in the life cycle, from prospecting to launching products or services for partners with high-performing sales teams who are looking to partner up!
Features:
• Discover Recruit
• Partnership Contract Pay
• Protects and Monitor
• Partnership Track
Pricing:
• Pro – Starting at $500 per month
• Enterprise – Starting at $2500 per month
8. Impartner
“THE Channel Management Platform”
Partnering with Impartner means a seamless experience from start to finish. From automating the entire process and eliminating any need for manual intervention, all while maintaining quality of service standards set forth in your contract – it’s hard not be satisfied!
Features:
• Lead Management
• Program Compliance Manager
• Channel Intel+
Pricing Packages:
• Emerge
• Ignite
• Pro
• Enterprise
*Offers a free demo
*Contact Impartner to request pricing details.
9. Mindmatrix
Mindmatrix is a great way to increase your partner engagement by giving you tools that will help boost it and also measure the results. With Mindmatrix, there’s no longer any guessing about how successful or ineffective an organization has managed its relationships with partners; now, they can see exactly what actions lead to satisfied customers!
Features:
• 100% Visibility
• Scalability
• Recruit Partners with Ease
*Contact Mindmatrix to request pricing details.
10. Magentrix
Magentrix PRM portals are an integrated, seamless environment for your channel partners. It’s a platform designed to help them collaborate and grow in productivity while increasing revenue levels!
Magentrix is rated as a top partner management portal provider on AppExchange.
Features:
• Content Management
• Document Management
• Analytics
*Offers a free trial
*Contact Magentrix to request pricing details.
BD Paths’ Takeaway
A successful partner management strategy cannot be built on a one-size-fits-all approach; it must be tailored to your partner’s needs. To find the right PRM software, partner managers and the entire partner team should consider their partner’s individual requirements and objectives. Only then can you choose the right one to improve your channel sales process, partner marketing campaigns, partnership programs, and your overall partner experience.