Partner relationship management (PRM) software, also known as partner management, equips businesses with tools to track sales partners and affiliates, facilitating communication and support. The best PRM software provides a private portal for each partner to access documents, campaign materials, market development funds (MDF), opportunities, and deals.
Sales leaders, particularly those in channel sales, utilize PRM software to maximize their channel partners, which includes value-added resellers (VAR) and specialty retailers. PRM software distributes opportunities and MDFs fairly, ensures partners remain on brand with messaging, captures activities, and measures success.
Some PRM solutions may also track compliance with laws, contractual agreements, and incentive and loyalty programs. It can be leveraged by any business unit in a company that performs business with third-party contractors.
This type of solution should not be confused with other software products that manage relationships, like CRM software, which is used only for customers, or supplier relationship management software, which is part of supply chain management.
Partner management software delivers optimal results when used with other software solutions that track partner pipeline progression and engagement within the portal.
To qualify for inclusion in the PRM category, a product must:
Offer portals to communicate and exchange information and content between a company and its partners, and optionally with prospects or customers
Provide onboarding, training, and certification of partners
Manage who has access to what information and decide which access rights are available for each user, group, role, etc.
Include workflows, notifications, and alerts defined based on business rules for major business processes that involve the company and its partners
Track and measure the effectiveness of MDF, co-op, and co-branded partner activities
