What is a PRM software?

PRM (Partner Relationship Management) software is a tool that simplifies and streamlines managing external partnerships. It helps businesses work better with different types of partners, such as: distributors, resellers, and agencies to increase sales and reduce customer acquisition costs by leveraging third party companies offering complimentary services or products.

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PRM software provides a central hub for:

• Communication: Streamlining partner communication and collaboration.
• Partner Management: Keeping partner information up-to-date and managing their onboarding process.
• Performance Tracking: Measuring how well partners are doing and using these insights to make better business decisions.
• Sales Support: Giving partners the tools they need to sell more effectively and co-sell with partners.
• Incentives and Payments: Managing partner rewards and commissions and ensuring partners are getting paid on time.

While PRM software offers numerous benefits, including enhanced partner relationships, increased collaboration, the cost associated with premium solutions can be a barrier for many businesses. Traditional PRM tools often come with hefty price tags and require long-term contracts, making them inaccessible to smaller organisations or those with limited budgets. However, the emergence of free PRM tools has opened up new possibilities, allowing businesses to leverage the power of partner relationship management without significant upfront costs. While free tools may have limitations compared to paid alternatives, they can still provide valuable functionality and serve as a starting point for organisations exploring PRM solutions. By carefully evaluating their specific needs and comparing the features offered by various free and paid options, businesses can make informed decisions about the best PRM tool to suit their requirements and budget.

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5 Warning Signs You Need a PRM

Here are 5 warning signs that your business might have outgrown its CRM and needs a dedicated PRM tool:

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1. Managing Multiple Partner Tiers & Channels:

Do you struggle to manage diverse partner types like resellers, distributors, and technology partners within your CRM?

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2. Focusing on Bidirectional Relationships

Is fostering strong, two-way communication with partners crucial to your success? A CRM is designed for one-directional customer interactions.

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3. Complexities of Co-Selling & Channel Marketing

‍Does your business heavily rely on co-marketing initiatives and managing partner-driven sales? CRMs lack the functionalities for seamless collaboration.

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4. Partner Enablement & Performance Tracking

‍Do you need to provide partners with training materials, track their performance metrics, and identify growth opportunities? PRMs offer dedicated tools for these needs.  

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5. Data Silos & Limited Visibility

‍Are partner-specific data scattered across different systems, hindering clear visibility into overall performance?

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PRM: Personal Assistant

Imagine having a personal assistant that handles all the nitty-gritty of managing your partners. That's what free PRM software does. It's like having a sidekick that helps you:

• Recruit and onboard partners: Find the right partners and get them up and running in a flash. No more paperwork headaches or lost information.
• Stay connected: Chat, collaborate, and share files with your partners seamlessly. No more email threads or missed messages.
• Track performance: See how well your partners are doing and make smart decisions based on data. No more guessing games or gut feelings.
• Equip your partners for success: Give them the tools they need to sell more and make you look good. No more underperforming partners.
• Manage rewards and payments: Keep your partners happy and motivated with fair compensation. No more disputes or delays.

With PRM software, you can focus on building stronger relationships with your partners with all the administrative work being done through software. 

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Benefits of PRM Software

PRM tools are driving significant results for businesses by providing actionable insights and streamlining partner management processes. Key metrics and KPIs demonstrate the effectiveness of PRM solutions:

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Additional source of revenue

PRM tools enable businesses to track partner performance, identify top-performing partners, and allocate resources accordingly. This leads to increased sales and revenue generation. According to the leading consulting companies, the future of B2B sales is in the partner ecosystem. Forrester's research indicates that companies with well-structured partner ecosystems can significantly accelerate sales cycles and increase revenue. McKinsey report emphasises the importance of strategic partnerships in expanding market reach and acquiring new customers.

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More productive partner relationships

PRM tools foster better communication and collaboration between businesses and their partners. By providing a centralised platform for sharing information, tracking performance, and resolving issues, PRM solutions can help partner teams strengthen relationships by simplifying all the administrative work that is often done manually or using several disconnected tools. 

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Brand visibility 

PRM tools help to align partners with their brand messaging and ensure consistent customer experiences. By providing partners with the necessary resources and training, PRM solutions contribute to enhanced brand visibility. 

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Free PRM On The Rise

The PRM (Partner Relationship Management) space has witnessed significant growth in recent years, driven by the increasing importance of partner ecosystems for driving sales. A variety of players have emerged to cater to the diverse needs of organisations seeking to optimise their partner relationships.

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Traditional PRM Vendors

Established players in the PRM market offer comprehensive solutions with a wide range of features, including partner onboarding, deal management, performance tracking, and sales enablement. These vendors often cater to large enterprises with complex partner networks. Some prominent examples include: Impartner, Zift Solutions and Partnerstack.

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Emerging Niche Players

The past several years has also brought a lot of new players in the partnership management space. The key trends that can be observed from new vendors are focusing on a few key pain points and trying to solve them really well. 

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A great example of such software providers include:

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Rewardful - a platform designed to create and manage employee reward programs. It offers a variety of features to make it easier for companies to recognise and reward partners for contributions. It’s an ideal software for managing affiliate partnerships.

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Crossbeam - enabling companies to identify new partnership opportunities and gain valuable insights into their partner networks (more on this solution and a recent company’s merger in this article).

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Recently, there has been a growing trend towards free PRM tools. These tools offer basic functionality at no cost, making them accessible to smaller companies with limited budgets. While free PRMs may have limitations compared to paid alternatives, they can provide a valuable starting point for companies starting their partnership journey.

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Advantages of Free PRM Tools

• Cost-effectiveness: Free tools eliminate upfront costs and ongoing subscription fees.
• Accessibility: Free tools are readily available and can be implemented quickly, providing immediate benefits.
• Trial period: Many free tools offer trial periods or freemium models, allowing to test the functionality before committing to a paid plan.

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A Free PRM For The Entire GTM team

Journeybee is a partner relationship management (PRM) platform designed to facilitate two-way relationships between partners. The platform is built to enable managing all things partner related inside the PRM, without the need for updating data in CRMs. It offers a lot of flexibility and customisation to run a sophisticated partner program, however with the free plan, small and mid-sized companies can start off managing their partnerships with standard features that co-selling. Journeybee is built based on the Triple C Approach - Connect, Collaborate and Close that is fully integrated throughout the software to help scale your partner revenue.

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Key features of Journeybee on a freemium plan include:

• Partner onboarding: Automated partner onboarding processes to streamline the recruitment of new partners
• Lead sharing: Automated process that provides users with the ability to send and receive leads from partners within one single solution.
• Real-time collaboration: using collaboration cards, partner teams across companies can collaborate on joint deals or co-marketing activities.
• Centralised communication channels (in-app or through integrated apps) facilitate seamless interactions between internal teams and external partners.

Sign up for a free account here (it takes on average 15 min to set up the account).If you’re running a scale-up or more mature partner program, you might benefit the most from standard, premium or enterprise plans to unlock more features required for bigger teams, for example:

• Performance tracking: Detailed analytics and reporting on partner performance, including metrics such as sales, revenue, and customer satisfaction.
• Sales enablement: Resources and training materials to equip partners with the knowledge and tools they need to succeed.
• CRM Integration and widgets: Seamless integration with other business systems, such as HubSpot or Salesforce to streamline workflows and improve data accuracy.
• Asset management: Eliminate the time-consuming task of managing multiple asset repositories and reduce the risk of data loss or corruption.
• Partner Categories: Segment your partners based on industry, size, specialisation, or other relevant criteria.
• Tier Partners: Assign partners to different tiers based on their performance, revenue contribution, or strategic importance.
• Copilot: An Innovative feature that enables making personalised recommendations to your GTM team using AI and ML.

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Check out the features available for different pricing models here. 

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Limitations of Free PRM Tools

• Feature restrictions: Free tools often have limited features compared to paid alternatives, which may not be sufficient for complex partner networks.
• Lack of customisation: Free tools may not offer the same level of customisation as paid options, limiting their ability to adapt to specific business requirements.
• Potential for limitations: Free tools may have limitations in terms of data storage, user support, or integration capabilities.

The PRM market continues to evolve, with new players emerging regularly. Before making any commitments, make sure to test out free PRM platforms available on the market or talk to sales representatives to gather more insights on the value proposition. The best advice is to pick a free PRM that best aligns with your existing partner program’s goals and budgets and allows you to scale as you grow your partnerships.

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Choosing the Right Free PRM Tool

When considering a PRM (Partner Relationship Management) solution, free options can be an attractive choice for businesses with limited budgets. However, it's essential to evaluate these tools carefully to ensure they meet your specific needs.

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Key Factors to Consider:

1. Functionality: Assess the core features offered by the free PRM tool. Look for capabilities such as partner onboarding, deal management, performance tracking, communication, and collaboration.
2. Scalability: Consider your business's growth potential. Ensure the free tool can accommodate your expanding partner network and increasing data volume.
3. Integration Capabilities: Evaluate the tool's ability to integrate with your existing systems, such as CRM, ERP, and marketing automation platforms. Seamless integration can streamline workflows and improve data accuracy.