PRM (partner relationship management)
A partner relationship management (PRM) software is a tool designed to facilitate the partnership experience from end-to-end. It is primarily used by partners to drive traffic, leads and deals to a vendor, and by a partner manager and their team to manage their partner relationships as well as support their partners.
Most PRMs should be enable resources sharing between the two parties. It should also provide communication tools, relevant analytic dashboards, as well as link tracking and lead/deal submission tools.
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The Ultimate Guide to Partnerships for Ecosystems in 2023
An official badge that partners can display on their website and in their marketing to officially associate themselves with your program and brand. This allows they to communicate their professional relationship with you and build trust with their audience.
Noun
[part-nur jur-nee]
The partner journey describes each step a partner goes through when learning about, joining, and earning value through a partner program. It can be likened to the buyer journey. The steps of the partner journey can be defined differently depending on the business, as can the order of certain steps. However, most partner journeys generally follow this structure:
Interest > Recruitment > Activation > Investment > Devotion
The interest stage is where a vendor gains the interest of potential partners. Recruitment involves informing potential partners of your product and offering a partnership. Activation represents the first value earned by the partner. Investment is when the partner recognizes vendor value and invests further time and capital in the relationship. Devotion occurs when partners are ready to scale with you.
Example: Jenn found that only a small percentage of partner were making it to the investment phase of her partner journey, so she decided to spend more time and energy ensuring partners hit their activation targets within their first two months of joining the program.
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