Partner relationship management (PRM) is a business strategy that companies use to improve the quality of communication and interaction with their channel partners. Every company has a different strategy for approaching partner management, but most companies choose to communicate through web-based means for faster interactions and personalized administrative tasks. Communication through web-based means allows partners to have full access to this information. There are also many relationship enhancement systems available for customer relationship management (CRM); however, managing relationships through a partner portal is often much more complicated than through a customer portal. Because of this channel, partnerships need to be treated differently to ensure effective partner relationship management. If you’re looking for ways to eliminate revenue leakage, retain customer loyalty, and maintain brand consistency, consider the following five top tips for effective partner management.
1. Quality over quantity
In business, you may be tempted to solidify as many channel partners as possible as a way to maximize revenue. While this may seem logical, too many partners can often be too difficult for a business to manage, and typically results in poor partner relationship management. To ensure high-quality partner relationships, reduce the number of channel partners you have and choose to only work with those niche partners that will benefit your business the most. The partner portal that is in your industry niche is more likely to attract your target audience, which means more business success.
2. Monitor and maintain proper control over channel partners
Affiliate marketing can be a chaotic industry, filled with information overload that can make it difficult for companies to keep track of the day-to-day activities of their channel partners. In many cases, it can be nearly impossible to determine who each portal partner is when the scale is especially large. Many industries see new comparison sites and agents pop up daily, which can significantly affect the effectiveness of partner management. Although the industry can be chaotic, it is the company’s responsibility to maintain control over all affiliates who claim to have a channel association with the company. Maintaining this check can also help you determine how valuable the relationship is to the company.
3. Training and education are keys to success
Once you have all the ducks in a row in terms of channel partner monitoring, you’ll want to investigate whether your company’s channel partners are adequately compliant with company standards. Many companies find that their partner portal does not always meet their corporate guidelines, which can affect the overall image of their company. To avoid this detrimental effect, be sure to properly educate and train all partners to ensure that the image they display is in line with company guidelines.
4. The more content, the better
According to tip three, companies should provide each partner portal with a lot of information about company rules and regulations to ensure that there is no misrepresentation of the company. A useful tip to achieve this is to provide them with tools and fixed content to keep their sites attractive as well as strengthen the bonds of your relationship. Not only does this help improve your company image and prevent miscommunication, but it also helps increase your channel partners’ level of engagement with your company, leading to an overall more supportive partner relationship. .
5. Avoid the competition
Sometimes companies find that their channel partners are also simultaneously promoting their company’s competitors. If you discover that your portal partner is sleeping with the enemy, you can approach the situation in two different ways. First, you can negotiate with this partner and offer a greater incentive for exclusivity only with your company. This agreement must be finalized in the form of a contract. If your partner fails, you may need to end the partnership and choose a replacement partnership where competition is no longer an issue.