What is PRM?

Partner relationship management (PRM) is the process of managing relationships with partners in a business setting. This can include partners such as sales agents, distributors, resellers, and vendors, and the goal of PRM is to optimize the relationships between the business and its partners in order to drive growth and success for both parties.

Different Activities

PRM involves a number of different activities, including finding new salespartners in new markets, contract management, onboarding new partners, providing them with the necessary resources and support, and ensuring that they are able to effectively promote and sell the company's products or services. From opportunity to commision management It also involves managing and nurturing the relationships with existing partners, including regular communication, training, and providing them with the tools and support they need to succeed.

There is as well an Increased focus on complience and ESG in the board rooms and that will also have to be covered by the future PRM solutions.

Benefits

One of the key benefits of implementing a PRM strategy is that it can help to improve the quality of the relationships with partners. By providing partners with the resources and support they need, businesses can help to ensure that their partners are able to effectively promote and sell their products, which can lead to increased sales and revenue. In addition, a well-managed PRM strategy can help to build trust and loyalty among partners, which can lead to long-term business relationships and sustainable growth for both parties.

Another benefit of PRM is that it can help businesses to better understand their partners' needs and challenges. By regularly communicating with partners and gathering feedback, businesses can gain valuable insights into the challenges and opportunities that their partners are facing, which can help them to develop more effective and tailored support programs. This can help to improve the overall effectiveness of the partnership, which can lead to increased sales and revenue for both parties.

Growth and Success

Implementing a PRM strategy can also help businesses to better manage and track their partner relationships. By using specialized PRM software like GAIA Global, businesses can automate many of the tasks involved in managing partner relationships, such as tracking partner performance and providing them with the necessary resources and support. This can help to save time and resources, and can also provide businesses with valuable data and insights into the performance of their partner relationships. 20% Increase of sales seems to be a realistic result of inplementing a PRM Strategy.

Overall, partner relationship management is an important aspect of running a successful business. By implementing a PRM strategy and providing partners with the resources and support they need, businesses can improve the quality of their relationships with partners and drive growth and success for both parties.

Get in touch with us and discover how GAIA, the unique PRM for Oil&Gas and maritime industries, helps companies growth internationally.

By Jan Lomholdt, CEO of GAIA Global