5 Tips for Great Partner Relationship Management

13th July 2022

partner relationship management

Table of Contents

Today’s business climate is competitive. Companies will often struggle to meet sales goals on their own. With revenue to generate, brand images to craft and leads to track, seeking the assistance of a channel partner or third-party vendor can be a time-saving solution to delivering your product or service to customers on a much larger scale.

In fact, on average, 20% of a vendor’s partners will generate 80% of the indirect sale channel’s revenue.

However, as much as partners can and do have an incredibly positive impact on business, if the relationship between a channel partner and a company isn’t successful, the experience can cost companies valuable time and money. 

This is where partner relationship management (PRM) comes in.

Focusing on PRM can see your business reap the full potential of your channel partners by strengthening those connections, reducing complexity, and helping to achieve the revenue goals your stakeholders want. 

We’ve compiled a list of five key strategies to equip you with all the tools you need to boost your channel partner relationships to the next level.

Empower Partners

The best way to empower your partners is to tap into their unique strengths. Every partner relationship is going to be different, each partner will have individual qualities that you can utilise to harness an optimum outcome. Not only will focusing on their strengths allow you to get better results, but it will also empower and uplift your partners as they will be maximising their capabilities. 

Find out how your partners communicate, their operations, and how they present themselves. Identify their weaknesses as well as their strengths. Learn their internal business processes so you can better understand how to channel your energy into enhancing them, thereby better aligning your mutual business goals. 

Choosing the right partner is also an integral part of this. Your relationship can only really bloom if you have shared ambitions. Make sure you carefully consider your business goals when selecting the kind of partner you want. 

Partner Support

It’s important to provide a fast, flexible response to partners. Companies often plan and launch a partner programme that promises to deliver the necessary support, only to lose momentum along the way. 

Ensuring that you maintain a prolonged commitment to the programme as it progresses allows for long-lasting partner relationships, meaning your sales will only continue to rise over time.

Dedicated Resources

A long-term partnership that delivers value requires adding value to it first, dedicating the right level of time, money and resources to building profitable, enduring partnerships. A study from technology consulting service the Aberdeen Group showed that properly implemented platforms and processes that support channel partners result in 13% more sales reps achieving their quotas, and 28% shorter sales cycles.

This is also an important factor in preventing partner churn, which can have an impact on the time it takes to build up momentum with generating sales. Suitable PRM software can streamline the selling process by establishing connections between partners and the resources they require all in one place, rather than through multiple different avenues such as phone calls, emails, and websites. 

By providing partners with easily accessible resources, they will be more equipped and prepared to represent your company, making for a mutually beneficial relationship.

Customer Value

Customers and buyers will likely be drawn to salespeople who are confident and self-assured in what they’re talking about, which comes naturally with well-executed PRM. Particularly with products and services that are on the more technical side, channel partners are expected to be experts on the particular subject area so they can connect with customers and pitch enthusiastically and excitedly.

Not only will this appeal to your end-users, but it will breed self-confidence in your partners and establish a deeper level of trust and gratitude between you. 

When your partner relationships are booming and your customers are working well with you, they will see an integrated, effective team dedicated to delivering their needs.

Provide Training

The most important tip for successful PRM: provide proper training. Not only will this enable partners to bring value to your end-users, but it will also help partners to keep up with the employee churn by offering on-demand online training to help them within their roles.

Training offers a constant touch-point and an additional communication channel, which is an invaluable tool for supporting partners. These systems and tools help to engage partners to realise your market’s full potential, providing a great solution for generating sales and boosting revenue.

Creating the right platform is crucial to streamlining the training process, both for you and your partners. Outsourcing this solution can be a great way to enable a further understanding of how the goals and objectives of your business and your partners align. 

Training directly affects PRM – without suitable training, your channel partners won’t be able to properly execute their work. Channel partner training provides:

  • Trust: Trust is a crucial part of any relationship, and suppliers have to put in a huge amount of trust in vendors to be sure their brand is being represented in the way that they want. By providing training, you’re crafting a fast-track route to securing this loyalty and building a better relationship.
  • Faster onboarding and sales: The faster you can supply the necessary training to distributors and resellers, the faster they can start selling your product or service.
  • Unified business objectives: Training provides clarity – detailing your success metrics and incentives through training means sharing the vision for the company, defining your business goals, and mapping out the driving forces behind your brand. This allows partners to align their business objectives with their suppliers.

Related reading: How training benefits your partner programme

With formalised training, time and care, your PRM will not only strengthen your existing relationships but will pave the way for future partners to become entirely immersed in your brand. 

Ultimately, successful partner relationships are the cornerstone of successful business, but can only really boom with the right support and education. The more energy you put into making this the focus, the more your channel partners will be able to drive your business forward.

Want to learn more about channel sales? Read our free, comprehensive guide today to discover everything you need to know about channel sales. 

Interested in developing a channel partner training programme?  Click here to learn how you can forge long-lasting partner relationships that will see your sales soar.


Get the latest news

For all the latest news and industry insights simply sign up today - it’s spam free!

Related Posts

You may also enjoy

training outsourcing companies

Top 5 Reasons To Use Training Outsourcing Companies

From small scale start-ups to fully-fledged enterprises, all companies have training needs. Providing the right learning tools is crucial to enabling company growth, which explains why an increasing number of businesses are choosing to outsource their training.

Channel Sales: A Comprehensive Guide

In this guide, we take a look at channel sales and its many benefits, as well as some elements to consider in your planning. We discuss how to identify when your business might be ready to develop a channel sales strategy, the various strategies and types of channel partners, as well as successful implementation, measurement and motivation for your partners. 

Our Latest and Largest WahooLMS Upgrade to Date

We are pleased to announce the launch of the next iteration of the WahooLMS, a Learning Management System (LMS) platform, specifically designed for training channel sales networks.

8 Ways to Create Effective Channel Partner Training

From your dealers and distributors to your franchisees and resellers, they all keep your supply chain running and help hit your company’s overall goals. Therefore, it’s in your best interests to provide them with the best channel partner training possible. In this blog, we explain what channel partner training is, how it will benefit your business and the key steps to take to build an effective training programme.
Future virtual reality technology for innovative VR warehouse management . Concept of smart technology for industrial revolution and automated logistic control .

The Future of Channel Partner Training

The channel sales landscape is constantly evolving and to meet the growing demands of channel partners, many organisations are turning attention to training as a method of delivering the knowledge that will stand partners in good stead when promoting and selling products. In this blog, we discuss the technology available to deliver training, how training will benefit your partners and internal team and how you can ensure the training you deliver is future-proofed.
how to manage your training programme successfully

How to Manage Your Training Programme Successfully

A strategic training programme requires continuous and consistent management to succeed. Following a step-by-step process will not only benefit the development of your customers and channel partners but your entire organisation.