Building Channels- Partner Relationship Management by iupon13


									?Global businesses are becoming increasingly intertwined and dependent on each
other for success and growth. This shift is creating a new type of business strategy
that relies on partnerships between companies and demands relationships built on
mutual trust and a willingness to explore new business avenues.

Enter Partner Relationship Management.

Partner relationship management is a strategy that focuses on building and improving
communications channels between businesses and their partners. Open channels are
immensely important for building successful business relationships and creating sales
and management strategies that actually work.

Partner Relationship Management strategies are increasingly web-based, with PRM
software applications that allow companies to streamline and customize
administrative tasks by providing real-time information, like new leads and shipping
schedules, are available to all the partners over the Internet.

An effective PRM strategy should include ways to examine product or services
performance statistics, ways to access leads and collaborate on deals, and tools to
asses the effectiveness of current business strategies. A good strategy should allow
you to collaborate with your partner companies and build mutually beneficial
agreements while working through the problems that collaboration inevitably creates.

Where did the idea for Partner Relationship Management come from?

Partner Relationship Management is an offshoot of Customer Relationship
Management. It stems from the idea that key ways to boost sales, remain cutting-edge,
and continue expanding products and services, is to create new sales channels to build
and implement mutually beneficial partnerships centered on the use of effective
communications tools, such as special software.

How Does Partner Relationship Management help you?

By helping you build trusting, lucrative relationships with business partners that serve
to increase sales and product effectiveness. Additionally, PRM allows you to
continually adapt and move forward as a company so you don't become static.

It allows you to relate to others and work collaboratively with them while fine-tuning
your business relationship skills. Partner Relationship Management is a way to remain
at the top of your game and keep track of what's going on in your business and in the
wider industry as well.

A good Partner Relationship Management program should allow your company to
access leads, collaborate on deals, and locate all the information they need to be
successful. It should build a healthy, trust-based relationship between a company, its
customers and employees, and its partners.

Key Benefits of Product Relationship Management

There are a number of benefits for companies that implement Partner Relationship
Management strategies. A major benefit is, of course, increased trust between yourself
and your business partners.

Another benefit is easier access to leads. An example would be a company that
constantly has leads go cold because someone forgets to call them or they get passed
up the ladder, and called too late. An automated Partner Management Relationship
system could offer an ever-ready pool of leads; if one lead is forgotten or expires after
a couple days, that lead goes back into the pool for someone else to grab and call. In
this way, leads rarely go cold and there is always someone to follow up.

It is small functions like these that create a better, more efficient working environment
that can, and have, boosted sales and productivity for a number of companies. The
development of these seemingly small functions adds invaluably to a company's
overall business strategy.

Partner Relationship Management is ultimately about your company's ability to build
powerful, successful relationships with other companies and use the appropriate PRM
tools to manage and improve the way your company does business. It is about
building and expanding communications and sales channels between partners in a
global economy that is becoming increasingly dependent on Partner Relationship
Management strategies.

Diane Newsom writes for a leading producer of href="">PRM
software and customer relationship management information.

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