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Partner Relationship Management (PRM)
Partner relationship management (PRM) is the process of managing and developing relationships with business partners. PRM helps companies identify potential new partners, assess the value of partnerships, and manage partner interactions. Having a good PRM system in place helps increase sales and boost revenue. PRM primarily includes an organization's indirect sales channels such as resellers, distributors, and dealers.
What Small and Midsize Businesses Need to Know About Partner Relationship Management (PRM)
PRM systems provide insights into what partners are doing with a product or service, allowing SMBs to make changes if needed. They also assist SMBs in managing partner relationships by providing real-time data on how well those partnerships are working out for both sides. Having a good PRM system in place enables better decision-making based on insights gathered from managing indirect sales channel partnerships.
Related terms
- Marketing-Qualified Lead (MQL)
- Account Planning
- Marketing Channel
- Channel Partner
- Chief Sales Officer (CSO)
- Digital Commerce
- Cost Optimization
- Sales-Qualified Lead (SQL)
- E-Business
- Sales And Operations Planning Systems Of Differentiation
- Account Executive (AE)
- Sales Analytics
- SFA (Sales Force Automation)
- Direct Channel
- Commerce Platform Servers
- CPGA (Cost Per Gross Add)
- Average Selling Price (ASP)
- Category Management
- Account-Based Marketing (ABM)
- Business Rule Engines (BRE)
