6 Effective Partnership Management Strategies - PowerPoint PPT Presentation

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6 Effective Partnership Management Strategies


It’s no doubt that for your indirect sales to yield profits, you need to manage and strengthen partner relationships. This article explains how you can achieve success. – PowerPoint PPT presentation

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Title: 6 Effective Partnership Management Strategies

6 Effective Partnership Management Strategies
Only some businesses have realized that
partnership is the key to upscaling their
business in this competitive landscape. But
when it comes to partnership management, its
essential to know that not all strategies can
spur impact or get the desired result that you
may be working to achieve. Effective partnership
relationship management is crucial for promoting
products and building strong relationships.
Many successful brands, including Microsoft,
Hubspot, and Salesforce, have achieved
tremendous results via channel sales and PRM.
Amazon Web Services is one of the leading
examples of having strong partnership management
skills. Another brand that outshined with
channel partnership was
Zoom. They reported that channel partners in
Japan contributed to 40 percent of their
Japanese business. 70 percent of their US
Federal Government business was due to channel
partners. So how do you think all this was
possible? The answer is strategic partnership
management. Businesses have realized that
implementing partner management strategies has
enabled them to reduce potential communication
breakdowns, which ultimately leads to poor
performance and affects brand reputation. As a
business owner with multiple partners, you may
have challenges managing your partners. With
this being said, here are six ways you can
build better long-term relationships with your
partners and propel your business to the next
level using a PRM portal. Steps to Strategize
Partnership Management Successful partnerships
are the result of proper nurturing, transparent
communication, effective tools, accountability,
and the willingness to change if needed. If
implemented correctly, it can help partnerships
thrive and achieve expected results. 1.
Establish Clear Foundation Discuss common goals.
Because in strategic alliances, businesses often
assume that being in the same department
means everyone is on the same page. That
increases stress on partnerships and reduces the
odds of success. Your work?ow and processes
should meet both your and your partners needs.
Your negotiations, plans, and strategies should
be transparent. Include all the individuals
involved in the day-to-day lead operations. A
partnership relationship management portal
provides a centralized interface to track and
manage the pipeline. It gives your partners and
internal staff a uni?ed platform to share ideas
and insights and view progress. It helps them
identify loopholes. For instance, when
registering deals, everyone has visibility of
the possibility of the lead at every stage.
Besides, partners can easily ?nd all the
information they need to approach a client along
with numbers like win/loss opportunities,
customer requirements, special pricing offers
based on manufacturers and developers, etc. A PRM
portal built on CRM lays a strong foundation for
relationship management. Partners have access to
every data they need objectives,
leads/opportunities, pro?t/loss, and more.
2. Provide Comprehensive Onboarding and Training
  • Ensure that partners get all the training and
    support to promote products and services. There
    should be a program for new product orientation,
    marketing strategies, and support. Creating a
    repository of articles, documents, videos,
    manuals, and marketing plans is essential to
  • A partnership management portal automates the
    onboarding process with triggered work?ows. Plus,
    it provides easy access to all the learning
    materials, including datasheets, manuals,
    work?ows, blogs, etc. It helps personalize
    training and achieve training milestones by
    giving partners a chance to self-learn, earn
    incentives, certi?cations, and rewards, and
    experiment at their own pace.
  • Heres what kind of process and training you can
    expect from PRM platforms
  • Filtering applications based on the de?ned
    parameters. Sorting it on their performance and
    other metrics. This way, businesses only have to
    go through the eligible candidates.
  • Organizational training explaining basic safety
    protocols, customer service, company policies,
    and so on.

  • Product training including features, work?ows,
    technical speci?cations (if required).
  • General training includes engagement,
    communication, and collaboration methods.
  • Training to understand market demand, grab
    business opportunities, develop marketing
    strategies, competitive pricing, and lead
  • 3. Nurture Relationships
  • Every business that starts successfully can erode
    due to communication and collaboration issues.
    Hence, one of the partnership management
    strategies is to connect with partners.
    Understand them, their skills, interests, etc.
    It helps enhance communication and
  • A community feature makes it possible. It helps
    everyone on the team partners and members to
    connect despite the geographical constraints.
    They can discuss ideas, interests, challenges,
    and more with fellow mates. Transparency and
    data visibility further helps recognize each

achievements. It strengthens businesses create m
capabilities, culture, and relationships and he
lps opportunities.
4. Invest in Tools, Technologies, and
Processes Bringing in partners from different
regions can be
challenging as they may have different
expectations. Even their way of working
styles and may differ.
Providing multiple channels of communication can
frustrate them. A partner relationship
management portal provides a uni?ed interface
where all the partners can communicate together.
They can share ?nancial reports, converse with
leads, learn about products and services, manage
their transactions and internal work?ows,
etc. You, as a business owner, can track their
activities, de?ne key performance metrics, and
evaluate their performance. The best thing is
that you dont have to manage everything
manually. A partner portal helps automate the
work?ows. For instance, partners can track their
lead count and other updates. Triggered emails
and messages can be sent wherever required in
the lead pipeline. It also allows third-party
integrations to ensure that businesses and
partners can access all the required tools and
techniques in one place. 5. Emphasize
Accountability with Data No process is risk
worthy unless you have the numbers to justify
it. Hence, businesses should de?ne the key
  • metrics/targets that partners should hit to
    succeed. What should be the average lead count
    for partners to earn certain rewards? And so
  • A PRM platform helps businesses track their
    channel partners activity and gathers data to
    provide valuable insights such as
  • Total traf?c generated from different channels
  • Transcripts of customer interaction and how they
    respond to a particular action or marketing
    campaign. What steps were taken to resolve their
    queries, etc.?
  • Performance overview of partners communication,
    leads generated, customers turned, and more.
  • Real-time data of internal processes and
    strategies yielding results or need revision
  • Capturing ideas and feedback that can help
    improve marketing and sales initiatives
  • 6. Provide Dynamic Partnership
  • Along with digitalization, partners also expect
    ?exibility at the negotiation stage and the
    stages above. A few reasons are local
    challenges, integration norms, and compliance
    policies. So, for strategic partnership
    management, its crucial that you provide
    partners with the ?exibility to grow and request
    changes as per the changing market trends.

They can ask for sharing services, expanding
business, shifting to different
products/services, etc. You should, in fact,
encourage them to change as per the changing
customer expectations. They should have the
freedom to negotiate on ?nancial aspects too. In
short, give them the ?exibility to shape
themselves to be bene?cial for both them and
the business. Partnership management is a
collaborative approach, and only with the right
tools and suitable partners, its possible to
get the most out of partnership management
strategies. Learn how you can help your channel
partners with a PRM portal. If you are looking
to build a partner portal from scratch, you can
always contact CRMJetty to develop a tailored
solution for your business. We take pride in
having the best industry experts in our team to
help you ?gure out what will best for your
business. Get in touch with us today to know
more! Request Consultation
Source https/ www.crmjetty.com/blog/6-effective-
partnership- management-strategies/
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