What are the trends in PRM?

Digital Transformation: Embracing technology for streamlined partner relationship management (PRM). Integration of PRM tools with CRM systems for enhanced efficiency. Data-Driven Insights: Increasing reliance on data analytics for decision-making. Leveraging insights to optimize partner programs and collaborations. Focus on Collaboration: Shifting towards collaborative ecosystems. Encouraging open communication and shared resources. Personalization: Tailoring partner experiences based on individual needs. Using data to customize engagement strategies. Enhanced Training and Onboarding: Investing in comprehensive partner training programs. Ensuring efficient onboarding processes for new partners. Ecosystem Expansion:

Thanks to AI, we can save up to 100 hours per week on partner management tasks: 1. Analyzing our data and our competitors' partner marketing using services that create charts with AI analytics. 2. Preparing landing pages, partnership agreements, and a convenient data library with all necessary materials using generative AI tools and smart chatbots. 3. Selecting partners who are most interested in collaborating with us and launching personalized outreach on LinkedIn using AI. 4. Using an AI tool that transcribes calls, prepares summaries, and creates tasks based on these notes to enhance communication in partnerships. 5. Collecting data about the partnership program for optimization using our own PRM with an integrated AI assistant.

??AI and analytics for enhanced insights, automation, and personalization. ??Segment partners based on potential, performance, and preferences. ??Monitor and measure partner activities and outcomes. ??Provide recommendations and alerts for improvement. ??Use chatbots and gamification for engaging partner experiences. ??Dynamic training and support tailored to partner needs. ??Automate routine tasks to free up time for strategic activities. ??Integration with other business systems for seamless data flow.

From my personal experiences, I've observed a shift towards more personalized and data-driven approaches in PRM strategies. One prominent trend is the increasing emphasis on data analytics and AI-driven insights. PRM platforms are leveraging advanced analytics to provide actionable intelligence on partner performance, market trends, and customer preferences. This data-driven approach enables more targeted partner engagements and strategic decision-making.

Through the integration of AI on organization's website nowadays, it is easier to identify the outstanding and low performing clients with their measurable deliverables and report. Insightful data is collated and sharable through AI analytics. This strengthens the decision of an organization in knowing what exactly to analyze, improve and change the approach to get a desirable result. The effect of this would be gotten in data which can be transformed into usable feedback data.

If you don't have a PRM that plugs into your CRM, you need to take a close look at the potential scale of the provider. The better PRM's are providing a single pane of glass for partnerships and plugging in multiple integration points via API. Keep the things that are working well, make the data available across multiple platforms, and then drive outcomes with better access across the improved view.

A good PRM integrates very tightly with your CRM, in fact, it is your top-of-funnel layer to your CRM. Of vital importance, is having a single source of truth for partner performance, and in order to do that, your PRM needs to integrate to the systems described here (CRM, ERP, Martech etc) but also POS and LMS. In the future, I expect greater integration in MarTech stack (e.g. ABM platforms)

Another trend is the focus on enhancing partner experiences through digitalization. PRM solutions are incorporating user-friendly interfaces, mobile accessibility, and automation capabilities to streamline partner interactions. This digital transformation not only improves efficiency but also strengthens partner relationships by providing seamless collaboration and communication Additionally there is a growing recognition of the importance of partner enablement and training. PRM platforms now offer robust training modules, certification programs, and knowledge bases to empower partners with the skills and resources they need to succeed. This emphasis on partner enablement fosters stronger partnerships and drives mutual growth and success.

Digitalization is revolutionizing Partner Relationship Management (PRM) through the integration of social media and mobile technology. Social media platforms like Facebook, Twitter, and LinkedIn offer powerful tools for connecting and communicating with partners in real-time. This enables companies to share updates, engage with partners and build a strong community around their brand. Additionally, mobile technology has become indispensable in PRM, allowing partners to stay connected on the go. With smartphones and tablets, partners can access important resources, manage accounts, and track sales anytime, anywhere.

Social and mobile are table-steaks for the the more evolved providers. They allow for a 'through & for' partner marketing process with co-branded assets. The more interesting approach is how these companies are driving improved collaboration across multiple solutions in the ecosystem.

How can I get everything I need in the way and at the time that I want it. Access and consumption has to be available as the consumer wants it, not on how the vendors wants to provide it. Multi-device and multi-access platforms are how best to reach and be most successful.with your audience. Again, consumer/user choice will continue to outweigh and be the priority over vendor provision. And if the user wants mobile access... they will drive the need and vendors will have to respond to thrive.

Personalize, automate, customize, and user preference is the future. We need to embrace user choice and become user-led rather than continue to rely on what the vendors puts in front of us. We gave come through CX and now the focus is well and truly on UX and PX!

Self-service portals empower partners by providing them with 24/7 access to essential resources, training materials, and support. This autonomy not only enhances partner satisfaction but also accelerates their productivity. Customisation, on the other hand, allows for tailored experiences that meet the unique needs of each partner. From personalized dashboards to bespoke training modules, customization ensures that partners feel valued and supported in their individual journeys. I use customisation successfully by working with a partner on their specific industry vertical we want to partner together on. I'll attach relevant documents, playbooks etc to help make them successful.

Ecosystem leaders are no longer asking what is happening now, they want to know what will happen next -- which partners are likely to succeed, which deals will close...

The shift to ecosystem will have a profound impact on how we manage our partners. The shift from a more linear supply chain to much more interconnected ecosystems is that it is driving a lot more collaboration between partners - but also brings about many challenges, especially from legal and project management perspectives. Governance issues become increasingly challenging with the number of different parties involved in an engagement. PRM must support an environment that fosters collaboration between vendor and partners, between partners, and between partners and customers. Also important is the ability to introduce some flexibility as to who holds the role of orchestrator within these ecosystem business models.

Co-creation/ Co-design & innovation are reshaping Partner Relationship Management. This collaborative approach involves companies and partners working together to develop innovative products, services, and solutions. By leveraging each other's strengths and insights both create value that meets market needs and drives business growth. This dynamic partnership fosters agility, responsiveness, and competitive advantage in today's evolving business landscape. I have experience working with few of our partners for Co Design of a product and that was a good step. We have increased loads of confidence between each other.

In today's dynamic business landscape, companies are increasingly recognizing the pivotal role that partners and allies play in navigating challenges, driving innovation, and achieving transformation. Collaborative endeavors with partners offer a plethora of benefits, ranging from shared risks and rewards to access to new technologies and markets. As the industry moves towards a future marked by interconnectedness and collaboration, the consensus is clear: silos have no place in the evolving landscape of industry solutions. Instead, federated ecosystems and marketplace platforms are heralded as essential components for sustainable revenue growth and competitive advantage. Silos are out; federated ecosystems are in.

Moreover, PRM is evolving to support ecosystem partnerships and collaborations. Organizations are leveraging PRM platforms to manage complex partner ecosystems, facilitate joint initiatives, and orchestrate co-selling activities. This trend highlights the strategic role of PRM in fostering collaboration and driving ecosystem growth. Overall, the trends in PRM are centered around data-driven insights, digital transformation, partner enablement, and ecosystem collaboration. Embracing these trends can empower hospitality management consulting firms to build stronger, more strategic partnerships and drive business growth in a competitive landscape

A PRM solution should be a holistic platform that goes beyond just being a system of records. It should support the entire partner lifecycle, including partner discovery, onboarding, enablement, commission payouts, engagement, and satisfaction scoring. Integration with CRM and other relevant systems is essential to ensure seamless operations. Additionally, the PRM must accommodate different types of partnerships, each with unique requirements. For instance, cloud partnerships may require data alignment based on the cloud service provider, making integrations with AWS ACE portal crucial to success of the partnership.

PRM is increasingly pivotal for sales organizations aiming to optimize operations and expand their reach. With market reports indicating that PRM-supported sales contribute up to 80% of revenue, it's no wonder that there's a heightened emphasis on nurturing the channel-partner ecosystem.

PRMs are about YOU, not the partner. No one actually wants to log in. The 2023 Canalys Insights on PRM, while arguing it's foundational, indicated 38 vendors crowd a market cap of $710m, roughly $18.6m per company annually. The reality - there are perhaps 5 vendors that dominate the space with Salesforce being the top by customer count, also according to Canalys, and Salesforce PRM isn't really a PRM. It's more a feature set. "PRM are only as good as the content" they wrote. "Specifically, PRMs should automatically sync and update with CRM systems" they said. So... what is really foundational? The PRM or the CRM that drives the content critical to PRM Success? Fix your CRM first.