You’re considering investing in a new partner relationship management (PRM) tool, but you have a few questions about how they work. What exactly is the difference between your legacy PRM system and a modern PRM tool like Allbound? Why should you bother making the change?
Today’s complex sales cycles demand more from channel technology as the workforce is becoming younger and more mobile, cloud-based subscription models are dominating, and buyers are using more sources of information than ever before.
Understanding the inherent differences between the two is extremely important when you’re deciding whether or not to invest in a new system. We’ll help break it down for you. First, let’s talk about legacy PRMs and how they usually work.
How Legacy PRMs Work
A legacy PRM is a traditional software system that businesses use to manage outside companies that resell their product. These systems typically include a partner portal, along with other tools that allow you to better manage sales leads and track inventory.
This isn’t always great for everyone involved, as the lack of technology in a traditional solution can easily make a company lose its competitive edge. Most businesses need a vendor that is dedicated to channel management and has the technology to support features for dedicated partner management.
These legacy systems also typically adopt a one-size-fits-all approach, which often has overlap with tools you’re already using. This can cause siloed information because of a lack of integration with your other tools. These siloed systems are disjointed, and they certainly challenge the efficiency of your partner program.
How Allbound Is Different
A new generation of API-based PRM tools like Allbound has the ability to deliver real, measurable results. These tools focus on user experience, partner engagement, collaboration, integration, personalization, and real-time intelligent data.
This generation of cloud-based tools takes the idea of the outdated partner portal and turns it on its head, facilitating communication and collaboration in your channel like never before. From personalized prospect pages to managing MDF funds, today’s PRMs offer many useful features that legacy systems lack. They use channel program data to gain critical insights into market trends and sales activities. Marketing automation integration allows you to better understand partner behavior and utilize learnings to deliver partner marketing at a personalized level.
These cloud-based tools also fit within your current technology stack, as opposed to traditional PRM systems that typically overlap with other systems, such as your CRM and collaboration tools. This type of single-layer, API-first platform allows you to streamline both your content and your technology, eliminating wasted investments and resolving processes that are inefficient.
What Are the Advantages of These Differentiators?
There are numerous advantages to these system differentiators. For example, they help establish a solid partner pipeline and increase your ability to forecast as well as provide targeted support to your partners at specific stages of the sales cycle.
These differences also help you build solid partner relationships with a seamless onboarding and sales enablement process. This type of system allows for consistent and optimized training as well as engaging marketing content that’s sure to turn your partners into brand ambassadors.
You can encourage partner engagement and loyalty with the right tool for partner onboarding and enablement, as this shows partners that you have a place and content dedicated to them and the customers they bring.
What does this mean for you and your channel partners? Greater revenue growth for everyone involved! Just ask BeyondTrust—in just one year with Allbound, its channel was up 100 percent year over year, and business through the channel had grown from 15 percent of the business to approximately 25 to 30 percent.
All in all, next-generation PRM tools are the solution to the complex, costly legacy PRM systems and partner portals of days past. When you switch to a modern, cloud-based PRM system like Allbound, you really can’t lose.
If you’re considering making the switch to a new PRM platform, check out the Ultimate PRM Guide to learn more about the new generation of PRM tools that will help transform your partner program and take your channel business to the next level.