6 Effective Partnership Management Strategies

1. 6EffectivePartnership ManagementStrategies Only some businesses have realized that partnership is the keytoupscaling theirbusinessinthis competitive landscape. But when it comes to partnership management, it’s 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 promotingproductsandbuildingstrongrelationships. Many successful brands, including Microsoft, Hubspot, and Salesforce,haveachieved tremendousresults viachannel sales and PRM. Amazon Web Services is one of the leading examples of having strong partnership management skills. Anotherbrandthatoutshinedwithchannelpartnershipwas sales@crmjetty.com

2. Zoom.Theyreportedthatchannel partnersinJapan contributedto 40percentoftheirJapanesebusiness.70 percent of their US Federal Government business was due to channelpartners. So how do you think allthis was possible? The answer is strategic partnership management. Businesses have realized thatimplementingpartnermanagementstrategieshas enabledthemtoreducepotential communication breakdowns,whichultimatelyleadstopoor performance andaffectsbrand reputation.Asabusinessownerwith multiple partners, you may have challenges managing your partners. With thisbeing said, here are six ways you can build better long-term relationships with your partners and propelyourbusinesstothenextlevelusingaPRMportal. StepstoStrategizePartnershipManagement Successful partnerships are the result of proper nurturing, transparent communication, effective tools, accountability, andthewillingnessto changeifneeded.Ifimplemented correctly,itcanhelp partnershipsthriveandachieve expected results. 1.EstablishClearFoundation Discusscommongoals.Becauseinstrategicalliances, businessesoftenassumethatbeinginthesamedepartment sales@crmjetty.com

3. means everyone is on the same page. That increases stress onpartnershipsandreducestheoddsofsuccess. Yourworkflow andprocesses shouldmeet both your and yourpartners’needs.Yournegotiations,plans, and strategies should be transparent. Include all the individuals involvedintheday-to-daylead operations. Apartnershiprelationshipmanagementportalprovidesa centralized interface to track andmanage the pipeline. It gives your partners and internal staff a unified platform to share ideas and insights and view progress. Ithelps them identify loopholes.Forinstance,whenregisteringdeals, everyone has visibility of the possibility of the lead at every stage. Besides, partners can easily find allthe information theyneedtoapproachaclientalongwithnumberslike win/lossopportunities,customerrequirements, special pricingoffersbasedon manufacturers and developers, etc. APRMportalbuiltonCRMlaysastrong foundationfor relationshipmanagement. Partnershaveaccessto every datatheyneed–objectives, leads/opportunities, profit/loss,and more. 2.ProvideComprehensiveOnboardingandTraining sales@crmjetty.com

4. Ensurethat partnersget allthetrainingandsupportto promote products and services. There should be a program fornewproductorientation,marketingstrategies,and support. Creatingarepositoryof articles,documents, videos,manuals,andmarketingplansisessentialtosuccess. • Apartnershipmanagementportalautomates the onboardingprocesswithtriggeredworkflows.Plus,it provides easy access to all the learning materials, including datasheets,manuals,workflows,blogs,etc.Ithelps personalizetrainingandachievetrainingmilestones by givingpartnersachance toself-learn, earnincentives, certifications,andrewards,andexperimentattheirown pace. • Here’swhatkindof process andtraining you can expect fromPRMplatforms: • Filtering applications based on the defined parameters. Sorting it on their performance and other metrics. This way,businesses only have to go through the eligible candidates. • Organizationaltrainingexplainingbasic safety protocols, customer service, company policies, and so on. sales@crmjetty.com

5. Producttrainingincludingfeatures,workflows, technicalspecifications(ifrequired). • General training includes engagement, communication, andcollaboration methods. • Training to understand market demand, grab business opportunities, developmarketing strategies, competitivepricing,andlead generation. • 3.NurtureRelationships • Everybusinessthatstartssuccessfullycanerodedueto communication and collaboration issues. Hence, one of the partnershipmanagementstrategiesisto connectwith partners.Understandthem, theirskills,interests,etc. It helps enhancecommunicationandcollaboration. • 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 datavisibilityfurtherhelpsrecognizeeachothers’ capabilities, culture, and relationshipsandhelps opportunities. achievements. It strengthens businessescreatemore sales@crmjetty.com

6. 4.InvestinTools,Technologies,andProcesses Bringing in partners from different regionscanbe challengingastheymayhavedifferent expectations.Eventheirwayofworking stylesand maydiffer. Providing multiple channels of communication can frustrate them. A partner relationship management portal provides a unified interface where allthe partners can communicate together. They can share financial reports, converse with leads, learnaboutproductsandservices,managetheir transactionsandinternalworkflows,etc. You,as a business owner, can track their activities, define key performance metrics, and evaluate their performance. The best thing is that you don’t have to manage everything manually.Apartner portal helps automate the workflows. For instance, partners can track their lead count and other updates.Triggeredemails andmessagescanbesent whereverrequired intheleadpipeline. Italsoallowsthird-partyintegrationstoensurethat businesses and partners can access allthe required tools andtechniquesinone place. 5.EmphasizeAccountabilitywithData No process is risk worthy unless you have the numbers to justifyit.Hence,businessesshoulddefinethekey sales@crmjetty.com

7. metrics/targets that partners should hit to succeed. What shouldbetheaverageleadcountfor partners to earn certainrewards?Andsoon. • APRMplatform helpsbusinessestracktheirchannel partners’activityandgathersdatatoprovidevaluable insightssuchas: • Totaltrafficgenerated fromdifferentchannels • Transcripts ofcustomerinteractionandhowthey respond to a particular action or marketing campaign. Whatstepsweretakentoresolvetheir queries,etc.? • Performance overviewofpartners–communication, leads generated,customers turned, and more. • Real-timedataofinternalprocessesandstrategies yieldingresultsorneedrevision • Capturingideasandfeedback that can help improve marketing and sales initiatives • 6.ProvideDynamicPartnership • Along with digitalization, partners also expect flexibility at the negotiation stage and the stages above. Afew reasons arelocalchallenges,integrationnorms,andcompliance policies.So,forstrategicpartnershipmanagement,it’s crucial that you provide partners with the flexibility to grow andrequestchanges asperthechangingmarkettrends. sales@crmjetty.com

8. They canaskforsharingservices,expandingbusiness, shifting to different products/services, etc. You should, in fact,encouragethemtochangeasper thechanging customerexpectations. They shouldhavethe freedom to negotiateonfinancialaspectstoo. In short, give them the flexibility to shape themselves to be beneficialforboth–themandthebusiness. Partnershipmanagementis acollaborativeapproach,and only with the right tools and suitable partners, it’s possible togetthemostoutofpartnershipmanagement strategies. Learn how you can help your channel partners with a PRM portal.Ifyouarelookingtobuildapartnerportalfrom scratch,you canalwayscontactCRMJettytodevelopa tailored solution for your business. We take pride in having the best industry experts in our team to help you figure out what will best for your business. Get in touch with us today toknowmore! RequestConsultation Source: https:/www.crmjetty.com/blog/6-effective-partnership- management-strategies/ sales@crmjetty.com

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