Why is PRM important and what are the benefits?

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The primary benefit of partner selling is low-investment revenue growth. You save on hiring more sales reps because you’re just paying commissions. Plus, instead of spending time getting up to speed on a new industry, you can lean on partners who’ve already got the know-how and connections, making it simpler to expand and reach more customers. This helps you avoid high customer acquisition costs and cut expenses that would otherwise be needed to support increased sales efforts, all while bringing in more revenue.

With the right tool and training, PRM can also reduce the time it takes to bring your products and services to market. By leveraging relationships with customers that partners already have, businesses avoid the time-consuming process of finding and connecting with new prospects.

What are best practices for Partner Relationship Management?
A smart PRM strategy requires careful planning and execution, bringing together the right tool, clear success metrics, thoughtful recruitment, a fair commission structure, training, performance tracking, and regular communication with partners. Here are seven best practices to get you on the right track.

1. Pick a partner selling tool that offers visibility across america phone number list teams.
As they say at Salesforce, if it’s not in your CRM, it doesn’t exist. Only, in this case, we’re talking about your PRM solution. Pick a Partner Relationship Management tool that combines sales pipeline management, performance tracking, rep onboarding, analytics, and partner engagement in one place — ideally with real-time updates.