From the Silk Road to the Internet highway
We have the camel to thank for the success of international trade. Domesticated as far back as the 4th century BC, the spitting dromedary made it possible for Arabian nomads to trade in spices and silk from the Far East.
Today, information technology is revolutionizing the way we do business and magnifying the scope of opportunity. Indeed, technology is one of the main drivers of globalization just as the Internet highway is one of the major catalysts of the global market boom.
The growing global dependence on outside sales channels and external distribution networks across various industries in the B2B environment is expected to be the main factor in the growth of the global partner relationship management (PRM) market over the next ten years (Future Market Insights)
This need for partner relationship management is underscored by Econsultancy’s 2017 Digital Trends Briefing. Over the next five years, a company’s ability to deliver the best customer experience is going to be one of the main criteria for differentiating themselves from their competitors.
To remain competitive, vendors will have to develop channel strategies that meet the changing expectations, motivations and challenges of their individual resellers. Personalizing your channel marketing and making yourself indispensible to your partner’s success should be the driving force behind your channel strategy.
But how do you automate partner interaction, while at the same time making it personalized? Here is where PRM management software come in. A sophisticated PRM software program can tailor your portal according to your individual resellers. For instance, you can use it to create a personalized content calendar or communications plan, for real-time tracking and progress reporting or channel incentives.
PRM software can also help you to identify where your resellers are in your partner ecosystem. That way, you can focus your efforts on giving them the tools they need to succeed, helping them with distribution or supporting them in developing and implementing their own overarching strategy.
Visibility is also crucial. In the old days, that meant having a strategic physical location and nice display window. Today, a company has to be digitally discoverable through search engine optimization and paid social media advertising. By the way, you may already be familiar with the impact of LinkedIn paid positioning, but did you know that Facebook is also being used increasingly for B2B?
We are seeing a big shift in requirements as vendors look for smarter tools to drive revenue through their channel partners. Data will continue to be the most important differentiator, according to Econsultancy’s report. That means collecting the right data and using it in the right way.
But many businesses are being overwhelmed by data pouring in from multiple channels. As a result, they lack the capacity, systems, processes or sheer strength of will to handle the ongoing flood of data.
Take compliance as just one example. We have worked closely with relevant authorities across our target markets to ensure our products fully conform to current practices and we continue to monitor emerging legal requirements to ensure future compliance. That has given us an incredibly unique selling point.
The overall partner experience will not only help you survive disruption, it could make you a disrupter yourself. So which road do you want to take?