Best PRM Software: The Ultimate Guide to Partner Relationship Management

Introduction:

Partner relationship management (PRM) software is essential for businesses that rely on partnerships to drive revenue growth and achieve their business goals. PRM software solutions help companies manage their partner relationships more effectively, automating processes, optimizing interactions, and providing valuable insights into partner performance.

Partner relationships are a critical component of modern business success. By collaborating with partners, businesses can expand their reach, access new markets, and create new revenue streams. However, managing partner relationships can be complex and challenging, requiring a strategic approach involving tracking and optimizing partner interactions.

PRM software tools can help businesses manage their partner relationships more effectively by automating processes, tracking performance, and optimizing communication. From partner recruitment to management, PRM software solutions can streamline processes, improve engagement, and drive better results.

G2 Crowd, a leading B2B software review platform, recently released a report on the best PRM software tools for 2023. In this report, G2 Crowd highlights the best PRM software solutions based on customer reviews, ratings, and satisfaction scores.

According to the G2 Crowd report, the best PRM software tools in 2023 included ZINFI, Impartner PRM, Allbound, Mindmatrix, PartnerStack, and Channeltivity. These tools offer a range of features and capabilities, including partner recruitment automation, onboarding modules, enablement tools, development resources, performance tracking, incentive management, and partner management capabilities.

ZINFI, in particular, is highlighted as a top-performing PRM software tool, offering a comprehensive suite of features and tools designed to help businesses of all sizes manage their partner relationships more effectively. With powerful tools and features, including partner recruitment automation, onboarding modules, enablement tools, development resources, performance tracking, incentive management, and partner management capabilities, ZINFI’s PRM software can help businesses streamline processes, optimize interactions, and drive revenue growth.

This article will explore the best PRM software tools highlighted in the G2 Crowd report. We will also discuss each tool’s key features and benefits and provide insights into how they can help businesses manage their partner relationships more effectively.

Let’s begin by describing seven core activities that PRM software tools can help businesses manage partner relationships more effectively.

1. Partner Recruitment. Recruitment is a critical function of PRM software that helps businesses identify potential channel partners and evaluate their suitability for partnership. The best PRM software allows businesses to create partner profiles, track lead generation, and manage partner inquiries. These features help companies find the right partners quickly and efficiently, saving time and resources. With PRM software, businesses can track potential partners’ engagement, monitor their interactions with the company, and assess their likelihood of becoming valuable partners.
2. Partner Onboarding. Onboarding is the next step after partner recruitment. PRM software streamlines this process by providing partners access to training materials, sales enablement tools, and other resources to get them up to speed quickly. Onboarding can be time-consuming, but the best PRM software can be streamlined and automated, ensuring partners are ready to start selling as soon as possible. The software enables businesses to create customized onboarding programs and track partners’ progress in real-time.
3. Partner Enablement. Enablement is an ongoing process that involves providing partners with the tools and resources they need to succeed. The best PRM software makes it easy for businesses to offer partners a range of enablement tools, including marketing materials, product information, and training modules. These tools can help partners improve sales performance and build stronger customer relationships. By providing partners with the right resources, businesses can ensure they are maximizing revenue potential. Partner enablement is an essential aspect of PRM software that enables businesses to support and empower their partners.
4. Partner Development. Partner development is another crucial function of the best PRM software that involves creating joint business plans, providing partners with access to market development funds, and collaborating on marketing campaigns. Partner development is critical for building long-term relationships and maximizing revenue potential. The best PRM software makes it easier for businesses to manage these partnerships, ensuring both parties are working towards mutual goals. By providing partners with opportunities for joint development, companies can help them grow their businesses and create more value for their customers.
5. Partner Performance Monitoring. Performance monitoring is a crucial feature of PRM software that allows businesses to track partner performance metrics, such as sales revenue and lead generation, and identify areas for improvement. The best PRM software can also provide partners with performance dashboards to help them track their progress and identify areas for improvement. By monitoring partner performance, businesses can identify successful strategies and areas for improvement, leading to more successful partnerships. This feature enables companies to track the effectiveness of their partner programs and make data-driven decisions to optimize their channel sales strategies.
6. Partner Incentives. Incentives are a critical component of any partner program. PRM software can help businesses manage incentive programs by automating reward calculations, tracking incentive accruals, and providing partners access to incentive dashboards. Incentives can motivate partners and encourage them to drive more revenue. The best PRM software makes it easier for businesses to manage these incentive programs, ensuring they are practical and efficient. With PRM software, companies can design and execute incentive programs that align with their partners’ goals and objectives.
7. Partner Management. Finally, the best PRM software helps businesses manage their partner relationships. This includes tracking partner contact information, managing partner agreements, and providing partners with access to support resources. Partner management is essential for building strong, long-term relationships with partners. By using PRM software to manage these relationships, businesses can ensure they optimize revenue potential and maximize the value of these partnerships. The best PRM software enables enterprises to monitor partner interactions, manage communication channels, and collaborate with partners on various initiatives. This helps businesses stay organized and ensures that they are meeting their partners’ needs.

Top 10 PRM Software Platforms

Now that we have explored the functions of PRM software, let’s take a closer look at the top 10 best PRM software tools, according to the 2022 G2 Crowd report.

1. ZINFI is an all-in-one PRM platform that offers a range of features, including partner recruitment, onboarding, enablement, and performance monitoring. It also includes advanced analytics and reporting capabilities to help businesses optimize their partner relationships. ZINFI’s all-in-one approach makes it an excellent choice for companies looking for a comprehensive PRM software solution.

Pros:

• • Comprehensive all-in-one PRM platform
  • Offers partner recruitment, onboarding, enablement, and performance monitoring.
  • Includes advanced analytics and reporting capabilities.
  • Highly customizable

Cons:

• • The Platform can be complex, requiring additional time and effort to set up.

2. Impartner is a cloud-based PRM solution that offers a range of features, including partner onboarding, enablement, and performance tracking. It also includes a partner portal that allows partners to access sales and marketing resources. Impartner’s focus on the partner portal makes it an excellent choice for businesses that want to provide their partners with a streamlined, user-friendly experience.

Pros:

• • Cloud-based PRM solution
  • Offers partner onboarding, enablement, and performance tracking
  • Includes a partner portal for easy access to sales and marketing resources
  • Simple and user-friendly interface

Cons:

• • The platform may be too primary for some businesses’ needs.

3. Allbound is a PRM solution that offers a range of features, including partner onboarding, enablement, and performance tracking. It also includes a content management system that allows businesses to create and share marketing materials with partners. Allbound’s focus on content management makes it an excellent choice for businesses that want to ensure their partners have access to the latest marketing materials and product information.

Pros:

• • Offers partner onboarding, enablement, and performance tracking
  • Includes a content management system for marketing materials
  • User-friendly interface

Cons:

• • It may not be suitable for businesses with more complex PRM needs.

4. Partnerize is a PRM solution focusing on performance tracking and optimization. It offers a range of tools for tracking partner performance metrics, including sales revenue, lead generation, and customer retention. Partnerize’s focus on performance makes it an excellent choice for businesses that want to ensure their partners deliver results.

Pros:

• • Focuses on partner performance tracking and optimization
  • Offers tools for tracking partner performance metrics
  • Includes robust reporting and analytics tools

Cons:

• • The platform may be complex.

5. Salesforce Partner Community is a PRM platform built on the Salesforce CRM system. It offers a range of features, including partner onboarding, enablement, and performance tracking, as well as advanced analytics and reporting capabilities. Salesforce Partner Community’s integration with Salesforce CRM makes it an excellent choice for businesses that already use Salesforce and want seamless integration with their partner management software.

Pros:

• • Built on the Salesforce CRM system
  • Offers partner onboarding, enablement, and performance tracking
  • Includes advanced analytics and reporting capabilities
  • Seamless integration with Salesforce CRM

Cons:

• • It may be pretty complex and expensive; unlikely to be suitable for businesses that do not use Salesforce CRM.

6. Channeltivity is a PRM solution that offers a range of features, including partner onboarding, enablement, and performance tracking. It also includes a partner portal that allows partners to access sales and marketing resources and collaboration tools for joint business planning. Channeltivity’s focus on collaboration makes it an excellent choice for businesses that want to ensure their partners are fully engaged in the planning and execution of joint business plans.

Pros:

• • Offers partner onboarding, enablement, and performance tracking
  • Includes a partner portal for easy access to sales and marketing resources
  • Collaboration tools for joint business planning

Cons:

• • It may not be suitable for businesses that do not require a focus on collaboration.

7. Magentrix is a PRM solution that offers a range of features, including partner onboarding, enablement, and performance tracking. It also includes a partner portal that allows partners to access sales and marketing resources and a content management system for managing marketing materials. Magentrix’s focus on content management makes it an excellent choice for businesses that want to ensure their partners can access the latest marketing materials and product information.

Pros:

• • Offers partner onboarding, enablement, and performance tracking
  • Includes a partner portal for easy access to sales and marketing resources
  • Includes a content management system for managing marketing materials

Cons:

• • It may not be suitable for businesses that do not require a focus on content management.

8. LogicBay is a PRM solution that offers a range of features, including partner onboarding, enablement, and performance tracking. It also includes a partner portal that allows partners to access sales and marketing resources and tools for managing partner certifications and training. LogicBay’s focus on partner training and certifications makes it an excellent choice for businesses that want to ensure their partners are fully trained and certified on their products and services.

Pros:

• • Offers partner onboarding, enablement, and performance tracking
  • Includes a partner portal for easy access to sales and marketing resources
  • Tools for managing partner certifications and training

Cons:

• • It may not be suitable for businesses that do not require a focus on partner training and certifications.

9. Webinfinity is a PRM solution that offers a range of features, including partner onboarding, enablement, and performance tracking. It also includes a partner portal that allows partners to access sales and marketing resources and tools for managing joint business planning and collaboration. Webinfinity’s focus on collaboration makes it an excellent choice for businesses that want to ensure their partners are fully engaged in the planning and execution of joint business plans.

Pros:

• • Offers partner onboarding, enablement, and performance tracking
  • Includes a partner portal for easy access to sales and marketing resources
  • Tools for managing joint business planning and collaboration

Cons:

• • It may not be suitable for businesses that do not require a focus on collaboration.

10. NetSuite PRM is a PRM platform built on the NetSuite ERP system. It offers a range of features, including partner onboarding, enablement, and performance tracking, as well as advanced analytics and reporting capabilities. NetSuite PRM’s integration with the NetSuite ERP system makes it an excellent choice for businesses that want seamless integration between their PRM and ERP systems.

Pros:

• • Built on the NetSuite ERP system
  • Offers partner onboarding, enablement, and performance tracking
  • Includes advanced analytics and reporting capabilities
  • Seamless integration with the NetSuite ERP system

Cons:

• • It may not be suitable for businesses that do not use the NetSuite ERP system.

In conclusion, partner relationship management (PRM) software is crucial for businesses that rely on partnerships to drive revenue growth and achieve their business goals. PRM software solutions can help companies to streamline processes, improve engagement, and drive better results by automating processes, optimizing interactions, and providing valuable insights into partner performance.

While G2 Crowd is an essential reference for the best PRM software tools, it is also necessary to consider vendor websites as secondary sources. By exploring vendor websites, businesses can better understand each tool’s features, pricing, and capabilities and determine which tool best suits their unique needs and requirements.

PRM software solutions can help businesses manage their partner relationships more effectively, driving revenue growth and achieving their business goals. By exploring the best PRM software tools highlighted in the G2 Crowd report, including ZINFI, Impartner PRM, Allbound, Mindmatrix, PartnerStack, and Channeltivity, and considering vendor websites as secondary sources, businesses can choose the best PRM software tool for their unique needs and requirements, creating a competitive advantage in the marketplace.