3 min read
Feb 23, 2024
Looking for the right channel partner software and don’t know which one to go for? No worries as we understand your dilemma. To assist you in making the right choice, we have a 5-step guide that will help you get the most out of PRM software. So, let’s get started!
How to Choose the Right Channel Partner Software?
According to stats, 73%of companies find it hard to manage their channel partners. That’s because companies don’t opt for channel partner software to help with partner management.
The channel partner market is expected to reach $1,977 million by 2026.So, it is quite hard to choose one partner relationship management software for your company.
But, no worries:
There are a lot of factors to consider before choosing the right channel partner software. So, let’s check them out!
Evaluate the Features of the Channel Partner Software
Ensuring that the features of a partner management software align with your needs is the first step in making a choice. First, you should identify your business goals and the requirements of your channel partners.
Ask yourself questions like, “How many channel partners do you need to manage?”, “Does the partner portal have specific features like compatibility with your OS?”, “Does the partner portal software integrate with your previous tools?” All these questions will help you evaluate the features of the partner management software.
Integrations are an important part of PRM software. If you use a specific LMS, CRM, and billing system, make sure it integrates with the partner relationship management software you go for.
Consider the User Interface
An easy-to-use user interface that all levels of employees can use is important. Channel partners shouldn’t have any difficulty while using partner management software. It enables partners to get the most out of the software.
Moreover, the sales teams as well as other employees of your company should be able to use all the features of the PRM software without any challenges.
Be considerate of your company’s partners and always check the user interface of software before making a choice.
Also, customizable features make the user experience 10x better. So, look for software that offers customizable dashboards.
Decide a Budget
Partner management software has add-ons and sometimes extra charges for integrations. You should make a budget where you can accommodate all thecosts related to the partner portal software.
If the costs go out of your budget, getting a partner portal software isn’t worth it. The price of partner management software depends on factors like the size of your channel, third party software integrations, licensing type, etc.
Make a list of all the features that are crucial for your channel partnerships and business processes and align them with the potential partner management software. Then, go for the one that suits your budget the best. You don’t need to have extra features in the partner management software that you are never going to use.
Just make sure that the basic features in the partner portal software (such as partner onboarding, deal registrations, sales process, campaign management, customer portals, lead generation, training materials, marketing materials, automated approvals, etc.) work well.
Align Growth Potential of Your Company with the Software’s Scalability
If you go for a partner portal software that can only handle a small to medium-sized business accurately and you see your company turning big, it will cause inefficiency in your business management.
In the start, if you have only 1-2 channel partnerships and you plan to expand the partner ecosystem of your company, make sure the partner management software can handle the growth. Consider the scalability of the software and align it with your company’s growth potential.
Research and Check for Reviews
The best thing to do before choosing a partner management software is to check its reviews. Research a lot about the software and consider real-life customer reviews.
You can find the reviews on forums like Reddit as well as software review websites. YouTube is also a good place to find a basic overview of software to understand what features it has and how it will benefit partner engagement.
Remember that a famous high-end channel partner software isn’t always the best option for every business. That’s why you should extensively research about the service and then make a choice.
Conclusion
To summarise it all, consider the above-mentioned key factors before choosing channel partner software for strategic partnerships and handling your business partners. Go through the features list of the software, evaluate its user interface, align the costs with your budget, and, the scalability with your company’s growth potential.
All this evaluation will lead you to suitable software that will enhance your partner engagement, generate more revenue, and provide a centralized platform that assists businesses.
