ICLP - the global loyalty marketing agency - is an expert practitioner of partner relationship management (PRM).
Partner Relationship Management (PRM) is a business imperative - a marketing strategy that involves the practice of identifying, acquiring and retaining the best partners, such as resellers, distributors, brokers, agents, consultants and franchisees, to produce profitable growth; increase sales, reduce costs and maximise the return on investment for channel programmes. Partner Relationship Management (PRM) helps to improve interaction and collaboration between companies and their channel partners.
Partner Relationship Management (PRM) is a business strategy, not an IT term. All IT applications used in the process can be viewed as enabling or facilitating Partner Relationship Management (PRM). Partner Relationship Management (PRM) is often compared to Customer Relationship Management (CRM) and there is some debate over whether the complex relationships of channel partnerships makes it necessary for Partner Relationship Management (PRM) software to be a separate entity, rather than merely a component of CRM.
With profitable growth as the ultimate objective, Partner Relationship Management (PRM) enables a company to better serve its partners through the introduction of reliable processes and procedures for communication with those partners.
In the increasingly competitive business environment a successful Partner Relationship Management (PRM) strategy cannot be implemented by just installing and integrating a software package, designed to support Partner Relationship Management (PRM) processes; a holistic approach is vital for an effective and efficient PRM policy. This approach includes training employees in the theory and practice of effective partner relations, modifying business processes based on partners' needs and wants, as well as adopting relevant IT systems perhaps including the usage of outsourced services, which together enable the company to fulfil its Partner Relationship Management (PRM) potential.