Blog > Channel Incentives
3 ways to ramp up your PRM strategy
You know that the best channel partner loyalty programs are more than just about sales. They are about driving the right behaviors and incentivizing what you want them to do.
But historically, everything has been about rewarding sales, and that isn’t working anymore. (I can almost see you nodding your head.)
The link between your revenue strategy and your partner program may not always be very clear. You know what you want them to do for you, but they may not know how to do it or what’s in it for them. It’s most likely the latter. That leads us to the industry’s biggest dichotomy – research says that channel partners facilitate 3/4th of revenues, but PRM (partner relationship management) portal adoption is in the low teens.
Which is crazy – because now you know you are sitting on a gold mine of opportunities!
This realization is rather recent, though. It is only over the last 5 years that vendors have realized that their channel partners don’t “engage” with them as much as they should.
- They login to the PRM portal quarterly or annually.
- They don’t come to vendor events and training programs.
- They don’t take meetings with PAMs.
Despite all that, channel partners bring you a bulk of your revenue.
What can you do to ramp up your game?
Ensure that your PRM strategy aligns with their growth strategy.
Your channel partners need you to engage with them before they can engage with you. Show them where you are investing and what it means for them. The message is that you want to grow together.
Use what you already have – but differently.
See what happens when you pair an incentive program with an enablement app. Use a formal scheme to encourage specific behaviors and actions. Make it time-bound. The results will amaze you.
Be mindful of how much they want to engage with you.
Don’t do a one size fits all approach. Work through each of your channel partners. Think about what you can do differently for the order takers, for the thinkers and strategists, for the visionaries and such. Segment them and then invest in those who have the potential to get you incremental revenues.
Partner Relationship Management was designed so that you have a strong relationship with your channel partners. It’s time to notch up your game and see what you can add to the platform. ‘Hoping’ that your partners will engage isn’t a great strategy. PRM isn’t a field of dreams. It is a goal sheet.
To learn more about this, sign up for our upcoming webinar here: https://offers.fielo.com/en-us/prm-alone-doesnt-do-it