Channel sales are more important than ever. A study from Accenture found that 80% of Chief Sales Officers attribute over 50% of their annual revenue to channels. That number ties directly into your bottom line, and if any part of your channel operations is experiencing hiccups, you and your partners might be leaving money on the table. A comprehensive Partner Relationship Management (PRM) solution that manages the entire partner lifecycle is the lynchpin to an effective and fruitful channel.
Channel managers and partners have very different personalities. On the one hand, you have channel managers who are very regimented, rules-based, plan for long-term gains across the entire channel, and are generally forward-looking. On the other hand, you have partners who are scrappy, hyper-focused and have great in-the-moment instincts to do whatever they need to do to close the deal. Both are great qualities for the job but tend to conflict with each other. To get back on track to a harmonious relationship between the two, complexity needs to be reduced across the board. When channel managers spend less time searching for partners, updating records, approving workflows, they can spend more time working with the partner on the deal. When partners have what they need at their fingertips, they can deliver a consistent brand-appropriate message to the end-customer.
2020 accelerated changes to channel selling that were already underway. The growth of B2B ecosystems seems worrying, but that’s only if you see channel selling as purely transactional. Partners thrive when they evolve from simply being a storefront to a trusted advisor that understands the end customer’s challenges and can offer tailored solutions, support, and recommendations. And that’s achieved with an integrated platform that connects front office and back office data to surface key customer insights and next-best-actions for partners. By connecting data in your CX and ERP systems, you get a sort of 360-degree view of the customer lifecycle that goes beyond historical transactions and account data and takes into account current marketing, sales, and service interactions. Complete data like this fuels better outcomes for vendors and partners alike.
No matter how many bells and whistles you add to the technology that sits between you and your partners, they really only care about how enjoyable you make each touchpoint. We’re thrilled that Forrester recognized Oracle Partner Relationship Management (Oracle PRM) as a top PRM solution by naming us a Leader in The Forrester Wave™: Partner Relationship Management, Q4 2020 Report! Partners have more choice than ever before, so helping vendors deliver an unbeatable experience for their channel is paramount. Read the report and review recent coverage to see why Oracle PRM leads.