7 things to Look for When Selecting PRM Software
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The document outlines 7 key features that channel automation software should provide: 1) Allowing partners to personalize materials while maintaining brand control, 2) Providing sales playbooks and templates, 3) Offering lead scoring and tracking of prospect interactions, 4) Tools for lead capture and follow up through automated drip campaigns, 5) Analytics on channel engagement and effectiveness, 6) Management of marketing development funds, and 7) Social media automation capabilities. The ideal channel automation solution gives partners customized tools and materials while helping vendors analyze partner performance and control their brand.
7 things to Look for When Selecting PRM Software
- 1. 7 things to look for when selecting channel automation software
- 2. INTRODUCTION Channel sales offers great opportunities as an effective model for business expansion. It does, however, present some unique issues that can be barriers to optimal revenue growth. In particular, we’ve found this business model presents several specific challenges. The first challenge is the conflict between a vendor’s desire for strong brand control and the channel partner’s need for personalized collateral. Second, channel partners may be overwhelmed by the volume of collateral available and do not always find and use the most optimal materials. Next, on the vendor side, there is the frustration that partners focus only on the best, hottest leads, leaving too many “early funnel” leads to drop out. Fourth, there is the issue of data and information flow. Is the available marketing data being effectively used by both vendor and partner? Are there metrics and analytics that allow a vendor to view and analyze the marketing effectiveness of each partner? And finally, how well is social media being used at the partner level if vendors are concerned only with maintaining strict brand control. These are all significant concerns that can limit the ability of the partner model to drive revenues. As a result, many vendors are now looking at channel automation to address the issues that are an inherent part of channel sales. Picking the right channel automation software can be difficult. What are the key features to consider when investing in channel automation software? This white paper lists the 7 key “must haves” for the ideal channel automation software. MUST-HAVE FEATURE #1- Channel branded, personalized asset creation Vendors strive hard to ensure that their brand and message are portrayed exactly the way they’ve defined them. With the channel model, however, partners become the brand ambassadors. Vendors have to work hard to make sure the brand image is not damaged. In some industries, such as financial and real estate, compliance and regulatory issues further constrain messaging. A good channel automation solution should offer powerful brand management capabilities that help vendors maintain control over their marketing and sales materials, while creating a window for channel partners to personalize their communication with prospects. Ideally, the vendor should be able to freeze the key components of their messaging in standard templates letting the channel partners tailor and personalize the communication. Good channel automation software should provide channel partners with easy-to-use communication tools that allow them to follow-up instantly with their prospects. Pre-approved sales e-mails, brochures, presentations tailored to reflect the channel partner’s identity, without straying from the vendor’s messaging helps channel partners to follow-up with leads effectively. Thus, sales channels get easy access to template-based sales and marketing materials and vendors get to enhance and control their brand through managed marketing materials. MUST-HAVE FEATURE #2- Sales playbooks Reaching out to prospects at the right time, with the right message is very crucial in all sales. However, channel partners often have a difficult time sifting through multiple folders and databases trying to access the right marketing or sales material. A channel automation solution should make it easy for channel partners to connect with their leads by offering them ready-to-use sales playbooks—i.e. knowledge buckets containing all the key information that the channels need to share with the prospects. 7 things to look for when selecting channel automation software 2403 Sidney Street, Suite 150 Pittsburgh, PA 15203, Phone: 412.381.0230, Fax: 412.774.1992, Email: sales@mindmatrix.net, www.mindmatrix.net
- 3. MUST-HAVE FEATURE #3- Sales prospecting tools for channels Lead generation and closure is often a source of dissatisfaction for both vendors and their channel partners. Vendors may perceive that channel partners aren’t pursuing their leads effectively, while partners raise doubts over the quality of leads handed over to them. A channel automation solution should put this issue to rest by offering detailed lead insight to all of its users. That means both parties, the vendor and their channel partners, should have a complete view of their prospects. Every lead activity such as website visits, downloads, link clicks, e-mail opens etc. should be tracked and scored. As a result, the vendor and their channels will be able to determine the quality of the lead (based on their interaction with the channel) and the lead status (hot, warm, cold) and contact them with the most appropriate message. MUST-HAVE FEATURE #4- Lead capture and follow up With channel partners dealing with multiple vendors, there’s a natural tendency to gravitate towards those leads that seem to be closer to a purchase. However, vendors resent that a lot of leads are dropped just because they are not as far along in the sales cycle. The channel automation solution should offer channel partners the tools to capture the right leads and follow through with them through the entire funnel until the lead is closed. Examples include automatic lead segmentation, easy-to-use lead nurturing drips, real-time lead status alerts and content-rich landing pages with lead generation forms. MUST-HAVE FEATURE #5- Channel effectiveness and engagement measurement Often vendors may broadly know who their top-performing channel partners are, but when it comes to identifying the specific problems with their other channel partners, vendors are generally in the dark. End result? They are left facing poor channel performances with no idea of what’s wrong. An effective channel automation platform should offer vendors detailed analytics and reports related to every sales channel. Whether it’s an e-mail marketing campaign or a social media event, the results of every marketing effort should be measurable. Key channel engagement metrics such as whitepaper downloads; e-mail response, certifications sought, webinar attendance etc. should be tracked. This way, the vendor gets a clear picture of channel activities and can begin to suggest course corrections or alternative messaging for failing campaigns. MUST-HAVE FEATURE #6- Marketing funds management The best use of Market Development Funds (MDFs) is a frequently debated topic. Vendors demand assurance that the funds allocated are achieving the desired goals. Channel partners in turn are responsible for maintaining records about the use and investment of MDF. Most channel partners maintain the records in complex spreadsheets which may contain manually entered data. From the vendor’s perspective, this raises concerns about the timeliness of the data for analytical purposes. The best channel automation platform should allow for smooth management of MDFs from start to finish, including each funding request, approval, billing, receipt and report generation. The platform should also provide real-time updates to vendors on how the funds are being invested by the sales channels, thus eliminating vendors’ reliance on channel partners for performance reports. This serves two valuable purposes. One, it lends more value to the reports because they are system generated and can be immediately accessed by the vendors. Two, vendors can see reports on every partner in a single format. This enables vendors to understand which channel partners are doing well and which ones are struggling to perform. 2403 Sidney Street, Suite 150 Pittsburgh, PA 15203, Phone: 412.381.0230, Fax: 412.774.1992, Email: sales@mindmatrix.net, www.mindmatrix.net
- 4. 2403 Sidney Street, Suite 150 Pittsburgh, PA 15203, Phone: 412.381.0230, Fax: 412.774.1992, Email: sales@mindmatrix.net, www.mindmatrix.net MUST-HAVE FEATURE #7- Social media automation With limitless information available over the internet, the next-generation buyer is constantly researching, evaluating every brand, product, delivery value and getting peer reviews. One result is that buyers are much further along in the buying cycle when they finally directly approach a business. Given this new buying landscape, it becomes imperative for sellers to be present wherever the prospect is. What better place to do it than social media? There is a concern, however. Brand-building via social media demands on-going time and effort—something most sales channels lack. This is where a channel management automation solution can help. The channel management solution’s social media automation capabilities can enable channel partners to harness the power of popular social media platforms and forums to get closer to their prospects and sell more. SUMMARY In short, when zeroing in on the best channel automation solution, be sure that it offers the following benefits Managed marketing materials to help enhance and control the brand. Personalized sales and marketing materials creation and easy access to them. Cloud-based access to templates. Lead registration, scoring and nurturing. Hot lead identification. Materials to help close the sale (automated drip). Easy management of MDF funds. Insight into prospect and channel activities. Social media automation.