4Partnerships help your business achieve goals that your business can’t accomplish on its own. However, nurturing a partnership’s success in 2024 takes a lot of work because relationship needs and expectations may be different for each partner. Thankfully, there are Partner Relationship Management (PRM) software solutions and tools that can make partner management easier and more efficient for your business.
To help you pick the most suitable partner management software for your business needs, we listed 11 of the leading PRM software solutions. We also listed how they can benefit your business and the features that make them stand out from the competition.
Leading Partner Relationship Management Software Tools for 2024:
What is a PRM Software?
A partnership management software system is a tool for enhancing the management and effectiveness of a partnership between two parties. It allows businesses to manage their relationships with partners in an orderly and efficient manner. This is done by keeping track of, monitoring, and recording all communications, contact information, activities, and other data related to partnerships. PRM software solutions also help businesses foster meaningful connections with partners while helping them reduce costs and streamline processes.
Top PRM Software Solutions for 2024
When it comes to PRM software, there are plenty of options to choose from. Here are 11 of the best PRM software solutions for 2024 that can make nurturing and strengthening your business partnerships easier and more efficient:
For years, Salesforce has been a leading platform for Customer Relationship Management (CRM) and its PRM solutions are no different. With Salesforce PRM, you can manage communications, track sales and profits, onboard new partners, and set performance metrics to ensure your partnerships are successful. Plus, it’s easy to use and integrates with other Salesforce tools such as its CRM platform. The PRM package offers a comprehensive set of features that include lead management, customer segmentation, data analysis and insights, automated sales processes, partner access, and management tools, marketing automation, and more. With Salesforce’s automated platform capabilities and customizable user experience, you can easily manage your partnership solutions for many years. Therefore, it is not surprising that the company has developed comprehensive and robust PRM software. Moreover, Salesforce PRM software is designed to help businesses leverage their partner relationships by providing them with powerful insights into their performance. This is done by helping increase engagement and brand loyalty, and streamlining sales processes through automated workflow capabilities. If your business needs a well-rounded PRM platform, Salesforce PRM might be the most suitable solution for you. PartnerStack is included as one of the most promising PRM software solutions for 2024 due to its comprehensive features. This is because it enables businesses to automate and manage their partnerships more effectively. Headquartered in Toronto, Canada, their PRM software was designed to build and scale partner channels for B2B SaaS companies and even individuals who are looking to increase their online presence. With PartnerStack PRM software, you can manage your partners, track leads and sales opportunities, onboard new partners, track the progress of partner cooperation and agreement, and generate insightful reports, to name a few. Alternatively, if you are looking for more partnership opportunities, they have a marketplace where you can find the right partners for your business. This is done with their advanced search and filtering tool. PartnerStack’s software is designed using modern technologies, so you don’t have to worry about scalability or compatibility issues. Moreover, it also integrates with popular platforms such as Slack, HubSpot and Salesforce, making it easy to manage your partnerships and track progress. Oracle is not new to providing enterprise software solutions; they are one of the leading software vendors on the market. Their PRM software helps partners and channel managers work together seamlessly to maximize revenues. This integrated solutions software offers a comprehensive suite of tools and features that enable users to manage their partner relationships with ease. This includes lead generation, customer segmentation, automated sales processes, insights and analytics, partner portal access and management tools, marketing automation, and more. Oracle’s PRM software enables businesses to quickly onboard partners, develop lead-generating campaigns, automate sales processes, and track performance. The interface is user-friendly and intuitive, so you can easily manage your partnership solutions from one platform. You can also expect to get the highest quality customer support from their team of dedicated professionals. Oracle PRM is an excellent choice for businesses looking for a comprehensive and intuitive PRM solution. The cloud-based PRM software of Magentrix keeps it easy for businesses to manage, track, and analyze their partner relationships on one convenient platform. This PRM software offers a variety of features, such as lead and opportunity management, automated onboarding processes, partner portal access, management tools, customizable dashboards, and data analytics capabilities. Magentrix offers a seamless and integrated environment available to business partners to increase collaboration, productivity, and revenue. With automated processes and a marketplace where you can discover new partners, it is an excellent solution for those who are looking to increase their partner network and build long-lasting relationships. The platform is incredibly easy to use and navigate so you don’t have to worry about tech issues or compatibility problems. You can also take advantage of the on-demand built-in training and certifications that can make multiple partners become proficient and ready to engage with customers. Impact Partnership Cloud handles the entire life cycle of any type of strategic partner such as social influencers, affiliates, and content creators. Part of their offerings features personalized catalogs and targeted marketing that help partners succeed. Additionally, Impact Partnership Cloud allows businesses to measure, manage, and optimize partner performance. Through their platform, you can create customized reports and dashboards that provide real-time insights into your partnerships. You also get access to a comprehensive set of tools for tracking engagement metrics such as clicks, leads, sales conversions, and more. You can manage and optimize your partner relationships easily with these features along with automated onboarding and training. Furthermore, their consumer privacy and customer service are top-notch, so you can rest assured that your business and partners are taken care of. Key Features: Influencer Content Amplification, Search/Discovery, Automated Recruiting, Influencer Relationship Management, Influencer Marketplace, Team Collaboration Tools, Content Review, Content Library, Campaign Management, Campaign Reporting, Influencer Analysis, E-commerce Tools, Product/Gifting Tools, Forms and Compliance, Payment Processing, Channeltivity’s cloud-based solution is fast to set up and empowers you and your partners to grow faster. As you distribute and assign leads to your partners, you can manage and track their conversion progress on a real-time basis directly from the dashboard. Channeltivity allows you to provide your partners with secure, on-demand access to your most current sales tools, marketing information, training, and enablement tools. Moreover, the software is integrated with tools such as HubSpot, Salesforce, and Zapier that can fully optimize your business operations and increase productivity. With automated onboarding processes, customizable analytics dashboards, and performance tracking in real-time, Channeltivity is sure to be a smart choice for businesses looking for an effective and user-friendly PRM software solution. Operating for over twenty years, Mindmatrix is not only a premier single platform but also a team of diverse, customer-friendly individuals dedicated to assisting business owners to optimize their partnerships. With automated onboarding processes, customizable dashboards, and access to advanced analytics, you can easily track partner performance, and monitor engagement statistics such as click-through rate (CTR), leads, and sales conversions, among others. The functionality of Mindmatrix also offers unique channel incentive programs that help you reward your partners for their success. You can see the value of your investment and strategy at a glance thanks to their intuitive reports and dashboards. With Mindmatrix, you gain access to all the tools necessary to maintain and grow your partner network. You will be in charge of everything from onboarding to training to solution selling, so you can be sure that your partner relationships are in good hands. Allbound PRM is a platform that helps businesses and partners work together more effectively. It provides a variety of features to improve partner productivity, such as automated onboarding and training processes, content libraries that are organized for easy access, MDF management capabilities, and the ability to integrate existing marketing automation tools. Partners can also take advantage of co-branding features which allow them to add their own logo and value proposition to content. Allbound’s user-friendly approach makes it easy for partners to find solutions on their own. Additionally, it offers different pricing plans based on needs as well as dedicated customer success managers for every client. This makes Allbound PRM an ideal choice for companies looking for a customizable solution in 2024. Everflow is a PRM software solution with offices located in California, Montreal, and Amsterdam. It can efficiently connect and manage relationships with all global partners because it offers a wide range of features such as marketing automation, analytics and reporting, and customizable onboarding. The platform enables you to manage leads, track conversions in real-time, deliver campaigns, and leverage customer data more effectively. With its intuitive UI, advanced search capabilities, and customization options, Everflow makes it easy to measure performance and also makes it easy to develop and deploy partner incentives, whether it be eCommerce, B2B, affiliates, or influencers. Thanks to its deep integrations with more cloud-based CRMs, payment gateways, and shopping carts, you can easily manage your entire partner network in one place and make sure that everyone is performing to their full potential. Think of Crossbeam as a secure platform that acts as a personal data assistant, helping you make data-driven decisions and optimize partner relations. Crossbeam eliminates the need to manually update customer information, allowing you to get real-time insights into customer behavior and industry trends. You can also set up alerts for any changes in performance or customer behaviors so that your team is always on top of what’s happening with your customers. What sets Crossbeam apart from the other PRMs is that its powerful features also allow for account mapping, attribution reporting and more. Your teams will be able to save time by working within their network of already existing partnerships with no need for manual tracking or context switching. Instead, they will be able to focus on developing more meaningful relationships, increasing engagement, and ultimately driving growth. With Crossbeam, your team can save time, stay organized, and make sure that you’re taking advantage of all the opportunities in your partnership ecosystem. Founded in 2017, Affise is a user-friendly cloud-based SaaS platform that also provides a powerful PRM solution. Through their 360° partnerships network, their data-driven approach can assist in tracking and measuring the performance of partners, so that you can understand which ones are delivering value and which ones can be improved. It also has a report management platform that allows for the automation of partner performance reporting, as well as the ability to share data across partners in an effort to improve collaboration and engagement. Affise is great for startups and large enterprises that need to manage their relationships with partners more effectively, whether it’s tracking metrics or automating partner reports. Their user-friendly platform provides real-time insights into your customer base and lets you make informed decisions about how best to serve them.1. Salesforce
2. PartnerStack
3. Oracle PRM
4. Magentrix
5. impact.com
6. Channeltivity
7. Mindmatrix
8. Allbound PRM
9. EverFlow
10. Crossbeam
11. Affise
What factors should be considered when choosing a PRM solution?
When it comes to choosing a PRM Tool in 2024, there are many factors to consider:
Customization
While customization may not be a priority for some businesses, customizing can be essential for others. If there is an option to customize the software to match your specific business needs, that is a major plus for your partner engagement.
Features and Functionality
It is important to choose a solution with a comprehensive set of features and functionality for all partner tracking. This way, you will be able to manage all related aspects of your channel partners easily and effectively.
Privacy and Security
Data security should be a top priority when choosing a PRM. Look for solutions that offer a privacy policy that meets your specific needs, as well as solutions that offer robust security features and standards, such as encryption and access controls, to protect your data and ensure it remains safe. After all, this part of partner management is critical for your business’s success.
Ease of Use
A PRM should be easy to use so you can focus on more important tasks. Partner onboarding, for example, can be a time-consuming process if the software is difficult to navigate. Make sure to compare different software that is straightforward and user-friendly setup, with clear instructions and tutorials. This will make managing all types of partnerships easier than ever.
Integration Options
Consider whether you have the option to integrate your existing tools into a PRM. A simple integration to your spreadsheets can add to your whole partner ecosystem, so you will be able to work more efficiently and effectively together.
Cost and Budget
One of the most important factors to consider when choosing a PRM platform is budget. Depending on your usage, make sure to compare different plans and pricing models and find a solution that fits within your budget constraints.
Final Thoughts
Partner relationships are the future of 2024 because they are essential for the growth of companies. No matter what partnership program, you want your business to focus on quality, not quantity. That said, having the right PRM in place can help you efficiently manage your partner relationships and make sure they are delivering value to both parties. By considering our list and all of the factors we have listed here, finding the right PRM will enable you to optimize your partner relationships and make more informed decisions for long term value.
Frequently Asked Questions
What is partner relationship management software?
Partner relationship management (PRM) systems are software meant to help companies automate activities with their distributors, resellers, MSPs, and VAR partners. This helps better channel sales by reselling products and services.
Is PRM the same as CRM?
CRM software is best for sales, while PRM software is best for partnerships. These two tools are compared because PRM is the next step in the evolution of CRM. PRM tools help companies to develop better relationships with partners.
How much does PRM software cost?
Partner relationship management (PRM) software starts at $2,000 but may cost more with modules and add-ons.
What is PRM software meant for?
Partner relationship management (PRM) software is a type of technology that organizations use to streamline, enhance, and align business processes with indirect partners to deliver mutual growth.
