Partner Relationship Management
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What is Partner Relationship Manager (PRM)?
Partner Relationship Management (PRM) refers to the strategies, systems, and processes that companies use to manage their relationships with external partners, such as suppliers, distributors, resellers, and other channel partners.
What is it used for?
PRM is used to build and maintain strong, collaborative relationships with these partners, in order to drive mutual success and create value for both parties. This involves establishing clear communication channels, setting mutual goals and objectives, sharing information and resources, and providing support and training where needed.
Why is it important?
Effective PRM is important as it can lead to increased sales, improved customer satisfaction, and greater profitability for both the company and its partners. It requires a coordinated effort across multiple departments, including sales, marketing, operations, and customer service, as well as the use of specialized PRM software and tools to automate and streamline partner management processes.