What’s the Role of NetSuite PRM in Building Stronger Partner Relationships

Introducing Audi of America, a prominent United States-based manufacturing organization boasting a workforce of 79,500 employees and impressive revenues totalling $57.70 billion. Like countless other businesses, Audi of America has recognized the power of NetSuite CRM in enhancing its operations and fostering growth. In this blog, we delve into the transformative potential of NetSuite Partner Relationship Management (PRM) and how it empowers organizations like Audi of America to cultivate more robust partnerships, streamline processes, and drive success in the ever-competitive business landscape. Let’s explore how NetSuite PRM is reshaping the landscape of partner relationships and propelling businesses toward new heights of efficiency and profitability.

NetSuite Partner Relationship Management:

NetSuite Partner Relationship Management is a set of capabilities within NetSuite CRM that facilitates real-time information exchange, enhancing visibility and promoting collaborative efforts with partners. It provides comprehensive control over various aspects of the partner-centric sales and marketing process, encompassing joint marketing campaigns, lead handling, sales predictions, pipeline management, order processing, and partner compensation, including commissions and royalties. NetSuite’s PRM solution establishes a seamless channel between your organization and partners, ultimately leading to improved customer satisfaction and revenue growth. Enhance collaboration to boost sales by simplifying the process of achieving shared goals within partner relationships. Provide channel managers and partners with immediate access to lead information, customer insights, and sales data in real time, enabling them to foster informed, cooperative, and highly productive partnerships.

Features of NetSuite PRM:

The features within NetSuite PRM offer businesses real-time insight into the complete partner marketing and sales cycle, spanning from identifying opportunities to processing orders and calculating commissions. This capability empowers organizations by providing a holistic view of their partner ecosystem, enabling them to seize growth opportunities and expand their market presence. With this comprehensive visibility, businesses can make informed decisions, enhance partner collaboration, and ultimately drive revenue growth more effectively.

Joint Selling

Facilitate collaborative selling efforts by granting resellers the autonomy to place and monitor orders independently, all while ensuring that your internal sales team maintains complete visibility and transparency throughout the process. With this system in place, you can seamlessly compensate both your employees and partners for their contributions to duplicate sales transactions. The calculation of partner commissions aligns with the same parameters used for your in-house team, promoting fairness and consistency across the board. This approach streamlines operations and encourages a unified sales effort.

Joint Demand Generation

Empower your partners to actively participate in demand generation by allowing them to register and monitor their leads. Simultaneously, automatically alert your channel manager to oversee sales activities and offer enhanced support when needed. This collaborative approach not only fosters a more engaged partner ecosystem but also provides your organization with valuable insights into joint marketing initiatives. By tracking acquisition costs and conversion rates, you can effectively measure campaign performance and use this data to refine and optimize future marketing efforts. This ensures that your joint demand generation strategies are both efficient and effective, ultimately driving better results.

Sales Forecasting

Efficiently manage your sales forecasting with NetSuite PRM. This system allows you to tap into partner-generated sales forecasts, enriching them with weighted probability insights that offer visibility into potential revenue at every stage of the sales cycle. Furthermore, you can monitor real-time data, including actual sales performance, recurring revenue figures, and partner commission details. This comprehensive approach empowers you to make informed decisions, fine-tune strategies, and stay agile in response to changing market dynamics, ultimately driving better sales outcomes.

Partner Commission and Royalty

Simplify the management of partner commissions and royalties with NetSuite PRM. This system automates the commission processing, relieving channel managers from the administrative burden of handling referral fees. Commissions can be calculated using the same parameters as those applied to employees, whether it’s based on sales figures, quantities sold, profitability metrics, or customized criteria. By automating this crucial aspect, you free up valuable time and resources for channel managers to focus on their core task of driving new business and nurturing partner relationships, ensuring a more efficient and equitable compensation process.

Knowledge Management and Sharing

Boost partner organizations’ capabilities in selling and servicing your customers by providing them with easy access to pertinent information, sales resources, and marketing assets through an online Partner Center. This knowledge management and sharing platform simplifies channel compensation management by allowing partners to view their commissions directly within the partner portal conveniently. This approach streamlines communication and collaboration, ensuring that partners have the resources they need to excel in their roles while also facilitating transparency in compensation management, which is crucial for fostering strong, trust-based relationships within your partner ecosystem.

Unlock a range of benefits with NetSuite PRM:

  • Empowering Partner Success: NetSuite PRM allows you to develop and execute integrated marketing campaigns, ensuring that your partners receive qualified leads precisely tailored to their strengths and expertise. This empowerment fosters partner growth and success.
  • Seamless Sales and Partner Collaboration: Achieve synergy by consolidating partner activities in PRM, sales efforts in CRM, and order management into a unified application. This integration streamlines processes and enhances collaboration.
  • Effective Multichannel Communication: Reach out to your partner network through multichannel communication. Distribute critical sales and marketing information via email with clickable links directing partners to your portal, facilitating efficient information exchange.
  • Real-Time Insights: Gain invaluable insights into daily marketing and sales activities, allowing for better tracking and shorter sales cycles. With real-time visibility, you can make informed decisions, adapt strategies, and optimize your operations more effectively.

NetSuite Partner Relationship Management Challenges:

  • Manual Lead Management: NetSuite PRM simplifies lead management by enabling channel managers and partners to track leads and referrals within a unified application. This streamlines the process and enhances collaboration between partners and your organization.
  • Asset Management: The platform empowers partners by granting them on-demand access to a comprehensive library of sales and marketing resources, including collateral and sales tools. This ensures that partners have the necessary materials at their fingertips to support their sales efforts effectively.
  • Order Management: Partners gain the capability to place and monitor orders through NetSuite PRM independently. They also have access to real-time information regarding volume and negotiated pricing. This not only ensures invoice accuracy but also reduces the manual workload on your vendor’s sales and support teams, streamlining the order management process for greater efficiency.

When it comes to NetSuite cost, keep in mind that NetSuite provides a flexible pricing plan that works for businesses of all kinds, from start-ups to rapidly growing multinationals. The price structure typically comprises an annual license payment comprised of three key components: the core platform, optional modules, and the number of users with access to the system. There may also be a one-time implementation cost for the initial setup. The flexibility of cloud software shines through as your business grows; you can effortlessly activate new modules and expand your user base to accommodate evolving needs.

It’s essential to mention that the partner relationship management capabilities, an integral part of NetSuite CRM, are indeed included within the NetSuite platform. However, it’s important to note that additional user licenses may be required, depending on the extent of your partner network and the level of access they require to utilize NetSuite PRM effectively. For precise pricing information tailored to your specific business requirements, it is recommended to get in touch with NetSuite directly and discuss your needs with their sales team.

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