In the past decade, we have seen a dramatic shift in how companies are managing their customer relationships. The traditional approach of using sales teams and marketing campaigns to engage customers has been replaced by more modern approaches such as customer relationship management (CRM) systems and partner relationship management (PRM) platforms. But is PRM dead? Is it still relevant in today’s digital world?
The answer is no – PRM isn’t dead, but its role has changed significantly over time. In the early days of CRMs, many companies viewed PRMs as simply an extension of their existing CRMs; however, with advances in technology and changes in customer expectations this view quickly shifted towards a more holistic approach that focused on creating an entire ecosystem for partners to interact with each other within one platform. This allowed businesses to better manage all aspects of partner interactions from lead generation through onboarding and support activities while also providing valuable insights into how these partnerships were performing overall.
Fast-forward to 2023: ecosystems are now commonplace across industries ranging from retail stores to healthcare providers; they provide organizations with invaluable data about partners’ performance which can be used for both strategic decision making as well as tactical improvements across multiple departments including sales & marketing operations or product development initiatives. Furthermore, new technologies such as AI-driven automation tools have enabled businesses not only gain deeper insights into their partner networks but also automate certain processes like onboarding or training programs which further increases efficiency while reducing costs associated with manual labor involved when dealing directly with individual partners/customers at scale
Overall it’s clear that although there may be some minor tweaks here & there over the next few years – especially around data security regulations – Partner Relationship Management will remain alive & well going forward due its ability offer incredible value when properly implemented within any organization’s larger business strategy