CRM vs. BRM vs. PRM? What Should You Get?
- August 3 2018
- Posted by: Lu-Wei
- Category: Blogs
There are three possible solutions that you could acquire for your business. These are CRM (Customer Relationship Management) , BRM (Business Relationship Management) tool, and PRM (Partner Relationship Management)
What’s the difference between these three—and which one do you need? In this blog post, we’ll discuss everything you need to know about these solutions.
CRM (Customer Relationship Management Tool)
How important are new or end customers to you?
If you want to know how customers are getting in, how you can get new customers, and monitor the different stages of a sales funnel, then you probably need a CRM.
CRMs have been around for the past 10 years. In fact, there are more than 2,000 CRM solutions in the market.
They help improve customer relationships in order to increase Customer Lifetime Value (CLV). They also keep track of customer interactions, store contact details, monitor consumer behavior and manage different accounts.
Without a CRM, all the details of your end customers, like the number of times they opened an email, which emails they opened, your phone conversations and so on will get lost or forgotten. You can’t distinguish interested leads, from those who won’t buy anything. This means you’ll often upsell to the wrong people. More importantly, if you rely on a specific employee to keep track of the data or spreadsheets, then the information is gone once they leave.
CRM tools are the solution to these problems.
It keeps end customer data and converts them into actionable insights or reports that you can use to evaluate the different phases of your sales funnel—from need to deal. It keeps contact details up to date, tracks information, and shares it with everyone on your team. It allows you to distinguish customers, divide them into segments and identify cross-selling and up-selling opportunities. This way, you can effectively grow your business.
You can even use these tools to track phone calls, meetings, and presentations, follow-ups and business plans of your team.
What are the Key Features of CRM tools? Check out our list:
2.Analytics, reporting and dashboards
4.Deals and Tasks
7.Instant messaging between employees
8.File and content sharing
BRM (Business Relationship Management Tool)
How important are your indirect customers or partners? How important are the relationships you’re establishing with them? In the case, that these existing customers and partners are important to you, then you probably need a business relationship management tool.
A BRM software consists of three building blocks. These are strategic analysis, business plans and follow-ups or collaboration.
1. Strategic Analysis
Strategic analysis works hand-in-hand with strategic segmentation.
It uses data from your intermediaries to determine what they need, what you need to do, and the resources (time, people, budget) you need to make a sale.
In short, a BRM tool allows you to segment your customers or partners based on specific criteria. This way, you’ll be able to manage them more effectively.
The problem with most companies who conduct segmentation or strategic analysis is that their information gets stuck in a drawer, PPT, or excel sheet.
The most difficult part is using this data to create a plan.
2. Create a business plan
Once you’ve segmented your customers or partners, create a business plan based on the segments you’ve identified.
To do this, you need to identify the needs of each segment first. What are the challenges or needs of each sales partner? What are the marketing channels they use?
You need to distinguish their needs to create sales or marketing activities that can increase your sales and grow your business.
3. Follow-up and Collaboration
The last thing you need to do is to plan, implement and collaborate.
This involves making an inventory of your partner’s strategy and monitoring its performance.
You’ll also need a BRM tool to establish relationships and conduct evaluations on feedback and performance.
PRM (Partner Relationship Management)
How important is your marketing material to you and to your partners? Are these marketing materials sent to your channels or to your agents almost on a daily basis? If they are, then you probably need a PRM tool.
PRM solutions are for companies who work with partners to sell their products and need one platform for deal registration and share marketing content.
CRM, BRM or PRM?
To identify the type of software you’ll need, ask yourself these three questions:
– Are new customers important to your business? Get a CRM tool !
– Is an indirect sales channel important to you? Get a BRM tool!
– Do you constantly need to send marketing materials to your channels or agents and register deals ? Get a PRM tool!
– Will you use a CRM, BRM or PRM? Got any questions? Let us know in the comments below.
You can also find a video version on our youtube channel “The difference between CRM, PRM and BRM”
Written by : Frie Pétré