CRM vs. BRM vs. PRM? What Should You Get?

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)

Do you value acquiring and retaining customers?

If your primary focus is on how to attract new customers, manage relationships with existing ones, and improve your sales process, then a CRM tool is what you need. CRM software has been around for over a decade, and there are now more than 2,000 different CRM solutions available in the market.

A CRM helps businesses improve customer relationships by keeping track of customer interactions, storing contact details, monitoring consumer behavior, and managing accounts. Without a CRM, vital customer information, like the number of times they opened an email or the details of phone conversations, can easily get lost or forgotten. This can lead to missed opportunities and ineffective sales efforts. For instance, you might end up trying to sell products to people who aren’t interested, simply because you don’t have a clear picture of your customer base.

A CRM tool solves these problems by organizing and managing your customer data, turning it into actionable insights. It helps you evaluate the different phases of your sales strategy—from identifying potential leads to closing deals. A CRM keeps contact details up-to-date, tracks interactions, and shares this information with your entire sales team, allowing you to identify opportunities for cross-selling and up-selling, which ultimately helps grow your business.

Key Features of CRM Tools:

• Contact management
• Analytics, reporting, and dashboards
• Lead management
• Deal and task tracking
• Campaign management
• Email tracking
• Instant messaging between employees
• File and content sharing
• Mobile accessibility

BRM (Business Relationship Management)

Do you rely on intermediaries like resellers or brokers to drive sales?

If the relationships you have with intermediaries and the incentive programs you offer them are crucial to your business, then a BRM tool is what you need. BRM software is designed to help you manage and strengthen relationships with business partners like resellers, brokers, and other sales channels.

A BRM tool consists of three key components: strategic analysis, business and sales planning, and follow-up and collaboration.

1. Strategic Analysis: This involves analyzing data from your intermediaries to understand their needs and how best to support them. The tool helps you segment your partners based on specific criteria, making it easier to tailor your sales strategies to different groups.
2. Business and Sales Planning: Once you’ve segmented your partners, you can create a business and sales plan that addresses their specific needs. This might involve identifying the challenges your intermediaries face, understanding which channel programs they use, and determining the incentive programs that will motivate them to boost sales.
3. Follow-up and Collaboration: After planning, the next step is implementation and collaboration. A BRM tool helps you monitor the performance of your partners’ sales strategies, fosters collaboration between you and your partners, and allows you to gather feedback and evaluate performance.

Key Features of BRM Tools:

• Strategic partner segmentation
• Business and sales plan creation
• Performance monitoring
• Collaboration tools for feedback and evaluation

PRM (Partner Relationship Management)

Do you frequently share marketing materials with your partners?

If your business relies heavily on sending marketing materials to intermediaries, resellers, or brokers, and you need a centralized platform to manage deal registration and share marketing content, then a PRM tool is the solution for you. PRM software is specifically designed for companies that work with partners to sell their products and need an efficient way to manage these relationships.

A PRM tool helps streamline the process of distributing marketing materials, registering deals, and ensuring that your partners have the resources they need to effectively promote and sell your products.

Key Features of PRM Tools:

• Marketing material distribution
• Deal registration management
• Centralized platform for partner communications

CRM, BRM, or PRM: Which One Should You Choose?

To determine which type of software your business needs, consider these key questions:

1. Are new customers crucial to your business? If so, a CRM tool is essential for managing and improving customer relationships and sales processes.
2. Is an indirect sales channel important to you? If you rely on intermediaries like resellers or brokers, a BRM tool will help you manage and strengthen these relationships, ensuring your partners are supported and motivated to sell your products.
3. Do you frequently need to send marketing materials to partners? If your business involves regular communication and deal registration with intermediaries, a PRM tool will help you efficiently manage these tasks.

Conclusion

Understanding the differences between CRM, BRM, and PRM tools is the first step toward choosing the right solution for your business. Whether you need to focus on customer management, business partner relationships, or partner marketing, there’s a tool designed to help you succeed. If you have any questions or need further guidance on which tool to choose, feel free to leave a comment below!