Partner Channel Management – Common Terms used in Channel Business
Partner Channel Management is for developing and improving relation between direct sales and indirect sales (via channel partners). PRM allows company’s indirect sales channels to maximize the return on their channel investments and increase channel revenues. There are some key terms used in Channel Management. I got few request from my colleagues and friends asking me for this list. I did not find this in one location. Thought it may be helpful for our SDN community members.
Terms used in Channel Business.
Campaign: A campaign is an outbound marketing project that you want to plan, manage, and track.
Lead: A lead is a prospect or potential opportunity – a person who expressed interest in your products and/or services.
Account: Accounts are your organization’s Business Partners (customers, competitors, and partners).
Contacts: Contacts are all of the individuals associated with your business accounts .On account various information for a contact, such as phone numbers, addresses, titles, and roles in a deal are stored.
Opportunity: Opportunities are the sales and pending deals that you want to track. By adding opportunities, you are also building your “pipeline,” which will contribute to your forecast.
Products: Products are the individual items that you sell on your opportunities. You can create a product and associate it with a price in a price list.
Forecast: A forecast is your best estimate of how much revenue you can generate monthly, quarterly or annually.
Contract: A contract is a written agreement between two or more parties. Companies use contracts to define the terms for doing business with other companies, seller agrees to sell and a buyer agrees to buy, under certain terms and conditions spelled out in writing in the document signed by both parties.
Content: A document library is a place to store files without attaching them to accounts, contacts, opportunities, or other records.
Tasks: Tasks are to-do items that need to be followed up on.
Reports: Reports are lists, summaries, and analyses of your data, which you can display or print.
Dashboard: Dashboards give you a real-time snapshot of corporate metrics and key performance indicators.