A PRM framework that includes these types of activities will help manufacturers better understand what’s going on in their distributor channel and capitalise on the enthusiasm generated by the new product launch. Click more info here.
To drive demand, most businesses today develop a new product website for the general public. That’s logical. More and more manufacturers are discovering that using their PRM framework to build an “internal” portal based on planning and galvanising dealers to help the product launch and fuel consumer demand in an integrated way leads to far higher profitable sales performance. These centres concentrate information and increase understanding, readiness to help, expertise, and enthusiasm about a new product launch beyond what was previously feasible.If you can’t calculate, you can’t handle. When your boss asks if your dealers are ready to sell and service your product efficiently, the response “yes, they are – trust me” will not suffice. You must have the metrics to back it up these days. Dealer management is simplified with a PRM approach that includes performance assessment methods. A business should set a performance standard, evaluate against it, and help its partners achieve it. Many of the essential elements of a product launch can be measured with a holistic basis of analytical data using sophisticated technology-enabled tools such as dashboards and reports-on-the-fly. Certifications, participation at meetings and webinars, MDF allocations, lead status, order review, and more can all be part of a real-time performance level enabled by today’s PRM systems.
In today’s harsh economy, most businesses cannot afford a “poor” product launch. What is the cost of not having your partners ready to sell your new product? Too many executives overlook missed revenue, squandered marketing dollars, weak demand, and channel dispute. Product launch failure is not an option if the new product is replacing an existing, profitable product that is a large part of the company’s business.