Passive income is revenue that an individual or a company generates without actively working for it on a regular basis. Make no mistake, it can sometimes take a great deal of upfront effort to generate passive income. But once the initial lift is completed, little to no active effort is required for that revenue to keep coming in on an ongoing basis. This makes it a really attractive method of earning revenue, especially over time.
Partnerships provide companies with an opportunity to generate this kind of passive income. For example, an agency may generate revenue (very actively) by working on client projects. But if they also sell software subscriptions on behalf of vendors, and that vendor offers them 15% of the monthly recurring revenue (MRR) of customers they sold to, then the agency will receive a nice chunk of passive income each month.
Example: With passive income from partnerships rolling in every month, marketing agency CEO Lissandra can feel confident that she could still pay all employees, even in dry months without a lot of new clients.
A partner relationship management (PRM) software is a tool designed to facilitate the partnership experience from end-to-end. It is primarily used by partners to drive traffic, leads and deals to a vendor, and by a partner manager and their team to manage their partner relationships as well as support their partners.
Most PRMs should be enable resources sharing between the two parties. It should also provide communication tools, relevant analytic dashboards, as well as link tracking and lead/deal submission tools.