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5 Benefits of Implementing a Deal Registration Program into a Vendor’s Channel Infrastructure
Mutual success. In the modern b2b ecosystem, where competition and competitive positioning is fiercer than ever, the mutual success of vendor and channel partner has become a withering ideology.
In today’s rapidly evolving marketplace, end-users depend on resellers’ ability to provide tangible value. A product or service that eradicates pain points is not enough. If the end-users are to even consider and/or invest in a product, they mandate comprehensive customer support, enticing incentives, and the exclusion of purchasing obstacles if they are to consider an investment in a product.
On the contrary, channel partners depend on vendors’ ability to provide support that goes beyond reasonable pricing; abutment that reinforces the value proposition, objectives and bottom line of both their company and their partners; in other words, a channel infrastructure that is focused on establishing mutual success.
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So, where has this imperative philosophy of successful b2b partnerships gone? Why are resellers constantly firing their vendors due to incompetent communication, fruitless program incentives, useless product training, and unproductive opportunity?
The answer, of course, isn’t always black and white. But let’s focus on one of the previously mentioned pitfalls of failed channel partnerships: Opportunity (or lack thereof, opportunity).
Many vendors seem grossly blinded by their unknowingness to incorporate opportunity into their channel sales strategy; an unfortunate, nonsensical and foolish stratagem to disregard.
With that in mind, what is the most effective channel sales strategy a vendor can deploy to incorporate opportunity into a b2b partnership? Deal registration.
Here are 5 benefits of implementing a deal registration program into a vendor’s channel infrastructure:
1.) Strengthen your Value During the Deal Closing Process
When channel partners register deals with your product, you have the opportunity to become a source of leadership and provide exclusive consultation during the lead-opportunity-conversion process. Your internal sales team can become an extension to your channel partner’s sales efforts, and overall, increase the likelihood of converting an opportunity into a deal.
2.) Increase Partners’ Margins
Deal registration eradicates the threat of channel conflict: a common channel complication in which a vendor’s in-house sales department or external channel affiliates interfere with a partner’s lead.
Deal registration grants a registered partner with exclusive communication to determine the market value of the linking product without having to worry about competitor pricing. This advantage compresses the market, leaving end-customers with little to no flexibility to find a better deal.
3.) Increased Partnership Longevity
A well designed, robustly augmented deal registration program has the added value to assure trust in your partner’s attitude (and outlook) concerning your company. Deal registration is a vehicle that drives transparency, which supports your value proposition as a vendor that cares about its channel partners—willing to play an active role in the success of others.
4.) Increases Visibility into the Indirect Sales Funnel
A registered deal does more than just enthuse partners to participate in your channel program, but also provides concrete data on where your products journey eventually ends. Gaining clarity within the indirect sales funnel is vital for blueprinting a vendor’s marketing strategy and where to improve sales efforts.
5.) Spotlights Top Performing Channel Partners
If you have any doubts concerning a specific partner’s performance, there is arguably no program that provides better insight than deal registration. You not only have a better handle on partner participation but also which channel affiliate leads to the most opportunity. Identifying which partner(s) provide the most lucrative results allows you to have a tangible reference when determining partner rewards and added incentives.