A structured and Well-Organized Deal Registration Program Can Offer Numerous Benefits for Manufacturers
Preventing channel conflict—frequently considered to be the most challenging obstacle facing manufacturers today—can be eliminated through a robust deal registration program.
However, implementing such a program requires a methodical and detailed approach. A strategy that focuses on encouraging, educating and rewarding channel partners rather than exploiting their productivity and success as a means to gain a competitive and monetarily advantage.
When done properly, though, the latter will ensue.
Following are only a few of the many advantages that manufacturers and their channel partners can share with a robust deal registration program:
- Establish a deep understanding into the indirect sales pipeline; ability to identify consumer trends and gain insight into dynamic market opportunities – Manufacturer Advantage
- Improve forecasting into channel demand inventory and production scheduling—Manufacturer Advantage
- Enhanced communication while reducing administrative costs and channel complexity—Manufacturer/Partner Advantage
- Encourage channel partner activity (i.e., partner enablement), which strengthens B2B loyalty and longevity—Manufacturer/Partner Advantage
- Price larger deals in a more consistent manner— Manufacturer Advantage
- Guarantee higher sales margins for channel partners that register opportunities—Partner Advantage
- Improve record keeping and compliance with industry standards or government regulations—Manufacturer Advantage
- Close the loop at the end of the sales process and determine which partners and programs perform the best— Manufacturer Advantage
Now that you’ve seen some of the advantages of a deal registration program, let’s take a look at how to construct and strategize a successful incentive for channel partners:
Realize Your Objectives and Internal Duties
Wouldn’t it be wonderful if you could just sit back, implement a deal registration program, compensate your partners for registering opportunities, and reap in the through-partner revenue rewards?
Of course it would.
Unfortunately, it’s going to take a little premeditated planning in order to get to that point.
Begin by clarifying your high-level and adopt a market-proven strategy you and your team are experienced using. Is everyone onboard and fully committed to a specific channel sales model?
If you’re team doesn’t fully understand the rules of the road, you can expect partners to be frustrated with your team’s incoherence, and risk them losing to a competing vendor.
Remember your partners have seen a lot of promotions. If your deal registration program results in channel conflict or price undercutting from your other partners, expect them to take their sales skills somewhere else.
The more your internal duties are prioritized and understood, the more opportunities deal registration will offer.
Modernize and Automate your Program Process
The days of registering, managing and monitoring deals through spreadsheets, phone calls and emails are long gone.
Today, partners expect access to program information, marketing resources and the ability to initiate opportunity requests at their fingertips—anywhere, anytime.
Without a cloud-based automated partner portal platform, resellers will view your incentive as more of a burden, and less of a reward.
Here are a few benefits you can provide partners (as well as your business) with a modernized process to deal registration:
- Collect instant notifications on registered opportunities
- Partners can receive immediate status updates regarding whether or not a registered deal is accepted.
- Make it easy for partners to modify information dynamically on deals in progress and report status and feedback to you instantly
- Send alert messages to partners regarding end date of registration eligibility
- Clarify your program’s exclusivity or eligibility so partners don’t waste time
- Receive critical quantitative insight into partner and program performance
- Centralize your deal registration system and scale the program to include your entire partner community
- Provide different levels of permission (e.g., managers, controllers, administrators, etc.)
Incentivize Your Incentive
What’s better than one channel incentive program? How about two channel incentive programs.
Market research shows that higher adoption of program participation and partner satisfaction is largely correlated with the integration of multiple incentives (e.g., SPIFFs, Co-op/MDF, price protection, rebates, Ship and Debit, etc.).
However, simply adding programs on top of programs isn’t likely to produce the results you’re looking for.
Successful integration of multiple programs relies on your ability to match the incentive with the needs and pain points of an individual partner. For example, a Co-op/MDF program may be more beneficial to a smaller business or start up, than that of a multi-million-dollar corporate distributor.