5 Reasons for Implementing a Deal Registration Program into a Vendor’s Channel Infrastructure.
A properly implemented deal registration benefits both the vendor and their partners
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 the 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.
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, a 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.
Deal Registration Benefits #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 of your channel partner’s sales efforts, and overall, increase the likelihood of converting an opportunity into a deal.
Deal Registration Benefits #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.
Deal Registration Benefits #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.
Deal Registration Benefits #4
Increases Visibility into the Indirect Sales Funnel
A registered deal does more than just enthuse partners to participate in your channel program. Deal Registration benefits your channel sales by providing concrete data on where your product’s journey eventually ends. Gaining clarity within the indirect sales funnel is vital for blueprinting a vendor’s marketing strategy. Vendors can use this information to also improve sales efforts.
Deal Registration Benefits #5
Spotlights Top Performing Channel Partners
Another deal registration program benefit is the ability to discover the performance of a specific partner. You not only have a better handle on partner participation but can also find out which channel affiliate leads to the most opportunity. Identifying which partner(s) provide the most lucrative results allows you to have a tangible reference for determining partner rewards and added incentives.
Following are a few more of the many deal registration benefits and advantages that manufacturers and their channel partners can share with a robust deal registration program:
- Establish a deep understanding of 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