Companies need to create or improve deal registration programs that send the right message
Deal registration programs are extremely attractive to distributors. But, without a robust, user-friendly and customizable program-process in place, deal registration loses its handsome reward to distributors. So, it is understandable for manufacturers to constantly seek practices to improve deal registration programs.
A multitude of companies today have deal registration as a core element of their channel programs. It is a tool essentially designed to protect partner deals in order to enable and motivate channel partners to invest in presale activities and focus their channel efforts. Once an opportunity is accepted as a registered deal (e.g., one that is not currently registered by your company, sales team, or another channel partner), a notification will be sent to the partner informing them that their deal is protected.
The primary goals to improve deal registration are intended to provide better visibility into the channel and effectively streamline communications to your partners. Deal registration can be an exceptional catalyst that can spearhead a profitable relationship between vendor and partner.
However, with a flawed implementation, deal registration can be an absolute nightmare for partners. Lengthy, ambiguous, and cumbersome deal registration processes can easily lead channel partners to frustration. In addition, channel conflict results in mistrust when partners fear that the information they provide to the company will be used to undermine their business pursuits.
Companies need to create or improve deal registration programs that send the right message: creating a positive, profitable establishment with their partners.
How, you ask?
Best Practices to Improve Deal Registration
To improve deal registration there are simple benchmarks to make certain that your deal registration process is streamlined and effective:
- Show Executive Support:
Good intentions will count for nothing if channel partners rely on your company’s commitments. It all starts with establishing cut-and-dry standards for qualifying deals. Therefore, articulate the rules of engagement for opportunities that involve the vendor rep. Provide visibility into the approval and payment process and set clear expectations for the processing period.
- Set the Timeframe:
In order to ensure that an opportunity does not stay open-ended indefinitely, set a reasonable deal expiration timeframe. So, allow your partners the opportunity to re-register a deal if it becomes active again.
- Play fair:
Avoid conflict between your direct sales and channel partners and protect partners from engaging in predatory conflict with each other.
Keep the registration and approval processes simple, easy-to-navigate, and timely.
Provide regular reporting on all deal registrations in progress so that your partners are in the know. The benchmarks for successful deal registration programs are sensible and straightforward.
Targeting these goals will make your company’s objectives transparent and establish greater communication with your partners. Companies that have thoughtfully carried out the aforementioned criteria end up with an improved and powerful deal registration program that not only boosts the company’s bottom line but more importantly, sets the foundation for long-term channel partner loyalty.
What tactics have you carried out in the past to address partner pain points for your deal registration program? Any other success tips that you can offer?