In Part I of this blog series, we examined the impact that a deal reg program can have on market share and margins, as well as on partner and customer satisfaction. To sum up, the main focus of these four metrics being top-line revenue improvement in return for a managed financial payout for the channel partner.
Following on from this, the second part of this series will focus on reducing the administrative costs that can plague a deal reg program. There is no question that optimal deal reg program execution requires high levels of accuracy, tracking and response. Risk of error can be high. Therefore I think this may be a reason why some vendors have hesitated implementing a deal reg program in the past.
The good news is that today, we have excellent channel automation tools available at our fingertips. That is to say, tools that can effectively pull all the required information together. Thereby making it visible in real time to vendors and their relevant channel partners. In addition to real-time visibility, an automated deal reg program has many benefits, as outlined below.
1. Improved accuracy in entering and confirming the registered deal
The deal is registered ONCE – only after the vendor has reviewed and approved the opportunity.
2. Improved visibility to the sales pipeline for more accurate sales forecasting
The vendor has full visibility to all registered deals as well as to all deals pending registration.
3. Acquisition of valuable market intelligence.
Because vendors can see all registered and pending deals, they can begin to analyze what segments and/or geographies are active. This information may help direct marketing campaigns and other incentive programs.
4. Targeted visibility of the program only to partners who fit the profile determined by the vendor
With an automated deal reg program vendors can promote the program to partners with a specific skill or certification level, program status, or market focus. Above all, partners who do not meet the requirements, don’t see the program.
5. Improved response time to partners
With automation, missed emails and phone calls are a thing of the past. Partners get timely feedback on their opportunities, so there is less confusion and more focused effort.
6. Formal and customizable tracking of the partner’s efforts and results as they move through the sales process.
Real-time tracking of the sales process is both a key function and advantage of an automated deal reg program. The tracking parameters the vendor chooses can be simple or complex, depending on the vendor’s levels of comfort and market maturity. For example, vendors can track by sale phase (customer RFP, needs assessment, demo, proposal delivery, proposal acceptance, etc.) or require other types of information from the partner (nature of the deal – such as a competitive displacement – customer requirements, potential vendor opportunity in the account beyond the immediate deal, etc.).
7. Early identification of problems and potential program abuse
For example, the tracking function allows vendors to spot deals that aren’t moving. This can indicate a potential problem and/or need for additional vendor support. It can also help vendors identify a possible program abuse – a “registration spree” so to speak. It might be that a partner registers more opportunities than they can possibly pursue in an effort to lock out competition. In either case, the vendor has the advantage of early awareness and early involvement, if necessary.
8. Ability to connect deal registration to other incentive programs
For example, a vendor may want to offer the partner sales rep a gift card once the registered deal is closed. Automation handles this hand-off and execution seamlessly.
To learn more on how market leading vendors automate and manage their Deal Registration programs, check out the Channel Mechanics capabilities page
In the third and final installment in this series “The Art of the Deal Reg Program” we’ll look at the Deal Reg Program Best Practices – so stay tuned!