Deal registration is fundamental to running any channel program, but often it’s managed on excel spreadsheets or databases that are maintained manually. Many vendors think that because they have a CRM system in place, they don’t need to maintain a deal registration program. This is a common mistake, as the level of communication and data that is collected, along with the timeliness of a deal registration, can mean the difference between a mediocre partner program and a world class partner program.
When channel partners fail to register deals early in the sales cycle, visibility is lost, allowing competitors to discover opportunities, and even worse, win business away from the vendor. A formal and automated/integrated deal registration system that is easy to use helps lock-in deals for vendors and ensures that specific channel partners have the rights to sell specific products to specific markets/geographies. By having visibility to these deals, tailored pricing can also be implemented.
A good deal reg program has visibility for both the vendor and the channel partner, but can be difficult and time-consuming to manage if it is not automated and integrated with other systems. By automating the system, vendors can control which products, partners and geographies have access to a particular deal with online acceptance of program terms and conditions. Partners benefit as specific sales programs can be tracked back to leads. Approvals for specific products or for specific geographies can be made in real time and this accelerates the sales process by removing delays for approvals.
From a partner perspective, deals and any discounts, rebates or applicable incentives are locked in. An often-unforeseen benefit of a good deal registration system is sales forecasting. When deals are registered, a vendor has greater visibility into demand, reducing the risk of overestimating or underestimating demand.
Despite the obvious benefits of running a deal registration program, many vendors either don’t implement one or continue to limp along with the old spreadsheet/email based approach. Reasons for this include the lack of time and resources to improve the existing system or to implement a new one. In some cases, vendors think their current CRM system is adequate, but in many cases, it’s simply not designed for this level of sophistication.
A good deal registration system should:
Bottom line – Having a partner register a deal early leads to increased win rates as early deal registration allows for enhanced support on qualifying deals. Partners can be rewarded for finding and winning new customers, or incremental opportunities within existing customers. Registering a deal also helps protect partners who have invested resources in bringing in new customers from partners who cannot bring the same value to that customer.
Fortunately, the advent of cloud technology has brought ways to automate the entire deal registration process at much lower costs. Bringing efficiency and all the associated benefits of deal registration together is now well within reach for vendors.
The Channel Mechanics channel enablement platform gives vendors the tools to design, launch, manage and measure deal registration programs, in real time with our automated system. For more information on our deal registration software, visit our registerIT page, or contact the team to organize a demo.
For additional information on Deal Registration, check out our post “Making the Art of Deal Reg Simpler” by Kenneth Fox. Or discover why “Why Artificial Intelligence (AI) is Set to Become a Channel Chief’s Go To“.