In order to create a harmonious and mutually beneficial relationship between a company and its partners, a deal registration program must be made use of. But what exactly is deal registration program and how can you use it for your channel partner management?
What is Deal Registration Program?
A deal registration program tracks the sales or the leads that a partner has generated for a vendor. The information passed to the vendor and the partners are used to care for the deal that has been passed and to make sure that the partner gets necessary benefits for sealing the deal. This is normally used for high priced projects.
Partners that have created a lead that is value-adding for the vendor and have been involved and assisted the vendor at the onset of the sales cycle are the ones that should benefit in a deal registration program. A deal registration program guarantees vendor support for the partner, and also provides time for the partner to 'seal the deal' upon notification so that other partners or even the vendor's sales team won't be allowed to close the deal with the same lead.
Why Should You Use a Deal Registration Program?
During partner certification, vendors try to filter the resellers and partners so that they get the cream of the crop. This is to make sure that the partners they get provide them value-adding leads. If not, vendors would get low value leads, which could be detrimental to their business. Training and partner certification is the method to filter the resellers.
Why Should You Use a Deal Registration Program?The vendor company must see to it that the partners are paid accurately and given enough rewards for providing quality leads. If not, the vendors might find itself losing its partners.
To accurately manage the deals its partners have gained for the company against the deals that the company's sales team has gained, a deal registration program is utilized. Without a deal registration, there would be chaos in the sales statistics, which would lead to conflict between vendor company and reseller. The behavior of either party can be questioned because of this.
How Could You Succeed In Using Deal Registration Program?
First off, you should only get partners that provide quality leads and are part of the early sales cycle. Consider partners that are labeled Gold or Platinum. Of course, they should have passed the partner certification. Second, properly reward sealed deals, especially for high priced items. Rewards include vendor support and back-end rebates.
Vendor support is a common deal registration program feature, although not all partners appreciate this. However, Gold and Platinum partners have usually been in the business long enough to be grateful for the additional support the vendor is providing. Back-end rebates usually range from five to twenty percent. This is given on the successful closing of the deal. Other financial rewards are highly appreciated by partners, although the amount must be planned carefully so that it will not backfire on the vendor.
Walt Robertson works as a consultant for one of the reputed PRM firm. Being a passionate writer, he likes to give solutions to topics related to channel partner management, partner certification programs and much more. He has his best hand on deal registration program which is effective in deepening relationships which further helps in increasing loyalty and sales volume.