Deal registration is a common process of a vendor’s Channel Partner Programme, in which the channel partner informs the vendor about a sales lead. This process is usually as simple as the partner entering information into a portal or system, which is hosted by the vendor.
If approved by the vendor, the partner is given priority for the lead. This wards off competition for that sale from other partner organisations.
The process benefits not only vendors and partners but customers too!
The benefits of the deal reg process are numerous, however, here are a few:
Particularly if the vendor has deployed a system in which partners can register deals themselves. With this, vendors can identify pipeline and forecasting much earlier in the process.
Once a deal has been registered only that partner can pursue the deal. This also means that the vendor’s direct sales teams cannot take the lead away from the partner. Protecting deals shows partners that vendors value their contribution towards sales and ensures they are rewarded for their efforts.
With increased visibility, the vendor can deploy resources to support the partners, particularly the higher priority deals.
Protecting a lead shifts a partner’s focus away from getting a deal signed as quickly as possible (to ensure no one else beats them to it!), giving a bit of breathing room where a partner can focus on ensuring they have provided the best solution to the customer's problem, not just the quickest one.
Deal registration programmes are now commonplace in the tech industry. So much so, that vendors’ partners in the channel expect them to be in place. Whilst it’s a system that benefits all parties, it does have one major flaw.
As mentioned above, the reduction of conflict means that partners can take their time over a sale to ensure the customer has the perfect solution. This is a good thing apart from the fact it will slow sales down the sales cycle.
So how do we speed it back up without impacting the customer experience?
Deal Reg programmes normally include incentives to drive sales through the channel. It is common to see that these incentives often have one or more of the following objectives:
The disconnect between sales and marketing is well documented. Incentives focused on lead generation will encourage sales and marketing teams to work together. Vendors will encourage partners to run off-the-shelf marketing campaigns from their portals to generate pipeline that the partner sales team follows up resulting in new deal registrations.
Deals have several forecast categories which both indicate their position in the sales funnel and the likelihood of closing. The forecast closed date and revenue value enable reasonably accurate sales forecasting. With deals registered in Salesforce, for example, you’ll see the following forecast categories:
There is no doubt that successful Deal Reg Incentives contribute to the growth of your business and your sales channel. It’s not just about generating new pipeline and closing more deals. A successful incentive builds trust and buy-in internally, increases brand image in the channel and motivates teams going forward.
Essential has more than 20 years of experience working in the channel and running incentives for our tech clients. Take a look at our channel incentive portfolio and see how we can do the heavy lifting for you and make your next incentive a resounding success!