Many vendors don’t think they need purpose-built deal registration solutions when they have early-stage channel programs. Instead, they think they can get by using things like MA forms and Google Forms while their programs are still relatively small.
It is certainly possible to get by without a dedicated deal registration solution. However, the problems of this approach quickly rear their ugly head and spiral out of control.
With that in mind, let’s take a look at some of the reasons your organization should consider implementing a robust deal registration solution now—regardless of how mature your program is.
1. It improves channel partner satisfaction.
There’s a reason why 80 percent of channel firms say deal registration is important yet only 30 percent of transactions are registered: The partner experience is dreadful in many channel programs.
This is because of a confluence of factors. When you’re not using a dedicated deal registration solution, it’s impossible for partners to have deep visibility into the status of each registered deal. If a partner spends an inordinate amount of time registering a number of deals only to have no idea what happens to them next, they are unlikely to reinvest the same effort in the future.
But with a strong deal registration solution in place, partners get full visibility into the status of every deal they’ve registered. When statuses change, they are automatically notified. This transparency increases channel partner satisfaction, which also improves participation.
2. It helps make your program look sophisticated.
Successful channel programs are always seeking to onboard new partners. But what happens if you stumble across a would-be perfect partner only to find out they are already doing business with competing vendors and don’t have much spare time?
Not every program uses a deal registration solution. If yours does, you can drive competitive advantage by making your program look more sophisticated and stand out from the pack. With the right solution in place, you might even end up encouraging some partners to ditch their existing deals and move more resources to your program
3. It gives you immediate access to the data you need.
Leading deal registration solutions give you immediate access to the data you need to figure out the best way forward. By establishing key performance indicators (KPIs) for your channel program and using a solution that enables you to easily measure those metrics, you’ll get the data you need to continually improve your program.
As an added bonus, you can use this data to impress your boss about how well your channel program is performing. Without a dedicated deal registration solution in place, it will be much harder to share any specifics with your boss.
4. It brings the right tools to your channel program.
Marketers have tools. Sales leaders have tools. Engineers have tools.
Everyone has tools to measure performance and identify areas of improvement. Why should the channel be any different?
By investing in a deal registration solution, you’re giving channel managers the tools they need to do their jobs as effectively as possible. Not only will this help your channel program reach its full potential, but it will also make your team happier.
Who doesn’t like tools that make work easier and more fun?
5. It helps you generate more revenue.
At the end of the day, you don’t launch a channel program for the fun of it. You launch one because you want to grow your business, and the channel can be a great mechanism to help you do that.
With a purpose-built deal registration solution in hand, you can increase revenue by making the partner’s job easier and giving them more transparency into the process—which boosts the chances they will sell more.
Ready to build a stronger channel program?
A deal registration solution can have a tremendous impact on your channel program, but you can’t just implement a new piece of technology and expect fantastic results right away.
To learn more about what you can do to improve deal registration at your company, download our free e-book, Deal Registration Best Practices for Technology Vendors.
Questions about deal registration or where to begin? Drop us a line today.