Your channel program partners might help you make money, but they absolutely do not work for you. The most effective partners can participate in practically any channel program that aligns with their expertise. They’re salespeople who are interested in what salespeople tend to be interested in: closing deals and making money.
That being the case, you need to do everything you can to make sure your program stands out from everyone else’s. One way to do that is by making sure your deal registration solution is optimized. With an optimized deal registration solution in place, it’s easier for partners to sell your products—which means that it’s easier for them to get paid.
With all this in mind, let’s take a look at four of the main benefits of optimized deal registration.
1. It takes the burden off of partners.
One of the primary reasons deal registration programs don’t reach their full potential is that partners have to jump through a number of hoops to move deals forward. When partners are working with multiple vendors, this problem gets even more complicated because they have to hop between several portals to do what’s expected.
An optimized deal registration solution eliminates these burdens altogether. With such a solution in place, partners suddenly have access to a central portal that enables them to easily register deals and update statuses from one location. This portal allows partners to register multiple deals with multiple vendors faster, helping them reclaim time they can then invest in other important areas of operations.
2. It gives partners the tools they need to succeed.
Imagine an accountant who doesn’t have a calculator. Even if they’re a math genius, chances are that they won’t have an easy time tackling complex equations with any sense of urgency and that their work will be riddled with errors.
The same concept applies to partners who have clunky deal registration tools that make their job harder.
On the flip side, when you give partners access to tools that allow them to easily identify and resolve bottlenecks and work more efficiently and effectively, they can perform to their highest potential. In turn, this helps your channel program drive more revenue.
3. It enables you to communicate with more urgency.
One of the biggest drawbacks partners experience with channel programs is the absence of effective communications from vendors. Once a deal has been registered, it’s not uncommon for partners to essentially hear radio silence from that point forward.
With a robust deal registration solution in place, partners and vendors alike can keep their fingers on the pulse of the status of every deal. By leveraging automation, you can automatically nudge partners at appropriate intervals to remind them to update deal statuses and let them know about other important details.
4. It gives you the data you need to continuously improve.
There’s no sense in guessing what your next move should be when you can instead let data guide the way forward. Leading deal registration solutions give you access to the data you need to consistently optimize and improve your channel program and deal reg workflows.
For example, you can track the number of deals registered and close ratios to determine whether you’re trending in the right direction over time. You can also track revenue per partner and channel attrition rate to learn which partners are performing best for you and see whether participants are becoming more or less engaged with your program.
Armed with that information, you can determine whether you need to further incentivize partners or whether the status quo is working.
It’s time to invest in an optimized deal registration solution.
A top-tier deal registration solution has the power to transform your channel program. But that doesn’t mean you can invest in any old solution and get the results you’re aiming for.
Vartopia is uniquely positioned to take your program to the next level. Schedule a demo today to find out how.