Businesses are always looking to unlock new revenue streams, which is precisely why many leading technology vendors opt to open up channel programs. You get a team of committed partners who are essentially selling your products on your behalf. But not every channel program is the same. If you want to take your program to the next level, you need to implement deal registration.
What is deal registration?
Deal registration is the process by which partners register deals with vendors. When a deal is approved, the vendor gives them the partner exclusive right to close that deal over a specific period of time (e.g., three months). During this period, neither the vendor nor other partners are allowed to contact the prospect. This incentivizes partners by “locking up” an opportunity while reducing potential channel conflict. For these reasons, deal registration is often a core component of leading channel programs.What are the benefits of deal registration?
Deal registration delivers a number of benefits to channel program, including:- Increased visibility into revenue earlier. By deploying a system that makes it easy for partners to register deals, vendors can identify pipeline and forecasting earlier in the process.
- Reduced channel conflict. As companies grow with indirect teams, it is critical to ensure that channel and internal teams aren’t stepping on each others’ toes. Otherwise, partners are unlikely to stick around your program for long.
- Improved resource allocation. Knowing when and where deals are coming from allows vendors to plan accordingly and give partners the resources they need to close deals right when they need them.