Channel deal registrations are an important component in reducing reseller conflict and encouraging a more cohesive channel strategy. Central to improving the number and regularity of deals closed is introducing a Channel Partner Incentive Programme that rewards your best resellers for positive behaviour.
Competition for leads in the marketplace can be a challenge for even the most effective resellers. In order to protect channel partners from conflict, the deal registration process was introduced, and is now a vital part of many thriving reseller-vendor relationships.
A central part of increasing channel deal registrations and revenue is to introduce a Channel Partner Incentive Programme that encourages resellers to work towards your pre-set targets. This way, you can more accurately measure the success of your sales strategy.
A key way of increasing channel deal registrations is to introduce a Sales Incentive Programme.
What is channel deal registration?
This process involves a reseller informing their vendor about a market lead. The vendor will then afford this channel partner priority to target their sales within a predefined time frame. If your reseller doesn't close the deal in that time, competition for the lead is opened to other channel partners.
Channel deal registration reduces the risk of your partners competing for the same leads, and also lowers the chances of your own sales strategy clashing with your resellers'.
However, this process only works if channel partners are motivated to use the registration process and close deals within their assigned time. A key way to increase this motivation and the frequency of your closed channel deal registrations is by introducing a Channel Partner Incentive Programme.
Singing the contract doesn't normally happen at the same time as a channel partner registers a deal with their vendor.
The power of Channel Partner Incentives
Industry experts Successful Channels claims salespeople are often motivated by the present, making instant rewards for completing a channel deal registration an effective means to drive up the frequency of your closed deals. Incentives demonstrate to your resellers that you are invested in their performance and your brand integrity. This will make you a more desirable vendor to work with.
Successful Channels also identifies the issues that lie with delaying rewarding your channel partners. Depending on a number of factors, it can take from two to six months for the contract between your reseller and their buyer to be finalised, and many vendors wait until this point to empower their channel partners with rewards. In doing this, resellers have no motivation to tie up deals quickly, leaving potential channel revenue at risk if the deal collapses.
Incentive Foundation research suggests tangible rewards are more motivating in a sales environment. In a controlled experiment, sales teams competing for gift cards significantly improved sales over time, compared to minor increases when offered cash rewards.
Technology that helps manage your channel partners and raise sales offers users 48 per cent higher annual revenue than non-users.
Using an online Channel Partner Incentive Programme platform
Encouraging your channel partners to register more deals and drive higher sales margins can give you a significant advantage in the competitive UK marketplace. In order to best manage this incentive strategy, vendors should look to channel partner management platforms like the Incentive Programmes Power2Motivate UK can offer.
Our Channel Partner Incentive Programme is accessible on an easy-to-use platform, giving channel partners the ability to influence how they are rewarded and vendors control over the goals they set.
The Power2Motivate UK platform allows vendors to choose the ways channel partners can earn their points to be exchanged for prizes.
Resellers have access to our massive Global Rewards Gallery, with thousands of prize options to suit a number of individual tastes. From vouchers to electronics from big name brands like HP, there is something for everyone.
Vendors can control how their channel partners are rewarded using a points based system. Resellers can be rewarded for registering a deal and then be allocated more points for the deal actually closing. This way, your partners are incentivised to work within your sales strategy and feel rewarded for their hard work.
Aberdeen Group claims using channel partnership management technology encourages a 48 per cent higher annual growth rate of vendor revenue than non-users. Secure the effectiveness of your reseller relationship by deploying a Channel Partner Incentive Programme that will encourage the best from your channel partners.
Contact the incentive experts today to find out where to begin.