What is deal registration?
Effective deal registration processes are a cornerstone of successful channel partnerships. They’re the mechanism that allows channel partners to claim ownership over a sales opportunity. As a partner manager, it’s a vital process to ensure that your partners can truly act as an extension of your internal sales team.
When partners register a deal with your company, they’re officially communicating that they’ve identified and are working on a specific sales opportunity. Here’s what usually happens:
- Partners submit a deal registration form to the vendor, detailing the potential client and the nature of the opportunity. This is best done in an automated partner relationship management platform.
- If approved, the vendor acknowledges the partner’s claim to the sales opportunity. This means they won’t allow another partner or their own internal sales team to close the deal.
- Often, the partner is granted an exclusivity period where they have the sole right to work on closing that deal.
- If the deal closes, that partner is guaranteed the agreed-upon commission, no matter who ultimately makes the sale.
Deal registration is not only about protecting a partner’s leads and preventing channel conflicts. It’s about building trust in your partner ecosystem and creating greater efficiencies across your sales process. A seamless deal registration process incentivizes partners to find and nurture leads for your company, benefiting both you and your partners.