In order to manage a distribution channel properly, it is crucial to keep tab on how much the parent company and its partners have contributed to the sales. Otherwise, a lot of problems can develop and may potentially cause serious harm to the network. A well-oiled system is certainly the ideal way to accomplish proper management and avoid internal conflict. Such a system can be established with the implementation of a channel partner portal coupled by a CRM-integrated deal registration.
Deal registrations can be really beneficial for vendors or manufacturers, partners and end consumers when they are planned and executed well. They are programs that can deepen and widen relationships which would lead to increased loyalty and sales volume and decreased pipeline conflict.
Channel programs require certain elements which the CCI has pointed out in several white papers in order to succeed, and deal registration programs are no exceptions. The key elements are: establishment of business objective; conduction of market research; development of executable strategy; controls creation; simplicity and; education and communication. Each of these elements can yield advantageous results to a company.
Establishing a Business Objective. It is necessary to establish a business objective that must be mutually beneficial to all those concerned, and it must be clear, measurable, achievable and capable of inciting aspiration from all members. Once this is accomplished, then work on the program can begin.
Conducting Market Research. Talk to a CPA, the executive management and all other people who are knowledgeable about the field’s competition, end consumers, sales organization and other important details. It is also advisable to research on market laws, resources and other related elements. This will help clarify the need for a deal registration program and provide information on ways to achieve set objectives.
Developing an Executable Strategy. The developed strategy should be able to trace all the way back to the objective and should act as a map for program development.
Controls Creation. The Sarabnes-Oxley Act (Section 404) mandates internal controls as part of all financially based programs and include requirements on role separation and records maintenance.
Simplicity. Since all the other tasks and components are already complicated, it is best to keep things simple whenever possible. Some best practices for this include: creation of easy-to-understand program guidelines, terms, conditions and rules of engagement which specifies what constitutes a legitimate deal as well as what the company’s definition of each stage in a sales cycle; pay members at a predictable time and rate and; integrate a mix of offers with programs to empower everyone and make sales more effective.
Education and Communication. Communicating effectively with partners and other internal constituents and providing them quality education and training regarding all aspects of the program are critical to its development and management.
A common understanding is that if a channel dependent company uses a channel partner portal and offers a deal registration program, then the entire network would enjoy stability and extreme profitability. Since it is also a new concept, a lot of critics have pointed out its flaws. Only time and experience can truly guarantee whether or not it is going to be indispensable or not.
Author Resource:-
A computer graduate and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats and walk with them in the park with some dogs.
You may want to take a look at our Channel Partner Portal web page for more information and details or you may call us directly at 877 226 2564 (TOLL FREE).
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