The Best Way To Use Market Development Funds : Technology
It’s coming to the pointy end of 2020, and many technology companies haven’t taken full advantage of Market Development Funds (MDF Funds) made available by large multinational technology company vendors.
The most successful channel partners always use their Market Development Funds (MDF Funds) wisely to generate leads and accelerate their business growth.
Vendors have become more sophisticated in who they choose to service their channel partners by ensuring that suppliers such as marketing companies and marketing technologies are not only working in the best interest of their channel partner, but they actually achieve results.
Robotic Marketer is this years’ must use MDF Fund allotment. It is a technology platform that combines marketing strategy consulting with the development of a strategic marketing plan.
It helps companies set goals, plan, develop, deploy and track their digital marketing strategy, keeping the channel partner and any third-party providers on track.
Why use MDF Funds
They are made available to you so that you can reinvest in marketing your company, improve sales processes and enter new markets. By using MDF Funds you will be able to partner with experts in the field of sales and marketing who are typically experienced in your technology solution or service, to build out your sales pipeline and communicate most effectively to achieve ultimately more sales.
Why Vendors provide MDF Funds
Vendors use channel partners to expand their reach. Many go direct but know their true potential is in the channel and to ensure that it is working most effectively, generating sales, the channel often needs guidance.
By carefully evaluating suppliers to channel partners, and where possible providing MDF Funds to help with marketing and sales campaigns, the Vendor is investing in the success of the channel.
Vendors who don’t invest in MDF Funds for their high growth channel partners are setting themselves up to be disrupted or to have their channel partners pouched.
Vendors also want access to the relationships, connections, and to foster loyalty that channel partners have developed in a regional or vertical furthering their sales and marketing reach.
Each Vendor has a different MDF Criteria
How MDF Funds are allocated is often down to the sales and marketing performance of a channel partner. What business does the channel partner bring to the business? How much revenue does the channel partner account for? Is the channel partner in a market where the Vendor is not a market leader? Is the Vendor selling a solution that is new to the product suite?
Ultimately what the Vendor is looking for:
- Increased revenue: Having a strategic plan in place that you can present or share with your Vendor Partner Manager is important to securing MDF Funds for your business. Many Vendors have criteria around how much revenue a channel partner needs to achieve to receive MDF Funds.
- Commitment to growth: Vendors are more likely to bring channel partners into various funded programs or provide specific MDF Funds for companies that are not only committed to growth but are taking actions to achieve goals.
- Committed to Vendors solutions: Vendors are looking for true partners and often provide 50% of the funding for sales and marketing initiatives. If you are marketing their solutions and actively seeking new deals, the chances are that they too will come to the party.
- Alternatives to events: COVID has killed the events industry so Vendors are looking for alternative marketing strategies. Make sure you have one.
Leveraging MDF Funds is easy if you know how to. Many channel partnership programs are choosing Robotic Marketer to help partners develop marketing strategies aligned with business goals.
If the channel partner has the right plan in place, they are ¾ of the way there.