The accelerated moves towards digital transformation driven by the pandemic has created new opportunities for channel partners to work as trusted advisors with their customers. A strong relationship between vendors and channel partners can be vital to success, and MDF campaigns can help to strengthen relationships.
MDF lets channel partners deploy marketing campaigns to benefit both the vendor and the partner. Getting MDF programs right requires a big-picture approach, and an understanding of what partners need to do to expand the market for the vendor’s product or service.
Every dollar of MDF left on the table is a wasted opportunity, which lets competitors gain ground and acquire customers that should have been yours. In reality, it can be a challenge for vendors to use MDF as effectively as possible.
There are three main ways to ensure MDF programs help vendors and channel partners to reach their goals:
1. Choose your strategic partners wisely
Selecting the right partners is essential for strategic growth. It’s important to choose partners that will take full advantage of a tailored MDF program. Vendors should consider partners with similar long-term goals and visions, or mature partners with existing strong market resources. By working together and nurturing a variety of different types of partners, a relationship can flourish and produce significant benefits in the future as the two teams continue to work together to grow.
2. Define the project plan
A clearly defined plan makes reaching the goal much easier. Having a project plan decreases stress, inspires confidence, and drives communication. These are all essential factors for a high performing team. After selecting partners carefully, it’s important to make sure both the partners and the vendors can follow a dedicated MDF timeline so campaigns can be successfully implemented, monitored, optimised, and measured. Regular communication is important, as is tracking and monitoring all working components to make sure the project is moving ahead according to milestones and goals.
3. Track the performance
Benchmarking is important to clearly understand campaign and partner performance. Benchmarking increases efficiency, helps to define business goals, provides new opportunities for discovery, and increases partner motivation. It’s paramount that vendors clearly understand the industry benchmarksand track individual programs.
MDF programs can be complex to manage, so it’s important to have a clear understanding and appreciation of the goals and expectations. Recognising the considerations before developing a MDF program goes a long way towards achieving long-term goals. This whitepaper will help you further understand common challenges and considerations to maximise MDF program results, as well as how to address pain points with viable solutions.
For more information on how to better support your partners and leverage MDF programs for greater business growth opportunities, contact the team at Outsource today.
