Co-op marketing funds, or market development funds (MDF), can deliver exceptional results for vendors and channel partners alike. They can boost both businesses’ revenue and lead to stronger relationships that continue to yield results well into the future.
However, managing MDF programs can be complicated and costly to administer and it is not uncommon for vendors to report a lack of partner engagement.
Simply put, funds that are earmarked for use with partners remain unallocated and unspent.
In our experience there are two, often overlooked, ways to improve partner engagement with an MDF pool.
1. Simplify your co-op or MDF marketing program
If you mostly engage with smaller channel partners, there’s a chance they won’t have the resources available to set up and run marketing programs. Without a dedicated marketing team, it might be difficult for smaller channel partners to properly engage with each vendor’s co-op marketing programs to get the best results. This can mean a lower return on investment for your partner and your company.
Make your co-op marketing application, approval, and implementation program more attractive by deploying easily understood, more streamlined processes, as well as providing pre-approved marketing templates that your partners can simply update and use in their markets.
Simplifying your co-op marketing program will make it easier to onboard channel partners as well as track, monitor, and deploy marketing campaigns and activities.
2. Engage third-party services to support your channel partners
Working with third-party services to support your channel partners via dedicated marketing concierge services can help to streamline the marketing process for your eligible channel partners. It can also ensure your channel partners are promoting your products and services with high-quality marketing material, leading to better ROI and sales results for your company and theirs.
Working with dedicated channel marketing concierge services can help you to better support your channel partners by:
- working with each of your partners to create customised marketing programs designed and delivered by the approved concierge service
- continuously assessing and refining programs to ensure they reflect campaign insights and partner feedback as well as achieve the best ROI for both parties
- developing and executing highly targeted marketing campaigns in collaboration with eligible channel partners, with regular reporting on campaign success.
For more information about how dedicated channel marketing concierge services can help your business better support its channel partners, contact the Outsource team today.
