In order for your channel community to thrive, they need your support.  One of the best ways you can do this is by helping to bolster their marketing initiatives.  This may include infusing market development funds, providing marketing content, and taking a more hands on approach to their overall strategy.

MDFs Instead Of Co-op Funds

Distributing MDFs instead of co-op funds is a much better option, as partners will have time to strategize prior to launching their marketing initiatives. This is favored over co-op funds as they show a higher ROI and are not just a refund on previous marketing efforts where the vendor may not have had any influence or input.

Simple Application

It is important to simplify the application process and make funds easily available so that partners are not discouraged from applying for them. Often times partners leave potential funds on the table due to long, drawn out application processes that interfere with their daily operations.

New Initiatives

Make sure your appropriated funds are used in addition to current marketing efforts, not to subsidize or discount programs already being implemented. MDF funds are meant to enhance marketing programs, not cut the cost of current initiatives. Detailed analytics and tracking will be needed in order to ensure proper use of funds.

Establish KPIs

Establish key metrics for analyzing ROI on marketing efforts and adjust future available funds accordingly. Ensuring your partners are using MDFs appropriately and effectively is a top priority and detailed tracking will allow you to identify ineffective practices as well as those that work well.

Trade Shows

Designating separate funds for trade shows and conferences will allow you to get a better sense of the success of individual marketing efforts. Trade shows can be effective marketing ventures if they are well planned and your time is used efficiently, but ROI can be tough to measure. As such, these funds should be accounted for separate from your traditional MDFs.

Paid Advertising

One truly effective way of maximizing MDFs is to bolster your partner’s paid advertising budget. Many small companies lack the resources for paid ads and depend greatly on organic means to generate leads. A bump in available advertising dollars can bring more interested and qualified leads in front of your channel partners.

PRM System

Utilizing a partner relationship management system to coordinate funds and analytics for multiple partners can help you keep track of the successes and failures of your partner’s initiatives and determine opportunities for improvement. These types of systems allow you to show clear ROI and can help you identify marketing practices that are having the most success within your channel.

Agency Referrals

As a vendor you have a great deal of experience marketing and selling your product lines. This makes it a great idea for vendors to refer partners to specific agencies for marketing services and tools. Having a reputable marketing company to help organize and implement campaigns will help smaller companies that lack the resources to perform these strategies on their own.

Packaged Strategy

Pre-packaged marketing strategies give partners a clear roadmap to success and give vendors greater control over how MDFs are spent. Additionally, offering rewards to partners for completing all tasks associated with a packaged campaign provides incentive for them to follow through with the initiatives set before them.

Inbound Marketing

Inbound marketing is an effective way of building a long-term pipeline for your channel partners. Leveraging techniques such as blogging, premium content development, email marketing and social media marketing can greatly enhance your partner’s visibility and provide consistent, trackable ROI for years to come.