Creative ways to use MDF for partner marketing
As a partner marketing agency, we witness Market Development Funds' (MDF) impact in driving revenue and fostering successful partnerships. However, we also see instances where these funds aren't utilized to their full potential, or even at all.
A global study by ZINFI showed as much as 60% of MDF funds are not used every quarter. Seriously, 60%.
That's a ton of "free" money left on the table that can help you and your organization meet your goals and make the most of your partnerships.
In this blog, we'll delve into some tried and true as well as unconventional yet effective ways to leverage MDF that may be available to you for maximized return on investment, drawing upon our expertise in the partner marketing landscape.
First and foremost, collaborate
What’s the best benefit of MDF (besdies the fact that it’s cold, hard cash)? The opportunity to work hand in hand with your partners to drive mutual success.
Before you dig deep into forming marketing plans or spending the money on some of the tactics that we’ve outlined here, a great place to start is by having a conversation with your partners. What goals would they like to achieve? How can your join solution help get them closer to meeting those goals?
Many partners also assign MDF to specific areas and have established application processes in order for you to obtain them. Make sure you know the landscape, what the money is ultimately allowed and not allowed to be used for, and keep the partner you’re accepting funds from in the loop every step of the way.
This collaboration can go a long way toward making any tactic or program funded by the MDF feel more cohesive and ultimately improving performance.
Demand generation—a win-win for you and your partners
This may seem like a no-brainer, but sometimes, the most obvious answer still goes underutilized. MDF exists to help you quite literally develop your market (with a particular partner, of course), and there's no better way to do that than generating new leads.
Using MDF for media buys, content syndication, paid search, sponsored content, paid social, cobranded events, and more is a great way to get your brand in front of more people without spending more of your company’s budget. In other words, it’s an express lane to higher return on investment (ROI).
Our advice? Use MDF to create compelling cobranded content marketing campaigns that use a multi-touch approach toward demand gen. Surrounding your target accounts with various points of engagement will keep your brand (and your partner's) top of mind and can increase the likelihood of conversion. Plus, when done in conjunction with partners, you get the benefit of deeper brand recognition and trust.
Adding additional lead generation programs to your plate can seem daunting, which is why we'd be remiss if we didn't mention that using MDF to hire an agency to help you execute these programs is also an option. (Maybe it’s us? Hi, we're the solution, it's us). Agencies, especially those specializing in partner marketing programs, can help you craft joint value props, create content and creative assets, and go to market quickly and at scale—all while delivering key performance indicators (KPI) reporting that satisfies all partners' requirements. And for another shameless plug, learn more about some of the programs we've run like this here.
Rethink traditional MDF applications
While traditional uses like cobranded events and advertising have their merit, let's explore some additional creative ways to use MDF to amplify your partner marketing efforts:
1. Quality cobranded content and collateral
Co-create high-value content: Use funds to craft content your organization lacks that shares with buyers the benefits of joint solutions with you and your partners. Developing in-depth ebooks, white papers, or case studies showcasing successful collaborations and addressing customer pain points can help you better target your audience with content they can actually use, and it can help arm your sellers with more tools to close the deal. All parties win when it comes to content, as quality assets foster trust and establish thought leadership.
Interactive content experiences: Go beyond static content. Use MDF to develop more complex co-branded content assets and interactive tools like quizzes, assessments, or calculators that engage potential customers and generate qualified leads.
Explore new mediums: While video isn't new per se, it may be a new content asset type for you and your partners and can be costly to produce. Use MDF to help you craft a great story and produce a quality video that can be used in marketing campaigns, during events, and as part of the sales conversation by all parties.
2. Invest in partner expertise through training
Use MDF for partner sales and marketing training: Equip your sellers with the knowledge and skills to sell your joint products or services effectively. Consider creating personalized training modules or co-hosting internal webinars that keep teams informed and engaged in the partnership. Keeping everyone in the loop and updated with new and often exciting updates reminds key players about the partnership, how it benefits their customers, and how it can help them augment their sales.
Develop a cobranded certification program: Elevate your brand’s expertise by offering joint certification programs, enhancing your credibility and sales prowess. This fosters a sense of exclusivity and incentivizes sales and technical team participation. It ensures that those out there selling your joint solution know the latest and greatest when it comes to your product or service, and it gives buyers another point of trust.
3. Embrace partner-led community building:
Empower partner-led online communities: MDF can support you and your partners in establishing and nurturing online communities around your products or services. This fosters peer-to-peer learning, knowledge sharing, and brand advocacy amongst customers in groups, forums, or even marketplaces where you might invest the money into making your listing more interactive or incentivizing customer reviews.
Co-host industry events or webinars: Partner (see what we did there) to host industry-specific events or webinars, addressing pressing challenges and showcasing your combined expertise. MDF can cover speaker fees, venue costs, ad spend for promotion, or marketing materials, helping you attract larger audiences and expand your reach.
Essentially, your options are endless when it comes to using MDF from your partners. Well, maybe not endless; please do not use MDF to buy that sports car you've been eyeing, but for marketers, having a little extra budget can go a long way in a lot of different ways to add value.
Here are a couple of helpful reminders before you start making it rain:
Ensure your MDF-funded activities align with your and your partner's overall marketing goals and objectives.
Clearly define success metrics and regularly track the impact of your MDF-driven campaigns, making necessary adjustments for continuous improvement. Many large technology partners require specific metrics to disburse funds, so pay attention to the KPIs you need for each program.
Maintain continuous dialogue with your partners to understand their needs and challenges, tailoring your MDF initiatives for maximum impact.
We hope our ideas got you thinking about the best ways to use any MDF you may have from your partners this quarter and beyond! Looking for more ideas? We can help! Partner marketing programs are our knack, if you will. You can chat with our team here or join the conversation on LinkedIn.