Want to use MDFs in your business but are unsure of how to make the most of them? Read this before you continue.
Marketing Development Funds are an ideal way to create block financing for particular projects. They allow channel partners to sell your products by setting aside enough money to pay for their marketing materials when they first start selling for you. If you are in a co-selling arrangement as a product manufacturer, it can help you pay for initial sales, marketing strategies, and even help train sales associates in the niche requirements of your product.
With so many benefits to the company, it is no wonder that MDFs are used all over the co-selling world. In collaborative lead generation projects, MDFs allow budget allocation and funding per project. Let’s look deeper into the world of MDF marketing and see how you can make the most of it in your company.
Making the Most of Marketing Development Funds
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MDF funds are a valuable solution for reimbursing partners for training, marketing, and sales that build revenue. To make the most of your MDF, you can use it in a variety of ways. Here are some suggestions that will help you use your MDF to its full potential.
Webinars and Online Conferences
You can use this budget like a creative marketing allocation that provides you innovative new ways to reach the people you want to reach. For the business 2 business operation, which means webinars and conferences. These two areas are great ways to reach new collaborative audiences in the correct environment to cultivate growth. Used correctly, appearing at conferences and attending/offering webinars will establish you as an expert in your field. When co-selling, any expertise your partner has benefit you, too.
Use it for Pop Up Shops
Do you attend trade shows? Have you used pop-up shops as market research tool to test the efficacy of new products before? You could be using your MDF budget to do this research on pop-up shop stalls, at trade shows or industry relevant events. All you really need is the budget to rent a stall and the marketing materials you have for your collab project. After that, you need employees who can talk about the benefits of the co-selling project, and you are ready to roll.
Podcasts on Industry Expertise
Another way to innovative yet effectively increase the mutual benefits of a co-selling partnership, is to use the power of other media streams. We don’t just mean the podcast, but this is a good place to start. Many businesses have taken to showcasing their skills and knowledge through multiple media means. Think of YouTube videos, of Tik Tok content, and of guest blogging to exchange ideas and knowledge.
Using Every Cent
An ultimate thoughts top tip for making the most of a marketing development fund is to use every cent of it. As we all know, bigger businesses will reduce their budget allocations year on year if it isn’t all spent. Don’t forget to use up your MDF so you can escape the chop.