Learn How to Get the Most Out of Your Market Development Funds Programs
A Correct market development funds strategy can skyrocket your product into a flurry of riches. Promotional allowances are not only underutilized, but they’re also poorly designed. These promotional programs are overflowing with disorganization, vague requirements, erroneous (submitted) claims, long approval processes, and are overall, ineffectively produced.
But shouldn’t your B2B incentive program be…an incentive? Shouldn’t your lucrative reward actually provide profit to your business? Hopefully, your answer is a resounding yes!
A market development funds strategy should provide immense opportunities that relay transparency. Your MDF strategy should work to further a productive relationship between you and your channel partners.
Implementing your Market Development Funds Strategy
1.) Simplification Thru Modernization
The traditional method of the Co-op or MDF process is an outdated practice. However, thanks to advancements in computer software, automation can completely reconfigure the way Co-op/MDF dollars are managed.
When you streamline your incentive program(s), you create a tangible platform that not only helps to add accuracy but also establishes a transparent two-way relationship (between you and your partners) that actively updates/tracks program data and (sales) cash flow.
Traditionally speaking, most incentive programs are managed via a straightforward approach, rarely permitting access to customization or flexible features into a specific program. But as market competition continues to develop, and media opportunities come and go, sometimes tailoring your Co-op/ MDF strategy is a necessity in order to obtain a fruitful ROI.
Prospects may come into play as well as exclusive opportunities. Therefor, adjusting an allocated program so it can be tweaked and/or modified (in order to be effective) is an imperative component to you and your partners’ success.
3.) Be Strategic in your Program Design
Sure, providing monetary benefits (thru incentive programs) to your channel partners has numerous advantages to your brand as well as your channel partners’ business. But implementing a program without a clear and concise plan can prove costly, especially when that’s coupled with today’s ultra-competitive, diverse marketplace.
Employing a “one-size-fits-all” approach instead of taking into account individual economies, targeted demographics, competitors, and basically anything that makes a specific territory unique may prove to be an ineffective strategy.
4.) Be a Resource to your Channel Partner
Like you, your channel partners are busy.
Running a business, especially for non-national, “long-tail” or entrepreneurial dealers is extremely tiresome. The task of running a business may take partners’ focus away from the incentive program you provide.
Ultimately, the less likely your market development funds strategy will become a priority if your channel partners’ hands are tied. With that in mind, the more you do for your channel partner, the more likely your incentive(s) will seem beneficial and feasibly attainable.
Make things easier for your dealers by offering pre-approved customizable media placement opportunities. Sure, you may have to allocate more of your resources to find where to place your clients’ advertising. This tactic, however, will come as a dramatic benefit to your channel partners.
Ultimately, your Co-op/MDF program should clarify the channel incentive process, not complicate it. By utilizing our state-of-the-art automation technology, you will have the pre-engineered tools to allow you to easily customize program guidelines and navigation features while maximizing efficiency within your channel.
Computer Market Research (CMR) delivers cost-effective, Co-op/ MDF applications to channel organizations across the globe. CMR aims to assist these organizations in managing channel data, optimizing trade promotions, and building effective distribution channels. With over 32 years of industry experience, CMR’s innovative solutions convert data into intelligence.