To make sure you don’t waste another dime on misallocated MDF spend, you need to prioritize the partners that will generate the most revenue. Usually, funds are allocated regardless of whether the partner will be a top producer or not. Companies simply don’t have the hard data they need to identify the partners that could generate the highest returns. With PartnerTap, companies can get the actionable data they need to prioritize MDF investments by measuring the pipeline generated through each company’s partnership activity.
Use PartnerTap to Prioritize MDF
When prioritizing your MDF, you need to know which partners should receive the most resources. Unfortunately, most partner marketing teams struggle to develop targeted lists for each co-marketing campaign because they lack up-to-date target accounts. With PartnerTap, partner marketing teams can create a hyper-targeted list of accounts to go after with each partner and make sure that the right account owners are brought into the loop.
Dave Dyson, the CEO of Eclipse, put it simply in an interview with Channel Futures when he said, “is it recruitment of volume, or is it getting to the people who actually can and will sell your stuff? That’s the question the vendors have to ask.” Those are the partners you want to invest your Market Development Funds into because they will generate the most revenue.
PartnerTap takes the guesswork out of MDF investments. With PartnerTap, you have all the data and analytics you need to understand which partners are your top producers and which ones you should invest more money into. The process is simple.
All that’s required is:
- Getting lists of customer accounts from your partners, and identifying their strengths by segment, industry, and region.
- Asking partners to share prospect accounts with you so that you can identify a list of good-fit mutual prospects to target with MDF.
- Informing the account owners of the mutually prospective accounts to target for upcoming campaigns and events.
- Prioritizing MDF for those prospective accounts.
With this clear vision into your ecosystem of partners, you can easily identify which of your partnerships have the best market fit. PartnerTap makes it easy to bring all the partner-enriched account data into your CRM where teams can then run reports that generate higher results.
Use PartnerTap to Measure Pipeline Sourced and Accelerated with Partners
PartnerTap can track your opportunity pipeline and show you which partners are sending you the most opportunities. Tracking revenue and activity metrics are the best measurements of partner performance. Inside of PartnerTap’s opportunity reports, you have a list of all the new opportunities created by your partners.
Tracking your partner’s performance keeps you from misallocating MDF. Using analytics to prioritize Market Development Funds to your top partners is critical to a company’s success. Using the right data, marketers can create win-wins within your partner ecosystem by creating co-marketing campaigns targeted at the accounts that have the highest propensity to buy.
The world of partnerships is changing and the number of tools to track and measure our channel programs is constantly increasing. A recent article by Allbound put it perfectly, “You have the highest likelihood of success when you base MDF allocation on hard numbers.” If you want to be successful, you have to analyze your channel program and identify which partners are producing the highest ROI.
Final Thoughts
It’s time for companies to rethink how they allocate their Market Development Funds. Companies must learn to leverage the proper data and analytics to identify which partners are the best fit and generate the most revenue. A tool like PartnerTap will help you identify your top-producing partners and track their performance for you, so you know exactly how to allocate your funds.