Recognizing the foundational blocks
In my experience, the ability to plan, pivot and execute is what sets companies apart. Successful organizations can look ahead to both potential challenges and opportunities for growth. Being nimble, or having the ability to pivot, allows an organization to course correction its strategic initiatives during the execution phase. Hitting your target is not only a fiscally responsible objective, it breeds confidence and high performing teams. High-performing organizations in the high-tech industry can leverage their market development funds (MDF) in such a way to achieve the highest possible return on their investment. How do they do that? Let’s start by looking at three key principles:
Insight to customer behaviors
Strong channel marketing programs are developed with customers’ insight. The standard is now to have analytical tools that suggest which programs to launch, when to launch it, at what price and which incentive will be the most effective. As a high-tech manufacturer, not only are you a producer of technology, you’re also a consumer.
Proven financial practices
From budget setting, to budget allocation/program definition, to timely partner payments and budget reallocation, successful organizations have put systems in place to gain visibility on how their budget is used throughout the entire process.
Delightful channel partner experiences
The performance of channel incentives programs is proportional to the quality of your channel partners’ experience. Are your partners excited about working with you? Do you have the tools to efficiently onboard partners and communicate the value of selling your products first? Do you have the technology to make it easy for them to do business with you? Organizations who are passionate about the success of their market development fund (MDF) programs do.