Incentivizing partners with market development fund
Technology is the key to digital transformation, regardless of a companies industry, geography or size, and customers needs are evolving as rapidly as new tech trends. So, how do you ensure that your client’s are constantly innovating and adapting to these ever changing customer needs along with having the competitive edge in this digital world?
Enter our Market Development Fund – designed to help you drive growth, reach more sales and make unlock the untapped potential of new markets.
A recent study from Accenture said: “To win partner mindshare and for future growth, companies must co-innovate, co-invest and collaborate across the ecosystem.” The key being – as partners not only do we collaborate together but also make financial investment for mutual business success.
How our MDF ensures business success?
Our Market Development Fund is shaped to tackle three main challenges
- Motivating and being front of mind for the customer facing teams
- Creating demand for our joint value proposition
- Ensuring teams have the knowledge needed to sell our joint value proposition
Let’s get into more detail on how we tackle each of these:
Motivating and being front of mind for customer facing teams
We understand for many of our partners including system integrators, value-added resellers, telecoms and others, are looking for a partner program that are not just opportunity-based but strategic. And understand the value the joint value proposition can deliver.
Hence, we work closely with customer facing teams to challenge the current status quo via our MDF.
How does that work? If you are looking at our contact center solution, Conversation, we can co-finance all the sales related to it in Q4 with a fixed bonus of Euro 1K. In addition to our bonus system, we also dedicate our sales and presales team to support partners in acquiring clients, and have all the sales toolkits available over our Partner Portal.
Creating demand for the joint value proposition
Through our MDF we can support both awareness and demand generation activities.
Under awareness, we can work together on PR amplification, events, thought leadership articles and similar activities.
On the demand generation side, we can work with you to finance digital campaigns (think of Google Ads, ABM campaigns etc.), content (including eBooks for specific solutions or verticals) or events and sponsorships, with the goal of collecting leads.
You are not alone here. Along with your dedicated Partner Manager, you also have a Partner Marketing Manager who will work with you to share best practice on how to get leads. On our Partner Portal we also have a “campaign in a box approach”, where you can take existing campaigns and reuse them for your own needs.
Enabling your customer facing teams around a joint value proposition
One of the key challenges every partnership has is getting stakeholders to understand the value a partnership brings. To tackle this challenge we have built a certification program for our partners where different stakeholders can get the specific knowledge they need to do their job. Sales and marketing will learn about positioning, competitors, discovery questions and pricing, while your tech teams will learn about API implementation and product setup.
We also have a short high level course that provides a general introduction to Infobip as a company and its use cases, these can be taken by any relevant stakeholder in your company ( for example legal or sales operations).
How does the Market Development Fund work in practice?
- Have a business plan
The business plan outlines the low-hanging fruit that will speed up our time to revenue and validate the joint value proposition. We also define the plan for certification of customer facing teams
- Have a marketing plan
When we jointly create a business plan, we have the foundation to create a marketing plan. The marketing plan includes goals, awareness, and lead generation activities.
- Approval of content
Once we have the plan ready and approved you can start with developing content and material required for the activities. All the materials you create need to be approved by the partner manager before they go live.
- Execution of the activity
After content approval, we get to the execution of the activity. Within 30 days of the activity ending, we need to evaluate the results and see if we need to optimize anything for the next time.
- Reimbursing the invoice
When the ROI report is submitted, the final step is to reimburse you with the agreed amount.