As a business owner in the technology space, you’re almost certainly familiar with the concept of “Co-Funding” for marketing efforts.
Just in case you’re not, here’s a quick summary:
You win, they win, everyone’s happy! Or are they?!
Some Vendors, such as Microsoft and IBM constantly evolve and improve the support and assessment methodology through which they partner on marketing efforts. This is a boon for partners that have little to no dedicated in-house marketing and rely on 3rd party providers. You jump through some hoops to secure funding, but you’re protected from yourself in the process – you’re less likely to waste funds as you’ve demonstrated some pre-thinking.
Vendors sometimes adopt a “give-you-the-money-and-leave-you-to-it” approach. This works well for partners that have a mature marketing apparatus in place, or a long-established strategically-led partnership with a 3rd party marketing provider.
Some Vendors don’t seem to have any properly established program of support for their partners’ marketing efforts… all I can say is that there are reasons that Microsoft has experienced the resurgence and massive cross-solution growth that makes it the world’s most valuable company – certainly the most valuable in the B2B technology space – and that is in part due to the time they invest into partners…
Often people get very excited by co-funding, and why not? You work so hard for every dollar you earn that sometimes it’s nice to have some drop into your lap! But of course, this is not quite the case – Vendors that give you money expect you to work for it, and fairly so!
Assume a Vendor is suggesting a $30k cofounded campaign with the aim of generating increased sales of their technology. For clarity, that is $15k from you, $15k from them. Here are some of the ways you will have to work for your money.
The same way you’ve gotten where you have already – by knowing that there’s no such thing as a free lunch – you’ve got a great opportunity, but you’ll need to work for it or invest in people/ partners to do the work for you. There’s no way around it.
The reality is that most business owners forget that sometimes there might be far more lucrative ways for them to spend their time and money in the short term than chasing after Vendor co-funded dollars. Don’t let a bit of Gold Fever distract you too much!
But let’s assume it’s the right time for you to do something, here are some tips:
Whether you’ve done co-funded marketing before and thought it could go better, or whether you’ve never dipped your toe, then please reach out to us to see if we can throw an idea or two your way.
We guarantee you now, we can!
Most people fail at marketing not because they’re not across the latest psychological theory on selling, but because they don’t have fundamental marketing structures in place in their business. They think “Marketing” = “Google Ads & Facebook”. It’s not!
Complete our 3-minute Quick Marketing Assessment and find out where you stand with your strategy. You’ll get a bespoke report giving you a very high-level picture of where you could focus your marketing efforts.
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