If you’re in one or more vendor Partner Ecosystem, then you’re familiar with the joys (and pains) of these programs. Each vendor has a unique approach to their partner universe, with each providing a combination of support, education, self-serve resources and tools, as well as “co-marketing dollars” for partners to use to generate demand.
The focus on partners is core to vendor success, as partners contribute as much as 73% of all business tech sales, according to the experts at Canalys.
In our benchmark study “Impact of Co-marketing resources on Business Success,” we’re identifying key benchmarks in how partners use these resources to enable them to optimize their program.
What Are Some Easy Ways To Use Co-Marketing Dollars?
Most partners surveyed indicated receiving co-marketing dollars to help with demand generation. However, the research also shows that only a relatively small percentage use those funds. In a recent live event poll, where more than 30 Partner executives attended, BeTechly discovered that "lack of ideas" and "lack of staff" are common challenges Partners face when it comes to using their co-marketing funds.
According to the experts at Change3, here are three of the easiest and most effective ways to use $5K or more of co-marketing funding:
Use new Account-Based Marketing tools which will give you visibility into which companies are visiting various pages on your website - particularly those from digital campaigns. This will give both your sales and marketing departments a boost of information to act on, as well as an on-ramp to build contact lists, improve targeting and take action with regard to nurture and progression activities. The experts at Change3 offer this service for less than $500/month. Use BeTechly's complimentary Expert Connect service to schedule a demo.
Send a Treat (like a cookie with your logo) to Warm Prospects. Everyone loves a free treat and a custom-baked royal iced cookie with your message is a great one to provide. You can coordinate this type of postal outreach campaign yourself or work with an agency. BeTechly can help you get connected to cost effective providers.
How Do Partners Commonly Work With Vendors?
Partners work with multiple vendors in a variety of ways, but our research shows that “bundling” vendor solutions with their own is the most common way that Business Partners go to market, as opposed to straight resell or building on top.
What Are Partners’ Top Benefits From Co-Marketing Programs?
Overall, Partners indicate that vendor resources play a key role in expanding their offerings, with those that bundle being most likely to indicate this.
In addition, the top three resources that most partners indicate using across vendors are:
Interestingly, only 20% of the partners in our benchmarking study indicated using co-marketing dollars, which are funds that vendors provide to partners to pay for demand generation activities.
What Are Partners’ Top Challenges From Co-Marketing Programs?
The challenges partners indicate vary greatly, but the most commonly cited was “integrating activities.” This refers to being able to craft strategic marketing programs from varying vendors, with varying resources that usually have different terms and conditions.
Following this, partners also indicated the challenges listed below:
Overall, our research shows that co-marketing programs are helpful to partners, but there continues to be room for improvement – particularly as it relates to administration and compliance with program rules.
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