What are partner investments?
Partner investments refer to the resources that you allocate to support and empower your strategic channel partners. Think of it as setting up your partners for success. You’re not just handing them a product and saying, “go sell this.” Instead, you’re investing in them, providing them with resources, tools, training, and support that grows your mutual partnership.
Partner investments demonstrate your long-term commitment to your partners’ success, and in turn, encourage them to invest their own time and resources into supporting your brand. By investing in your partners, you’re fostering a symbiotic relationship where everyone grows faster, together.
Some common examples of partner investments include:
- Market development funds (MDFs): Providing financial assistance to partners for marketing activities such as advertising, events, and campaigns aimed at expanding your market.
- Co-op advertising: Sharing the cost of advertising campaigns on behalf of your partners, often featuring joint promotions or co-branded materials that benefit both parties.
- Training and education: Investing in partner training programs, workshops, and resources to ensure your partners are knowledgeable about the company’s products or services, industry trends, and best practices.
- Sales enablement tools: Offering your partners access to sales tools, such as customer relationship management (CRM) systems, sales collateral, and product demos, to help them sell more effectively.
- Technical support: Providing technical assistance, resources, and expertise to help partners integrate and support the company’s products or services effectively.
- Market research: Sharing market insights, data, and research with partners to help them understand market trends, customer needs, and competitive landscapes.
- Product development collaboration: Collaborating with partners to co-create or enhance products or services, leveraging their expertise and insights to meet specific customer demands.
- Incentive programs: Implementing reward programs or performance-based incentives to motivate partners to achieve specific goals or objectives.
- Dedicated account managers: Assigning dedicated account managers or partner relationship managers to provide personalized support and guidance to partners.
- Infrastructure and technology: Investing in technology platforms or infrastructure that facilitates partner collaboration, communication, and efficiency, such as partner relationship management (PRM) software.
- Compliance and certification support: Assisting partners in meeting industry standards, certifications, and compliance requirements, which can enhance their credibility and marketability.
Partner investments are crucial for building strong, mutually beneficial relationships with your partners and driving business growth through collaboration and support.