Business development funds (BDF) and marketing development funds (MDF) are helpful for investing in your business and extending brand awareness, but a study by PartnerPath discovered that only 27 percent of vendors use their entire MDF budget. Not only is this a waste of funds, but it’s a waste of potential growth for your business.
Using your funds isn’t always simple, and knowing the best way to spend it to optimize ROI and enhance your business is a challenge – especially when you’re trying to do it alone. But, understanding and implementing these four strategies will get you off to a good start.
Search engine marketing (SEM) improves your search engine ranking with paid advertisements. It’s a simple but effective way of getting your message in front of your target audience. Ads can be adjusted using keywords and demographics, so you know your message is getting to the right people.
Making cold calls is tough – not to mention time-consuming, but you don’t have time to play the long game. By investing in a team of appointment setters, you can focus on closing deals instead of following up on prospects. Plus, your expert appointment setters know the best techniques for getting in the door and teeing you up for success.
Email campaigns are a great way to keep your brand in front of your customers and prospects. By creating campaigns that are timely, you can provide a reminder during a critical point in your targets’ life. Did the next WannaCry attack occur – causing massive data loss and compliance compromises? Send out an email about security software solutions and how your services help customers and prospects provide peace of mind.
From personal to professional, everyone uses some form of social media. By investing in your social media brand, you can get your business in front of your customers’ network. Whether you’re advertising to your network or announcing the latest services and updates, social media platforms help you interact with your target audience and entice prospects to use your services.
Knowing where to spend your BDF/MDF is part of the battle, the next step is working with an expert to determine how to best use your funds. As your partner, we can help you create a strategic plan for using your BDF/MDF budget to ensure you improve ROI and leverage your business for success.
For more information on optimizing your BDF/MDF ROI and how Marketopia can help you grow your business, contact us today.