There are many industries that use some form of MDF, co-op, or local advertising funds. Whether it is manufacturing companies selling through dealers or franchisors selling through franchisees for example, these industries who don’t sell directly to consumers can find it challenging to get a complete picture of their customer at the local level. Fortunately, by effectively managing and tracking how local marketing dollars are being spent, you can gain marketing insights that you may be missing today:
Track how they’re spending their money.
Begin by taking a look at how local sales partners (dealers, franchisees, agents, etc) are spending their MDF funds and co-op dollars. Find which marketing channels (print, email, radio, social media, etc.) are used the most and what percentage of their budgets are going into each channel.
Evaluate most effective local partners.
Next, try taking a close look at your most effective sales channels and see what their marketing mix consists of. Are they spending more on traditional versus digital marketing? Examine trends to see what’s working and what’s not and if there are contributing factors to consider. Are certain marketing channels more effective in certain geographies? Is there a correlation between types of resellers and their marketing mix? All of this information is vital to understanding how to get the most out of MDF funds.
Share best practices.
Once you identify relationships between marketing channel mixes and successful sales partners, share that information to help underperforming partners drive better results.
Companies can fill in missing pieces in their marketing data by tracking MDF funds and turning that data into insights linking local marketing channels to sales success. Taking a look at how high-performing partners are spending their money and sharing best practices across your sales network can create better results and increase revenue. If it sounds overwhelming, know that there are local budget management systems available that greatly simplify the process. Uncovering the local marketing insights that are hidden in MDF funds spending data can be a great way to grow sales.