October 1 marks the start of Q4, and now is the time for sales and marketing professionals to start getting their budget proposals ready for 2020. For channel account managers (CAMs), this is the best time of year to ensure they get the budget they need to make the sales team happy.
If you’re a CAM, don’t set yourself up for failure by not fighting for the budget you need. The last thing you want are fingers of the sales team pointing at you when the boss asks why they were unable to hit their sales goals by the end of next year.
So, with that in mind, here are some things to keep in mind so you can make 2020 the year of the channel marketing team by maximizing your budget.
Figure Out How Many Leads You Need
First things first, before submitting your proposal, you have to know how much money you’ll need to spend from your business or marketing development funds. The first step is to conduct an analysis to find out how many leads you need. This will help you figure out how many resellers you need to reach your goals. Based on your close ratio, how many meetings do you need to schedule to ensure you hit your mark?
Once you figure out that number, that’ll give you a starting point on how much BDF/MDF you need to set the sales team up for success.
Be Open–Minded to Third-Party Resources
One way to get the most out of your marketing budget is to utilize third-party resources. These outsourced marketing firms have the scalability, resiliency, redundancy and performance that your internal team does not.
Vendors are now starting to hire third-party businesses to take care of duties such as appointment setting. Turnover on an internal BDR team can hold a company back from consistently closing sales, but third-party firms are used to the turnover and have systems in place so they can continue meeting your lead-gen needs. Consider contacting a third-party firm to get a business proposal you can include in your budget next year and make your money go farther.
Don’t Let Your Budget Go to Waste
When submitting your proposal, remember, it doesn’t matter how much money you have at your disposal if you don’t use it all. The IT channel leaves $25 billion of MDF on the table each year, according to Channel Futures. Often, providers are overwhelmed with the vast amount of options they have on how to spend funds and end up avoiding sales and marketing in favor of other resources.
Promise yourself that you’re not going to let BDF/MDF money go to waste. One way to do that is to use third-party providers to help guide you on how to best spend your funds. Your third-party marketing firm can help advise you on which projects to spend funds to increase your ROI.
If you’re a CAM who needs assistance budgeting for 2020, let Marketopia guide you through the process. Our team of IT marketing specialists can help you plan the right projects to get the most bang for your buck. That way, you can provide the sales team with the leads they need, so you become the hero for your sales team. Contact us today to get started.
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