Leverage MDF, Diversity Initiatives to Drive Business Growth

Are you leaving money on the table? If you’re not tapping into marketing development funds (MDF) and diversity initiatives, you might be. Suppliers often allocate funds to their channel partners to drive sales and brand awareness, but many businesses −especially those owned by ethnic and gender minorities − miss out on this opportunity. It’s time to change that.

By understanding how to access MDF and utilizing diversity initiatives designed for minority-owned businesses, you can unlock resources to expand your market reach, create measurable outcomes, and ultimately grow your business. Here’s how you can make the most of these opportunities and present a winning plan to get access to these funds.

Why MDF and Diversity Initiatives Matter

MDF is financial support that suppliers offer to their partners, allowing them to run marketing campaigns, host events and create demand for their products. Similarly, diversity initiatives are set up by corporations and government agencies to encourage business opportunities for minority- and woman-owned businesses. Many suppliers have designated MDF programs specifically for diverse partners, as part of their commitment to fostering equity in business.

Participating in these programs not only gives you access to valuable resources but also helps you build stronger relationships with suppliers who want to see you succeed. And the best part? These funds are often underutilized, meaning there’s a huge opportunity for business owners to step in and take advantage of what’s available.

Related:Too Old to Close? Shattering Ageism in Tech Sales with the Power of Diversity

Step 1: How to Inquire About MDF and Diversity Programs

To get started, you’ll need to be proactive in asking suppliers about the MDF and diversity programs they offer. Many companies have MDF opportunities hidden in plain sight — waiting for a partner to ask for access. Here’s a simple, step-by-step approach to inquiring about these programs:

1. Identify your supplier relationships: Make a list of your current suppliers or any you’re planning to work with. Large corporations, in particular, are likely to have MDF programs.

2. Contact your channel manager: Reach out to your channel manager directly. Ask them specific questions like:

In my experience, many channel managers are not aware of these opportunities. I recommend asking your channel manager for the contact information of the VP of marketing. They might not have an official program but could be very receptive to your proposal.

Related:DEI and Workforce Management: Why It Matters for CX and EX

3. Research diversity certifications: Many diversity programs require businesses to be certified as minority- or women-owned. Check whether you need certification, and if so, apply for it through recognized entities like the National Minority Supplier Development Council (NMSDC) or Women’s Business Enterprise National Council (WBENC).

4. Professional Organizations: Reach out to professional organizations like Xposure, which might be aware of opportunities in the channel for MDF.

Step 2: Presenting a Winning Sales Plan

Once you’ve inquired about MDF and diversity opportunities, the next step is to present a well-structured sales plan that makes it easy for suppliers to say "yes." Remember, MDF isn’t just free money — it’s an investment your supplier makes in growing your mutual business. Your job is to show them how their funds will translate into measurable results.

Here’s how to craft a compelling plan:

Related:Respecting Pronouns in Business: A Key to Identity and Inclusivity

Step 3: Diversity Initiatives for Minority- and Woman-Owned Businesses

Diversity initiatives are specifically designed to provide opportunities for businesses that are often underrepresented. These programs not only offer access to MDF but can also open doors to new business partnerships, contracts and networking opportunities with major corporations. By participating in these programs, you can build strategic relationships that propel your business forward.

Here’s how to tap into diversity initiatives:

Bringing It All Together

Maximizing your opportunity with MDF and diversity initiatives requires a combination of proactive outreach, a clear strategy and measurable goals. By crafting a detailed sales plan that outlines how you’ll use MDF to drive business growth, and leveraging the support of diversity programs, you can position yourself as a valuable partner to suppliers.