Would you believe it if I told you that you are missing out on the chance to market your business for FREE? It’s true. Let me tell you what you could be missing out on!
Retailers, have you taken advantage of your co-op dollars for the year yet? Cooperative advertising is an agreement between a manufacturer and a retailer to share advertising costs. Most manufacturers offer some sort of compensation and often all you have to do is ask! Co-Op marketing is mutually beneficial, bringing awareness to your company and the manufacturer’s specific products. In most cases, time is running out before the next fiscal co-op year. And, most co-op agreements state that the advertising has to be placed and completed before the end of the year! Don’t leave money on the table, so plan your spending today!
Co-op policies differ from manufacturer to manufacturer. Typically, they will underwrite for 30-50% of retailer advertising costs, though contributions from 75-100% aren’t uncommon. A manufacturer’s contribution to your advertising campaign can range from a large amount of money to promotional gimmicks and point-of-purchase displays.
Wondering how to get the most out of your co-op dollars? Check out these tips from Entrepreneur’s Small Business Encyclopedia:
- Keep careful records of how much you’ve purchased from each supplier.
- If you try something unusual, get prior approval from each vendor before proceeding.
- If you’re preparing your own ads, work with an advertising professional to prepare an ad you think will appeal to the manufacturer. Keep in mind the image the manufacturers present in its corporate ads.
- Make sure your company’s name stands out in the ad. Your goal is not so much to sell the supplier’s product but to get customers to your business.
- If a manufacturer has no established co-op program in place, pitch your ad campaign to the vendor anyway.
- Expect vendors to help out; after all, you’re bringing them business. If your vendor doesn’t offer co-op advertising money, you should look for another vendor who does.
- Be sure to follow up. Money goes only to those who submit claims.
At TRIO, we have executed numerous marketing campaigns for clients, that are refunded 100% by the manufacturer! Why not spend FREE money to market your business? Most of the time, it is a “use it or lose it” scenario, so happy spending!
