Posted at Nov 1, 2018 10:23:00 AM by thatagency | Share
If you're not already familiar with the real power of the co-op ad, you absolutely should be. This form of advertising means sharing the cost between your company and your supplier. Why would your supplier want to foot the bill for your marketing efforts? It's simple. Their products are being promoted, and that can mean additional name recognition and sales.
It's a win-win, but if you're going to get involved, it can be tough to learn the ropes. These five tips will help you get started.
1. Use It Like Coupons In a Grocery Store
Just because you have a coupon for something in the grocery story doesn't mean you're getting a good deal. Co-op advertising can often be the same way, especially in the world of small businesses. Sure, a company could be offering you a reimbursement of 50%, but if it's going to cost most of your advertising budget to get that 50% back, it may not be worth it for your company. The entire co-op ad process starts with making wise decisions.
2. Talk to the Manufacturer
If you decide you want to get involved, make certain your manufacturer is part of that process. They need to approve every ad you produce, even those created by a high-level marketing company. Why? To get the funds you want for advertising, they expect certain requirements and standards to be met. Maybe it's a particular font in a print ad. Maybe it's X number of brand mentions in a radio or podcast ad. Whatever it is, though, it needs to go through your manufacturer before you actually release it.
3. Meet Your Needs Too
Many manufacturers will offer you a stock ad when you choose to enroll in their co-op ad program, but that doesn't mean you have to use it. Often these stock ads aren't quite as useful for local companies, so using it instead as a building block toward your own ad is typically a better idea. While you'll still have to have your customized version approved, the chances are good that you'll end up with better sales numbers in the long run.
4. Consider Building Your Own Opportunities
Another option is to build your own co-op opportunity with the manufacturer. For example, imagine that you create a new landing page for that brand in your web store. That may be a space the company is willing to pay for entirely, giving you a chance to push the product at very little cost to you. Your opportunities aren't limited to web pages, though. Maybe you produce a monthly publication for consumers or even a podcast. All of those could mean valuable ad space to manufacturers - and money back in your pocket.
5. Go Above and Beyond
Just because the opportunity doesn't exist yet doesn't mean you can’t make it happen. Don't be afraid to ask for a little extra if you go above and beyond for a manufacturer. For example, maybe you handle deliveries for your customers for that manufacturer. They may be willing to provide you with a delivery vehicle or custom graphics on your current vehicle.
Co-op ad strategies can be a good fit for your brand, and THAT Agency is an experienced digital marketing company that can help you maximize the usage of your co-op advertising budget. Contact us today to find out how!
Don't miss out on our free co-op tracking template. This Microsoft Excel workbook helps you keep track of the status of your co-op ads and keep an eye on your monthly and annual co-op marketing budgets: