Co-op marketing is beneficial to independent industrial distributors because it allows you to market your products at a lower cost. Product suppliers will opt for co-op marketing because both the supplier and the retail business benefit from the marketing plan and therefore share the cost of advertising.
Still, co-op marketing isn't necessarily problem-free despite its value. That said, here are a few tips you can use when utilizing co-op advertising.
Get approval prior to placing advertisements
Although your co-op marketing plan consists of cooperative advertising, you'll want to have each ad approved prior to placing it to make the most out of your co-op plan.
This is because many product suppliers will have co-op requirements that you'll need to meet as a retail business to receive your co-op reimbursement.
Although it's a little extra work, it's always a good idea to have an ad approved before you place it. Not only because you're making sure you're meeting the co-op requirements, but also because it puts you in good standing with your marketing partner.
Customize your advertisements
Some suppliers will offer distributors the choice to use stock advertisements. These can be easy to place, but they don't necessarily fit or represent your customers.
With that in mind, customizing your advertisements or other marketing initiatives to better suit your target audience. After you've customized them, have your custom ads approved as mentioned in the previous tip.
Don't let your co-op opportunities drive your marketing
Co-op marketing can help your business save money on marketing, but it's not a good idea to let it drive your marketing altogether.
Make sure that your co-op marketing opportunities are only taking up a part of your budget and that you're reaching out in other areas of marketing, too. The more ways you're able to reach your target audience, the better.
Need industrial consultancy services to help with your co-op marketing?
Co-op marketing funds are a great way to reach a specific audience without taking a major marketing risk. But $14 to $35 billion dollars in manufacturer co-op marketing funds go unclaimed every year. This is because it can be difficult to figure out how best to manage your distributorship’s co-op marketing funds.
Fortunately, the industrial consultancy services of Rivet|MRO can help you navigate your co-op marketing plan to ensure your marketing is done right. To learn more about how our industrial marketing agency can help you, contact Rivet|MRO today.