Benefits of Co-Op Marketing
When money is tight, it’s important to exhaust all possible options for your business. Even if your business thrives, there’s nothing to gain but excellence from implementing smart business practices. Cooperative marketing is a way for manufacturers and their retailers/distributors to form a bond of mutual gain. If your business works with a manufacturer, it’s important to consider this as an option. Depending on your sales, your hookup may be willing to literally “hook you up”. Let’s talk about why.
So, you’re probably wondering, “what mutual gain could I find with my manufacturer other than the already in place factor of them providing me with products and me selling them?” Well, it’s an extension of exactly that. With cooperative advertising, your manufacturer will chip in a portion of advertising costs, whether SEO, PPC, or print, and you’ll both benefit from the increase in sales. This doesn’t necessarily mean that your manufacturer will pay for all of your advertising, but, depending on your relationship, it very well could!
Are There Downsides?
Short answer: Yes. In some instances, you’ll be dealing with a manufacturer that has a restrictive program. Although it’s important to factor co-op marketing into your advertising budget, it’s also important to understand that this could limit the style of your advertisement. It’s also possible that your manufacturer won’t chip in as much as you’d like, but hey, free money is free money. Overall, the positives massively outweigh the negatives, which is why this is a prevalent tactic for most retailers in most industries.
What Are My Best Chances?
Cooperative marketing always goes to the retailers that are diligent and communicative. You need to stay on top of your advertising methods in order for this to happen; let’s discuss a few useful tips. For one, you should always be carefully documenting the amount purchased from your supplier. You want them to know that your relationship is truly symbiotic. That means, if you want to try out a new or risky ad, you need to first ask for approval from your manufacturer.
A huge issue, and we cannot stress this enough, is to not tough this out alone. Advertising is an industry in and of itself for a reason; you need professionals to help you. Without their help, you risk utilizing poor tactics and dealing with the fallout. Hot tip: Always keep your business’s name as the focal point of your advertisement. You’re not trying to sell your manufacturer’s products as much as you are your own brand. That way, people will come to your brand for your manufacturer’s products, and the win-win of cooperative marketing will be standing right before your eyes.
If your manufacturer doesn’t have any sort of co-op program, that’s no reason to back away. You can still pitch your campaign; many businesses will be receptive to the idea of further sales. In a way, they’ll still be paying for their own advertising through your business, so don’t hesitate to ask. Lastly, always follow up. Make sure that they know you’re serious about your business; they’ll be less inclined to dish out money to anyone who isn’t actively trying to acquire their help.
What Could I Use It For?
Well, the obvious use would be towards your advertising and any creative expenses. It’s important to consider this an actual factor in your entire marketing plan; you should be including the expenses that you’ll gain through cooperative marketing (when you know what they are) when making advertising decisions.
An obvious choice would be to dive into a hard-hitting SEO or PPC campaign, but that’s not the only option. If you’re considering putting up a billboard, why not find out if your manufacturer will pay for it? Looking to post an ad in a magazine? Contact your supplier. The beauty of co-op advertising is that it’s incredibly versatile, helpful, and will absolutely increase your sales for a smaller price.
Maybe you’re already aware of the benefits of cooperative marketing, but you don’t exactly know where you’d like to put your money. Byra is a digital agency that operates on success, and we’d like to bring that success directly to your business. A fantastic way to spend your suppliers offer is on an aggressive SEO campaign. Once you’ve climbed the ranks in organic search results, you and your manufacturer will see the rise in sales. Byra has the best SEO experts around, as well as content writers that can craft the beautifully written language to promote your brand.
We don’t just focus on SEO; you can utilize us for PPC or even email marketing. No matter what you’re looking to do, Byra works with all things eCommerce. Use our writers to draft a beautiful social media or email campaign, or utilize our PPC experts to drive your products all over the internet through AdWords. With Byra, the possibilities are endless, and with cooperative advertising, all your options just got a lot cheaper! If you’re interested in boosting your sales, contact Byra today.