As a small business owner or independent retailer, marketing can be a huge chunk of your time and budget. In honor of National Independent Retailer Month, we will be diving into the how co-op marketing can benefit you. With co- op marketing, you can utilize the brands you work with for your business, for your marketing. Through this marketing, you can work with the brands you already sell to increase your marketing spending. This helps to advertise both your business and their brand.
Big Brands Can Help Small Businesses Through Co- Op Marketing
Co-op marketing, or cooperative marketing, is a marketing campaign where two companies or brands work together, both financially and creatively, to benefit both businesses. For example, a company that sells a product would reach out to the product’s brands to learn more about their program. All programs are different depending on the brand, but there are usually guidelines to adhere to in order to get reimbursement. The business or retailer would then work with the brand, based on their guidelines, to create a marketing campaign that advertises both the brand/ product and the business. The business will then have to submit the campaign to the brand. If it matches the programs guidelines, they will then get a certain amount of reimbursement for that marketing campaign. This allows the small, local business to get more funds for marketing from a brand they sell, while the brand reaches small markets with localized advertising campaigns.
Benefiting Both Businesses
A co-op marketing campaign has many benefits that work for both the brand and independent retailer. Utilzing a co-op campaign can help to increase brand trust, reach new audiences, and lower marketing expenses.
- Increasing Brand Trust- This marketing campaign combines both a local, small business, and a large, national brand. By partnering with a well- known and trusted brand, the local business will have enhanced credibility with the consumer. This can help make the specific retailer and business more attractive to a consumer.
- Reaching New Audiences- By combining the brand and business, both parties benefit from reaching the other’s audience. Creating a co-op campaign also allows for larger- scale advertising campaigns due to the increased budget with funding from the national brand. This can reach new audiences and increase brand awareness.
- Lower Marketing Costs- A co-op campaign gets funds from the national brand to be used by a local business. This increases the advertising budget and allows the small business to try new marketing tactics that cost more money, but also have a higher return on investment. Utilizing these funds is a great way to try out new marketing tactics. You can also create a larger- scale campaign that may otherwise not have been possible without the brandings funding.
Media Venue is Here to Help
Diving into the world of co-op marketing can be a daunting task, but Media Venue has the expertise, experience, and ability to make these campaigns benefit both the brand and business. If you think you may qualify for a co-op campaign, contact Media Venue today to learn more.
