One of the great oversights in the world of advertising is the waste of co-op dollars in promoting your business. Every year manufacturers and large corporations set aside funds to spur you, the business owner, on to invest in advertising. You likely miss tremendous opportunities every year by not managing your co-op dollars properly. Here are five simple steps to improve co-op dollar use and avoid flushing those valuable dollars away.
Set a Budget and Have a Plan
Plan now how you’ll spend the co-op dollars that you’ll accrue over the next year. Identify which products you want to emphasize and what media you’ll use for advertising.
Delegate Oversight of the Plan
Put someone else in charge of the whole process. It takes time to manage these funds well and use them smartly. This person should also be checking regularly with each manufacturer to ensure all claims are received and being processed, and issues are being resolved.
Keep Your Vendor/Manufacturing Rep Accountable
Part of your vendor/manufacturing representative’s job is to help you navigate the process and use of your accrued funds. Don’t take blank stares or non-responsive emails as a final answer; pursue the decision-makers above your representative until you have a clear and reasonable understanding of the funds you’ve earned.
Ignore Your Assumptions
Whether your client base is business-to-consumer or business-to-business, ignore the assumption that you don’t qualify for funds or that none are available. Reasonable vendors and manufacturers have funds set aside to promote your business. You just have to pursue them, have a plan for spending the funds wisely, and act on it.
Audit Your Funds and Progress in August
The last four months of the year can be the largest months for promoting and selling during the year. Take time in August to reassess your plan and measure it against funds utilized. Discover additional funding opportunities and plan to use them before you get surprised on December 1st with too many funds remaining.
These simple steps are easy to implement and should give you a firm grasp of your co-op funds and how to use them wisely. For additional information on turn-key co-op management programs and deeper co-op funding strategies, contact Riley & You today.
