How To Maximize Your CO-OP Budget

August 31, 2018 Co-op Advertising, co-op tracking, digital marketing, digital marketing agency, how to use co-op, Maximizing co-op, submitting co-op, THAT Agency
Maximizing your CO-OP budget could be the difference of thousands of dollars toward your advertising efforts. Check out how to utilize those CO-OP opportunities or how to get started on submitting claims efficiently - http://bit.ly/2ws4BSu

What Is CO-OP
If your company is a retailer for large brands you could be eligible for CO-OP or cooperative marketing dollars. From cars to IT solutions, big brands are willing to pay a percentage of your marketing costs in order to push their brand and increase sales for local distributors.

How to know if you are eligible for CO-OP dollars?
The easiest way to know if you are eligible is to ask your sales representative. Typically there are online portals with creative and co-op submission capabilities that will need to be granted to your team. Be sure to start the conversation with your manufacturing sales rep and ask about their recommendations for a seamless process.

Maximizing your CO-OP
Before jumping head in on marketing investments, these cooperative dollars usually come with strings attached. For example, a car manufacturer may only allow for reimbursement on advertising a certain message or sales event. Getting too off brand can result in denial of claims. Be sure to use your portal to get your creative pre-approved before placement of ads and strategies. We have recently seen a lot of brands make pre-approvals mandatory, so be on the lookout.

Budgeting and tracking
Lastly, the tracking of your available funds and pre-approvals can get hectic. Create a tracking sheet or use our template to track your pre-approvals and claims to stay on top of your overall budget. Be sure to enter all pre-approvals, invoice amounts and subtract the approved amount from the total once the claim has processed.

CO-OP Reminder
If you are using multiple 3rd party vendors or marketing agencies, it is not uncommon to have them submit on your behalf. As marketing partners, be sure to bring this up as a topic of discussion. Contact THAT Agency for more information or to start your free digital marketing review.


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