One of the most underrated and under-utilized ways to grow your independent distributorship is having a strong marketing mix. The easiest and most cost-efficient approach to marketing your business is by claiming and properly utilizing co-op funds.
It’s hard to overstate exactly how many independent distributorships just don’t bother claiming co-op funds that could easily be used to spread the word about their businesses! In fact, $14 -$35 billion dollars in manufacturer co-op marketing funds goes unclaimed every year. So you may be asking yourself, why is this?
The most widely cited reason that many distributors point to when it comes to their lack of marketing efforts is a lack of budget. Another common reason is the complexity and confusion surrounding the process of claiming co-op funds. That’s where Rivet|MRO can help. When it comes to planning and executing a Co-op Marketing program, it can be difficult to know where to start. We recommend starting by calculating exactly how much co-op marketing funds you are eligible to claim by using the co-op calculator on our website. More on that later though. First, let’s run through some of the numerous benefits of claiming co-op funds.
First, it’s completely free. If the barrier between you and effective marketing campaigns is budget-related, co-op marketing programs are the solution. Secondly, when distributors use their co-op funds effectively to market their brand or products, not only are they growing their business, but they are supporting their manufacturers by driving sales growth. And third, the customizability within the marketing strategy you decide to employ is nearly endless. From promotional products to direct marketing, there are limitless options when it comes to spending your co-op funds.
One popular use of co-op funds is creating a custom calendar made up of whatever creative images you’d like to incorporate! The calendar pictured below was made for Mid-State Supply and displays lots of tasty Cajun cuisine which references Mid-States Louisiana location.
Another good use of co-op funds is to give your brand a complete marketing makeover, from business cards to sales promotion materials, or even a corporate overview video. If you’re looking for something simpler and more direct, another option is a straightforward sales promotion flyer, like the one pictured below that we did for Industrial Mill. This simple promotion increased sales by almost 20% during the 2-month promotional period!
In short, whatever strategy you choose to utilize to grow your distributorship, co-op marketing funds can have a pronounced impact. The most-important tip we can is to start early in the calendar year. Here’s one quick example…
We had a longtime client who always preferred to wait until the 4th quarter to pursue co-op funds. However, when they tried claiming co-op dollars in January instead, they more than doubled their claims! In fact, they were so pleased that reached out to us again in December that same year to schedule a start to the co-op funds claiming business that following January! The earlier you start, the more likely you are to maximize your returns.
However, as we mentioned earlier, getting started with claiming co-op funds for your distributorship isn’t always the most straightforward task. In the case that you’re seeking expert advice and help with all the heavy lifting, from the proposal stage to the marketing campaign, Rivet|MRO is here to help!
Get the most out of your co-op marketing funds with our Co|Optimizer program. We help you throughout the entire process, and we won’t charge you a cent until your co-op funds are approved!
We do all the work. You grow your business. From targeted marketing campaigns to sales promotions and videos, we have all the marketing tools you need to secure your place in the market. To learn more, make sure to click the Co|optimizer logo below!