Generate Store Revenue With Co-Op Advertising
If you are a retailer, you have a wonderful opportunity for generating additional revenue for your store by creating a co-op advertising program. Most suppliers have set aside significant funds to support independent retailers through co-op advertising. If your store is not currently set up with a program, don’t hesitate. They are super easy to do and the return is phenomenal. Here’s how to make it happen.
Determine what your offerings are. Whether you want to sell end cap space, do sponsored content on your blog or social media outlets, have web banners, promotional locations in your store, or something completely different, figure out what you want to offer and determine a fair price for your suppliers. Base your price on your foot traffic, website visits, social media following, etc. If you're just starting out, you may want to price yourself more competitively to see how much interest you get from suppliers. After you've established your program and fixed any kinks, reevaluate your prices and offerings.
Create a proposal. Generate a PDF of your offerings and pricing. Spell out what the benefits are to your supply partners for advertising in your store and what they will get in return. How will advertising with you create more support for their brand and increase their sales?
Make a schedule. Once you have sent out your proposal to your suppliers, you should start seeing requests for ads come through. Set up a spreadsheet so you can stay organized and determine what your ads are each month, how much revenue you will bring in, and how much you need to bill your suppliers for.
Let the fun begin! Once you get those end caps up, videos shot, blogs written, you won’t believe the responses that you will get. You should notice an increase in sales, especially if you coordinate line drives in conjunction with ad sales. Coordinate trainings around your ad sales as well. This will ensure that your staff is ready to answer questions that are related to the products being promoted. Get creative with your offerings. Mix it up year after year.
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