Survey: 64% of Marketers Sometimes, Rarely or Never Research Co-op
September 29, 2017 | Contributed by: Kirsten Krupps
A foundational task for media or marketing sellers that want to utilize co-op advertising involves researching what brand programs that may be available to a given SMB client or prospect. This involves understanding what the SMB sells and the corresponding availability and nature of brand co-op support.
However, a new LSA survey of marketing service providers indicates that many are not taking this basic step often enough. About 64% said they sometimes (42%), rarely (20%) or never (2%) research co-op programs when selling to SMBs.
Without knowledge of the availability of co-op programs, the process cannot get out of first gear. However, 51% of survey respondents also reported that co-op advertising is important (30%) or very important (21%) to their sales strategy. So while co-op is a strategic priority for roughly half of these media and marketing sellers, the foundational research required is lacking much of the time.
An easy way to see if your advertiser has brands that participate in co-op programs is to visit their website or browse their store in person, before meeting and making your pitch. As a rule, the media seller should pay attention to the brand-name products of their local retailers and, without getting caught up with the details, simply offer assistance in a step-by-step process:
- “Here’s a co-op program to help advertise the product you sell.”
- “Here’s the manufacturer-produced ad to promote your product.”
- “Here’s a schedule that will get you the best consumer reach.”
- “How can we help you with this?”
In approaching SMB clients, 45% of respondents said they mention co-op programs early in the sales discussion. This makes sense because co-op offers a “win-win-win” talking point, especially when the funding may support new digital channels that SMBs may have been reluctant to embrace in the past.
For more insights on the co-op opportunity, please download our new free report: Tapping the Multi-Billion Dollar Co-op Advertising Opportunity