#LSA19: 4 Takeaways from the Co-op Best Practices & Case Studies Workshop
February 25, 2019 | Contributed by: Val Onyski
This afternoon at LSA19’s co-op workshop, five industry experts discussed concrete case studies and process advice about how to tap into co-op funding to generate more spending and satisfaction from local advertisers.
The panelists included:
Four key takeaways from the lecture included:
1.) All panelists in the co-op workshop were consistent with the message that there is over $70 billion available in co-op funding, and 45% of that goes unused.
2.) There is a perception that co-op is difficult, but it’s not. Media publishers are assisting their advertisers through the process. If they do not have the staff, they can turn to LSA for assistance.
3.) Auditing your client is a huge opportunity to both consult and upsell. What brands does your customer sell? Are they getting co-op funding from any/all of them? Be more of a consultant than an order taker.
4.) Many manufacturers are open to spending over and above what they set aside for co-op, get them involved! Do custom creative with them, interview the manufacturer and include the interview in the advertising. It’s a win for all parties.
At the end of the day, everyone wants to sell more this year than last.
- The manufacturers want to sell more to their retailers
- The retailers want to sell more to the consumer
- The media publisher wants to sell more to the retailers, which helps to increase sales for items one and two.