Using Co-Op Dollars to Amplify Small Business Saturday
October 31, 2018 | Contributed by: Courtney Dobson
Following the 2008 financial crisis, American Express launched Small Business Saturday to support local businesses fighting to survive in a struggling economy. In 2017, an estimated 108 million consumers spent $12 billion shopping and dining at local-independently owned businesses.
With less than one month to go until this year’s Small Business Saturday, marketers should seek as much exposure as possible for their local business clients to coincide with the event. A great avenue for doing this is through co-op advertising, both online and offline.
For those not already aware, co-op advertising is an agreement between a manufacturer and a retailer to share costs in order to create local brand awareness. Co-op can help maximize the impact of Small Business Saturday. These funds can expand and amplify local marketing budgets to generate more in-store traffic and sales.
Retailers that increase their stock of name brand products to sell on Small Business Saturday are increasing their available co-op funds. The more traffic they have and the more sales they make the more funds they accrue to use on future advertising.
Marketers who don’t know how to tap into co-op advertising funds should check out LSA’s new Co>Op Connect program. The Co>Op Connect database combines thousands of co-op programs into a single, easy-to-use application. The database includes co-op contacts, accrual rates, reimbursement percentages, media type descriptions, promotions, ad materials and more.