Friday, July 27, 2007

Co-Op Advertising Works

But what is co-op advertising?

Co-op advertising usually refers to an arrangement between you and one of your suppliers to create a mutually beneficial promotion. You both contribute toward the cost of advertising your business, and in the ad, you prominently feature your supplier’s product.

Another way to create a co-op advertisement is to partner with other small businesses and go in on sharing the cost of ad space.

In this morning’s “Downtown” advertising insert in the Oregonian, a “Fiber Arts District” ad demonstrates this latter type of co-op advertising.

Josephine’s Dry Goods, The Button Emporium & Ribbonry, Fabric In The City, The Playful Needle, and Let It Bead all share space together to invite the craft-inclined to visit them for new ideas and products.

Had each of the above small businesses advertised alone, they would have had a harder time garnering attention. But working together, they create a visually compelling and sizable ad that inspires consideration and reinforces their participation in the newly designated “Fiber Arts District.”

Small business owners take note!
Ask yourselves if there is any similar type of business with whom you can partner to create a co-op ad. Approach the suppliers of your best-selling products and inquire about a joint promotion. If they’re a large, national company, they’ll likely be interested in boosting their presence with you locally. If they’re a small, local company, perhaps you can share space side-by-side instead.

Not only do you get more bang for your buck with co-op advertising, you can also strengthen your relationships with your suppliers and related businesses. In the best situations, you might even find that working together is what it takes to create exciting new momentum and demand for your products or services.

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