Earn more business by reducing your prospect’s marketing cost by up to 75% while maintaining maximum margins
Most account executives are facing the same two print sales challenges: How do I differentiate my services when my competitors are capable of supplying the same job and how can I be competitive when there is always someone willing to print the same job for less? Although co-op marketing does not apply to every print sales situation, if your prospect is a neighborhood business that is print marketing collateral then co-op marketing offers a unique solution to this print sales challenge.
What is co-op marketing?
With summer now in swing, businesses that offer home services like lawn care, carpet cleaning, door and window sales, heating and air conditioning sales, eaves trough installers, roofers, driveway paving, kitchen and bathroom renovators, home improvement contractors and landscapers are getting ready for their summer marketing drive, which usually entails distributing fliers, brochures and door hangers throughout the local neighborhood. This need for marketing collateral presents an excellent opportunity for anyone in the printing industry to grow their sales and earnings.
But landing these accounts is not that easy, after all, most of them are already dealing with a printer and the vast majority – a whopping 80 percent – are happy with their existing supplier. So why should any of these companies endure the risk and inconvenience of changing suppliers? Well the fact is that in most cases they won’t, unless:
You have something to offer that they can’t get from their existing supplier,
You can show them how to get a better ROI, and
Your quote is very competitive.
Co-op marketing allows you to meet all three of these criteria. Co-op marketing simply means sharing the printing and distribution costs between two or more noncompetitive businesses.
CO-OP Marketing advantages
1. It lowers your prospect’s cost
For example, the lawn care service provider is ready to invest $3,000 to print and distribute a promotional flier; the roofing company is also planning to send promotional fliers to the same target market; and so is the driveway paving service and the eaves trough installers. If only two of these businesses got together to share the cost of the flier and distribution, they could reduce their marketing costs by up to 50 percent; and if all four got together their savings could be as high as 75 percent.
From a print sales perspective creating a co-op marketing program allows you to differentiate your service by telling the prospect that you can reduce their marketing costs by up to 75 percent!
2. It will increase sales
For your prospect a reduction in marketing costs means much more than just saving money; it also means an increase in sales and higher profits. For example, take any business person; a real estate agent; the owner of a lawn care service or the owner of the local pizzeria, their success requires marketing. They need to tell everyone in their neighborhood about the service or product and the more often they get their message out, the higher their sales. But small business owners have a limited marketing budget, so although they’d like to advertise more, they cannot afford it. Small business owners will welcome an idea that allows them to promote their services more often for the same cost and co-op marketing provides this opportunity.
From a print sales perspective, creating a co-op marketing program allows you to differentiate your service by telling the prospect that you can share an idea that will increase their sales and gain market share.
3. It makes your prospect’s marketing material more effective
Diversity increases readership. For example, a Healthcare Newsletter that included an article and ad from a dentist, a dermatologist, a chiropractor and a nutritionist would have a much higher readership then a newsletter that only focused on one of these topics. So while sharing the cost of printing and distributing a brochure, flier or door hanger will greatly reduce your prospect’s marketing cost, co-op marketing will also increase readership and, for the prospect, that means generating a higher response.
From a print sales perspective, creating a co-op marketing program means that you differentiate your service by telling the prospect that you can share an idea that will increase response and make their marketing collateral more effective.
While offering your prospects a co-op marketing opportunity is an extremely effective way to differentiate your services and eliminate price competition, you can maximize your sales and earnings by offering the prospect a marketing campaign instead of a single co-op distribution. For example, if you created a co-op Home Services Newsletter or Door Hanger your promotional package could include printing and distribution to 5-million homes once a month for six months.
How to create a co-op marketing package
1. Select the product
Any printed material can be turned into a co-op marketing program, a note pad, flier, postcard, calendar, oversized door hangers, or an 11 x 17 sheet can be turned into 4-page newsletter.
2. Select an area for distribution
5,000 homes along specified postal routes, all the businesses within a target area
3. Pick a theme
Again, there are lots of themes to choose from, primarily depending on time of year: Home improvements, real estate, food and entertainment, health and fitness, business services, etc.
4. List the different types of business that fit under your theme
Home improvements: Carpet cleaning, door and window sale, heating and air conditioning sale, eaves trough installers, roofers, driveway paving, kitchen and bathroom renovators, home improvements contractors, landscapers, lawn care, plumbers and electricians.
Food and entertainment: Restaurants, theatres, pubs, country clubs, caterers, wine making outlets, butchers, home delivery, bakers and even farms that sell to the public.
Business services: Office cleaning, office supplies, office equipment, business insurance, car leasing, temp services, accounting, bookkeeping and computer services, courier, shipping.
5. Create a prospecting list
Use the phone directory and Internet to identify all the local businesses on your list.
6. Contact everyone on your list
Tell them about the benefits. Offer everyone exclusivity by only including one company for each service. For example if your theme was dinning you could make it exclusive by including only one Italian, one Chinese and one Mexican restaurant.