If you’re a data nerd, welcome! You’re in good company. Many of the most successful co-op marketing and sales programs are driven by data. At BrandMuscle, we geek out on end-user data to arm brands with vital information that will drive co-op engagement and lead to increased sales.
Here are a few interesting ways to harness data and drastically improve your co-op marketing program:
1. Review correlations between co-op usage and increased sales. Then, shout it from the rooftops!
Co-op success stories are great for showing that your program drives sales. When you share this data in the form of stories, you’re providing hard facts with an emotional connection that will either create hope for other partners - “I can do that too!,” or FOMO, “I am missing out on this!" Either way, both outcomes are great for co-op program engagement. Be sure to feature these stories in partner communication channels and arm your field teams to be co-op evangelists.
2. Integrate your marketing data to drive tactic effectiveness by region or DMA.
Many brands have data showing where various marketing tactics perform best. Don’t keep that vital information to yourself. Share it with your co-op vendor. In this way, more relevant tactics can be served up based on location of the retailer, franchisee, dealer, VAR, or agent. Help your partners spend co-op dollars where they’ll count. The BrandMuscle Performance Marketing Team uses this hyper-local data regularly to more effectively plan and place media for thousands of channel partners each year.
3. Use sales percentage increase reports to add incentive to co-op.
Consider providing partners with a co-op reimbursement level increase or additional co-op dollars when they meet sales goals. Looking at sales percentage increases is a great way to apply the same incentive across the board for all of your partners. Because you’re using a percentage increase, it doesn’t matter if it’s a large or small partner, you can reward them in the same way. This helps to maintain a streamlined co-op program, which is key to success.
Your co-op marketing partner should be able to provide system reports and help with serving up the best tactics for your partners. Additionally, if you’ve empowered them and provided your channel financial, sales, and marketing data, you might leave even more of the heavy lifting to your vendor. At BrandMuscle, we grow with client partners as their needs evolve, and our data nerdiness runs deep!
Chat with us today about how to harness data and raise the bar on your co-op marketing program.
Jennifer Oloo is a Strategic Co-op Advisor. Catch her in our on-demand webinar Are you Burying Your Partners in Rules? Co-op Guidelines as a Root Cause of Program Failure.