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The 3 Secret Benefits of Co-op Marketing Programs | December 16, 2021 (0 comments)
New York, NY--Co-op marketing is a powerful strategy many jewelers overlook or simply forget about. Simply put, co-op marketing is when the costs of local advertising are shared with an outside partner (typically a wholesaler or manufacturer).This allows national brands to penetrate a local market in a cost-effective manner and strategic way. A local jeweler will always understand their local market far better than an outsider would. By employing co-op marketing, you can improve your chances for success.
For smaller jewelers, co-op marketing can be a critical life-line. It’s also an opportunity to try new campaigns or different forms of advertising and see what works. Co-op marketing typically consists of digital banner ads (including re-marketing) and PPC (pay-per-click) ads, but can also include traditional print media, highway billboards, and more. Any form of advertising can be part of a co-op marketing campaign. It depends on what you feel will work best in your area to fill the current marketing gaps.
Here are The 3 Secret Benefits of Co-op Marketing, which can help grow your jewelry business:
Secret # 1: Lower your marketing costs and increase your conversion rates.
Co-op marketing is one of the most effective forms of advertising. With every dollar invested, you can typically get double or even triple the amount back. That’s serious leverage without you risking all your hard-earned capital.
Why leave free money on the table when it can help grow your jewelry business? Every dollar you save can be put towards additional marketing or other initiatives which attract new customers.
With the extra cash-in-hand, you can be bold and try new strategies. See what drives foot traffic into your jewelry store. Watch your conversion rates closely and keep working on them. Always consider that it’s not just the amount of prospects coming into your store, it’s also the quality of these people and how willing they are to make a purchase
Traffic just for the sake of traffic will do nothing for your jewelry business, except burn-out your staff and waste time with window shoppers who are looking for something “fun” to do on their day off. Remember, the goal of marketing is always to attract a serious buyer -- not just a body.
If your co-op marketing doesn’t pan-out at first or you make a mistake -- don’t worry -- consider it the price of an education. And, somebody else helped pay for it! You can always try another marketing method next time.
Eventually, you’ll strike the right balance between increasing foot traffic to your store and attracting an audience who’s really serious about making a purchase. When it’s a numbers game, sheer tenacity alone will eventually grant you success.
Secret # 2: Leverage a big brand to create a halo effect.
As a local jewelry store, your brand is only as big as your budget. If you can’t afford to market yourself, then you’re effectively invisible. Co-op marketing can provide you with a much needed boost to your local image.
Think about it, larger brands are already established and well-known. They’ve invested millions of dollars over many years to build-up their name and reputation on a national level. Your local jewelry store has a much smaller radius of influence. You can expand your target market and deepen your influence with fresh campaigns, and people will see that you’re associated with a well-known company.
Like it or not, people form snap judgments about a business. They’ll evaluate your jewelry business based on who your store associates with. Customers know that a high-end luxury watch or jewelry designer certainly wouldn’t put their brand at risk with someone who wasn’t worthy.
When a larger company chooses your jewelry store to advertise with, customers take notice. They’ll hold your business in high regard knowing that you’re trustworthy and are in good company.
Secret #3: Choose powerful partners as your secret weapon.
A rope is always stronger when it’s braided together with another. Long-term, you’ll need marketing partners you can count-on and co-op advertising helps strengthen your relationship. You’ll not only have the extra budget to work with, but the years of accumulated know-how and expertise. This valuable market intelligence becomes your competitive advantage.
Over the years, your co-op marketing partner has seen what’s worked and what hasn’t for other jewelry stores. They can help shorten your learning curve and guide you to success. Even just one good tip based on experience can skyrocket your marketing.
As you select your co-op marketing partners, remember your partners are also selecting YOU! Besides money, what else can your jewelry store bring to the table? You have a lot of local knowledge in your head which they’ll want to tap into. With your own unique expertise, you can help fill in the gaps between local advertising and national marketing. This has tremendous value, especially when a larger brand wants to break into a new region.
A good co-op marketing partner is someone who has a vested interest in your jewelry business. They want you to succeed and will help ensure that your goals are both clear and in alignment. If you’re successful, then they’ll be successful. You’re both in this together. When you take advantage of co-op marketing and have the right partner in place, it makes you both stronger.
Why wait? Get started with co-op marketing today by going through your store’s showcase. Make a list of every brand you carry, including all your jewelry and watch designers you’ve done business with in the past (it doesn’t matter if it’s bridal or fashion). Ask if they have a co-op program and what opportunities are available and learn the program terms.
If it’s not a possibility now, then make sure your name is on the list for the future. Co-op marketing dollars are extremely limited and it’s usually first-come, first-served. No matter what stage you’re in with your marketing plan, it’s always good to be first in line. Remember these three co-op marketing secrets and make it a core part of your jewelry business strategy.
About Smart Age Solutions: Emmanuel Raheb is the Founder and CEO of Smart Age Solutions, a full-service award-winning digital marketing agency specializing in the fine jewelry industry. Smart Age’s mission is to grow independent jewelers and help them in their own backyard by running successful digital ad campaigns for clients and developing their web presence. Smart Age Solutions also advises, conducts webinars, and provides unpublished data from Google for its clients. Today, Smart Age Solutions has become synonymous with elevating standards by bringing innovation, strategy and is the agency of record for many of the industry’s leading retailers and enterprise brands.
To learn more, contact Smart Age Solutions at: https://form.smartagesolutions.com/contact-us