Cooperative Advertising: Helping Temecula Businesses
Many local businesses throughout the Temecula Valley have an established network, operating closely on both a personal and professional relationship with many other local businesses. Working closely with other locally based businesses can offer many advantages for cross promotional marketing and advertising that can result in a mutually beneficial avenue to promote two brands in two different environments. The term used to describe this form of marketing is called co-op advertising and it is a very good thing that can boost sales, store traffic and customer interest when done effectively. So lets take a look at how some businesses in the Temecula Valley could utilize the strategy of co-op advertising to increase exposure and sales.
A new restaurant opens in Old Town Temecula and wants to draw in a crowd from the 21-35 demographic. Looking to keep new customers satisfied by offering specials on drinks the restaurant could work with one of the many popular and local breweries such as Wien’s or Black Market Brewery to offer special non-stop happy hour pricing on those local microbrews. By offering discounted pricing exclusively on local microbrews in combination with employees hyping the Temecula brewery beers up, the restaurant could be successful in three ways
1. Customers would be enticed to purchase the local beers because they are on happy hour pricing.
2. By choosing to actively promote a local brewery the restaurant can work directly with that beer supplier to potentially get a discount on future beer orders.
3. The restaurant can build a reputation on supporting local businesses, keeping money an jobs in Temecula (something that is very attractive to many consumers).
The restaurant will be promoting a particular brand through discounted pricing, word of mouth hype and of course maybe some visual advertisement through table coasters or some other method. Since the marketing would clearly be designed to offer more of one particular brand, that brewery would be either providing discounted product or paying for any of the costs associated with the campaign directly because of the cross benefits.
Temecula businesses interested in co-op advertisement should first find out who the decision makers are overseeing products and supplies their particular business needs. These particular decision makers are the ones who likely have experience in marketing and advertisement and would be open to discussing anything aimed at promoting their brand. Of course it is important to note that some bigger companies have very specific tastes when it comes to promotion of their product. These specifications can include a logo being a particular size, color scheme preference and more. Although each company may have different guidelines for product promotion the reality is they understand your business is trying to help their business. This is a good thing and should lead to a long-term positive relationship between the two companies. However, it is important to always remember that co-op advertisement should be used first to help your Temecula Valley business! The goal is to offer something the customer wants and then work with the supplier or producer of that product/service to improve advertisement, marketing or cost-efficiency. The primary objective of co-op advertising is to enhance business for you not the suppliers, producers or advertisers. Think about the customer and what they want. What would excite them? What would make them come back to your business? These are the important questions because if you are successful so too will be your co-op advertising campaigns.
Introducing New Ideas In The Temecula Market
Working closely with other local businesses is always a great way to establish relationships while also embedding your brand in the community. Purchasing organic produce from the farmer’s market or working with the many amazing breweries or wineries is always a great place to start for a restaurant looking to establish itself in the Temecula Valley. With these early connections that restaurant can them move forward with a more efficient co-op advertising campaign. Unfortunately, the Temecula Valley is still somewhat small when it comes to business development and that is why many local companies may be unfamiliar with modern marketing and advertising strategies. If your business is running into this wall the best thing to do is draft a proposal to suppliers or distributors of the products your business uses showing the cross benefits and advantages of co-op advertisement. Business-savvy minds will see a good proposal as an opportunity to expand reach. The most important thing when discussing a co-op advertisement proposal with another business is to identify why and how working together is a mutually beneficial arrangement. This agreement should be made with the customer in mind and how it will enhance their experience with both businesses.
Setting Goals & Achieving Success
When moving forward with a co-op advertising arrangement both parties involved should look at what the short and long-term goals should be. Things discussed and documented should be both measurable and intangible such as sales objectives and importance of brand recognition. Some form of cross training should also be implemented under ideal conditions so both parties can emphasize the positives of products or services. Both parties should consistently re-evaluate the co-op advertising agreement in an effort to keep the customer engaged and interested because that is the ultimate goal to ensure long-term success for both parties.
Co-op advertising exists because it has a proven track record of helping small business owners stay successful and relevant in very competitive markets. The single most important benefit of this type of marketing is that it offers exposure for your Temecula-based business at little or no cost and can actually help increase profit margins. Small businesses have to depend on smart marketing strategies that utilize all resources in an effort to improve the experience for the customer. Co-op advertising is one of those tools that can help a small business in a small market achieve big success.