According to Google, 48% of shoppers are open to buying from new retailers while holiday shopping. Jewelry retailers can draw these shoppers into their stores by partnering with the brands that potential customers may already be familiar with. Many retailers are already aware of co-op marketing, which is when a brand and a retailer each pay a portion of the overall marketing campaign budget. However, only 45% of retailers surveyed by BrandMuscle reported that they do not use all of the co-op funds they have available. While there are many reasons a business may choose to not use all their money, jewelers who take advantage of these funds during this time of year may see a good return on investment.
Digital marketing co-op best practices:
Periodically check your analytics.
Analytics are a fantastic way to keep track of how well your campaign is performing over time. Interpreting your data gives you insights into what adjustments you should be making. However, not being able to effectively understand what the data is saying can lead to mistakes and wasted funds.
Choose designers that are set up for your success.
Every designer in our industry is at a different level of sophistication with their digital resources. When selecting which designer you want to utilize co-op with, make sure they have quality, content (i.e. images and taglines) that is frequently updated. They should also provide you with very clear brand guidelines to follow, along with fair metrics to satisfy your reimbursement.
Allocate funds wisely.
There are various digital marketing campaigns across Google, social media, and more. Jewelers who are inexperienced with marketing through these channels can easily become overwhelmed. Knowing where your customers are online can give you a starting point for where to advertise more heavily.
Partner with a digital marketing agency.
Partner with a trusted digital marketing agency that can help you make the most of your co-op budget. Agencies that have certifications from channels like Google, social media, and more have been rigorously tested for their ability to create effective campaigns.
Retailers who can advertise effectively compared to their competition have an advantage during the holiday shopping season. By following the best practices above when running your digital marketing co-op campaigns, you can gain new customers who are interested in making a purchase from a business they haven’t bought from before.