M
any manufacturers offer advertising
funds, known as co-op, that dealers
can use on advertising. Typically, these
funds are based on that retailer’s volume
with that brand and can be used on many
types of marketing such as direct mailing,
radio spots, newspaper ads, and more. Most
brands have specific rules on how to spend
these funds and also require retailers to put
up matching funds. While there are fewer
and fewer vendors offering co-op today, a
few key ones still do. New Balance is one of
them. One way that New Balance is unique
is in offering some programs that require no
matching funds. Lamey Wellehan Shoes in
Maine uses one of these programs – namely
the WOW card program. WOW cards
are direct mail discount cards that can be
fig. 2
customized. New Balance has worked with
the WOW Card company to create New
Balance-specific discount cards that Lamey
Wellehan customized with their store’s
information. Chris Stanley, C.Ped., reports,
“We selected customers who have previously
purchased New Balance shoes, and mailed
out about 1,000 cards that cost roughly
$1,000 of co-op funds”. Lamey Wellehan
had about 60 cards redeemed, resulting in
about $7,000 in sales. “The best part”, says
Stanley, “was that there was no out-of-pocket
expense for this event”.
Another type of marketing that Lamey
Wellehan uses are in-store events. In many
cases, these events can be supported by
vendors as well, even if they don’t offer traditional co-op. One example of an in-store
event Lamey Wellehan has run is their Ladies' Night. This event is an evening where
the retailer would have snacks by local eateries, drinks, and guests. Past Ladies' Nights
have had support by masseuses, women
from the medical community, and local
spas. Lamey Wellehan has contacted some
of their vendors to help support these evenings. Erica Dube, buyer for Lamey Wellehan, says that “our suppliers have been very
helpful in supplying products we can use for
event raffles. With vendor and local sponsor
support we have found our Ladies' Nights to
be very inexpensive yet very effective.”
Working with your suppliers can help
make most marketing events cost -effective.
While many brands no longer have true coop funds, many are willing to listen to good
ideas. If you can come up with a marketing
event that benefits both your store and the
vendor, you might find some who are willing
to assist; if not with cash, then maybe with
products or other compensation.
—Chris Stanley, C.Ped.
Current Pedorthics
November/December 2016
41