How OEM’s Can Use Co-Op Funds to Increase Market Share
Sadly, no OEM has ever reported having unlimited money. In a perfect world, you could make infinite co-op funds available to assist your marketing partners as they work to increase market share for your brand and specific products. Instead, you have to be creative and just plain smart to make the most of the co-op dollars you do have. Online marketing can exponentially increase your reach, and it’s remarkably affordable – almost a perfect world for your marketing budget. In fact, most online marketing is free, and creative and production costs are a fraction of what’s usually required for print or broadcast advertising, collateral design and printing, etc. You can stretch your co-op funds significantly when you support dealers and distributors with both traditional and digital marketing.
Traditional advertising techniques reinforce branding.
Both you as an OEM and your dealers, as individual businesses, need top-notch branding to increase market share. Print and broadcast advertising establishes a bold, broad presence — within the industry and within a specific market area. Collateral materials are essential to put product information right into a prospect’s hand. And no one in their right mind would be without business cards. Building presence and name familiarity are critical. As with all marketing, repetition is key, since prospects are at different levels in your sales funnel. Repetition also keeps you top-of-mind with existing customers, reminding them that your brand remains the best choice for additional new equipment and ongoing parts and service.
Online marketing leverages your budget.
It magnifies your ability to support dealer marketing efforts. People searching online are already interested in something you have to offer – that’s why they click to learn more. But you can’t increase market share unless people can easily find you online. Well-crafted inbound marketing content – website design and information, blog articles, webinars, downloads, social media postings and conversations, e-newsletters, links, etc. – all support and improve your SEO, giving you the best possible position in search results. Then it’s your content that attracts attention from prospects and customers, drawing them in so you can engage them in conversation and begin to build a relationship.
Your prospects and existing customers want basic information about your company and products. They have second-stage follow-up questions. They want job-specific recommendations and follow-up support. They want to be certain your brand, your products and your dealer are the best choices to keep their company working smartly, productively and safely. Thriving. As an OEM, you’re undoubtedly using inbound marketing techniques to tell your story directly to customers. You can expand on that by creating and sharing online content with dealers and distributors and incorporating links to and from their websites and specific content material. Strategically-planned and well-executed digital marketing augments traditional advertising methods to produce a one-two marketing punch that gets results you can’t achieve any other way. Your co-op funds can go farther. And they’ll be working even harder to help you increase market share.