10 tips + 10 weeks = 100 New Methods to Grow Groups–Week 7, Use that co-op
Your supplier representative has co-op dollars to invest. They are particularly partial to investing in group opportunities. Their money cuts your marketing budget in half (or allows you to do two times the effort). Every marketing dollar NOT spent out of your pocket drops to your bottom line.
However, co-op money is limited. As a former rep and rep manager, the money goes to the best group opportunities as presented in your co-op proposal. Straight out of group boot camp, here are 10 (of 20) ways:
- Never forget that CO-OP is short for COOPERATIVE. This is a two-way street and a wonderful example of a partnership initiative, meaning you must both have ‘skin in the game’.
- Get your request in EARLY. Supplier reps typically get their co-op budgets in the third quarter of the year to be invested in the next year.
- Demonstrate the ROI. I will consider your proposal and calculate the RETURN ON INVESTMENT.
- Demonstrate the ACQUISITION COST. I will consider your proposal and calculate how much per head it will cost me.
- To get over 50% you need a good track record. I may contribute more than a 50/50 split based on your previous performance.
- Describe the GROUP. Give me details if this is a NEW group. Give me HISTORY if this is a repeat group.
- Describe the MARKETING. Exactly what am I paying for? Why and how will it generate sales? What are your other marketing initiatives?
- Describe the COST. What is the total cost and what percentage do you want from me? Be prepared to supply back-up materials.
- Describe the GOALS. What is your sales goal for this specific marketing campaign? What is your top line sales goal for this group?
- Describe the TRACKING. How will you measure the number of LEADS this campaign generates and the number of ACTUAL SALES (also known as CONVERSIONS)? Send me regular activity updates!
Suppliers are keenly interested in serious group producers. Volume sales for you is volume sales for them. Want more of my proven O.P.M. (Other People’s Money) methods? Join boot camp and get the mountain of materials prepared for you.
Stuart Cohen is an international speaker, trainer, keynoter, health coach, solopreneur, business coach, travel fiend and the founder of resortforaday.com—the world’s largest seller of hotel day passes. His boundless passion is inspiring others to achieve higher levels of success and happiness. Audiences love his fun, refreshing and lively training workshops. Learn more about Stuart and his bootcamp at stuartlloydcohen.com.