While this may be a good title for tax avoidance it is also apropos to cost control.
Those who know me know I am a big advocate for the advantages (for jewelers and suppliers) of co-op advertising. I wrote about it in the July issue and it is so important I will reiterate the essence of the article here.
The suppliers that offer co-op are the first ones you should focus on when reviewing your open-to-buy and making marketing plans because in essence they are partnering with you to help you sell their product in your market.
Co-op isn't just money toward advertising it may come in a variety of offerings such as simply providing professional product images, direct mail pieces, or tie-ins with national ads. As well as co-op ad dollars based on a percentage of your purchases. No matter what they are offering it will help your bottom line because it is money you don't need to spend.
Develop a spreadsheet listing your various suppliers and the types of co-op they offer. From there start to fill in your advertising plan with the names of the suppliers from the spreadsheet, then narrow it down to specific items or categories.
This plan along with any co-op materials is given to your agency or graphic designer to integrate it into your store's brand look to create a cohesive professional campaign at a cost much less than if you paid for all of it yourself.
