What to Look For in Co-op Management Software
You’re on the hunt for effective co-op management software because your co-op marketing program is clunky and under-utilized. Control over how effectively funds are used is limited. Your participating retail partners are annoyed with the slow reimbursement process. You’ve realized that automating your co-op program is going to save you and your retailers time and money. But what should you be looking for in a co-op management software?
Think about what your co-op management software needs to be able to do for your business. What problems are you trying to solve by purchasing software to help you improve the way you interact with your retailers? Automating your co-op program will present your brand with significant savings. Therefore, aim for a co-op management platform that is capable of improving the entire co-op cycle, from distribution to reimbursement.
Allocation and Distribution of Funds
Having the flexibility to distribute co-op dollars uniformly across all of your retailers, or to give different amounts to different retailers, is important. Being able to decide whether to pre-distribute co-op dollars, or allocate a budget and follow up with reimbursements is also crucial. You should look for a platform that gives you control over how you allocate and distribute your funds.
Co-op programs are struggling to catch up to the digital age in which we live. Retailer marketing budgets of retailers are no longer going to traditional advertising, but rather, are focused on highly effective local digital marketing. Co-op management software needs to not only embrace digital advertising as an outlet for co-op funds, it should promote its use in retailer marketing.
Most brands have spent a great deal of time and money curating a brand voice and image. Even if a brand takes the time to outline messaging specifications for their participating retailers, there’s still no guarantee that these retailers will follow branding guidelines. However, if you use a platform that allows for more control, or complete control, you’re moving in the right direction.
Whatever platform you decide on needs to be easy for your marketing team to integrate into the brand marketing strategy. But it is also extremely important that the platform is easy for your retailers to use, too. If a retailer can see their co-op budget, launch ad campaigns using that budget, and see how those campaigns help their business – all from one platform – they’ll be much more likely to participate in the co-op program.
Real-Time Reporting & Analytics
Your co-op management software should be able to show you, in real-time, how many of your retailers are participating, which campaigns they are putting funds towards, and how well those campaigns are performing for them. Lynkem lets you do this, and also lets your retailers see – again, in real-time – the performance of campaigns they run. This in turn helps them stay motivated to continue to utilize the co-op program, as well as their own marketing budgets, to better advertise your products.
Integrations and Capabilities Outside of Co-Op
What else can a co-op management software do for your business? How else can it contribute to improving the way you interact with your retailers? Lynkem is proud to offer solutions to co-op management, product advertising, and beyond.