Utilizing OEM co-op funds can significantly bolster your marketing efforts, increase digital visibility, and drive stronger sales. OEM co-op programs are designed to help you stretch your marketing and advertising budget by subsidizing your promotional activities. However, to make the most of these funds, it’s crucial to understand the dos and don’ts, best practices, and the process of submitting co-op claims.
The Importance of Co-Op Funds in Your Marketing Strategy
OEM co-op funds are a pivotal element of any dealership’s marketing strategy. These funds are designed to support the promotion of OEM products and services through various advertising channels. Utilizing these funds effectively can help you maintain a robust presence in your market while adhering to brand guidelines.
Dos and Don’ts of Utilizing OEM Co-Op Funds
Do:
- Align with OEM Guidelines: Always ensure that your marketing efforts align with the specific guidelines provided by your OEM partner. This includes adhering to brand standards, using approved logos, and following the stipulated media formats. For example, New Holland emphasizes that digital content must exclusively feature their products and logos for eligibility.
- Invest in Digital: Investing in digital marketing solutions offers a higher ROI and increased likelihood of moving inventory off the lot faster. Platforms like social media, automated email marketing, search engine marketing, and targeted digital ads can yield significant results. Many OEMs now allocate significant co-op funds to digital advertising.
- Document Everything: Proper documentation is essential to securing co-op reimbursements. Keep a meticulous record of your marketing activities, including copies of ads, invoices, and proof of placement. This ensures that your claims are processed smoothly and promptly.
- Leverage Dealer Spike’s Built-In Tools: Dealer Spike offers built-in co-op-accessible, downloadable digital reports. These reports are readily available for digital marketing customers and can be accessed through your website’s back admin. These tools simplify your claim submission process and ensure that you have the necessary documentation at your fingertips.
Don’t:
- Ignore Submission Deadlines: OEM co-op programs often have strict deadlines for submitting claims. For instance, New Holland’s co-op program mandates that claims be submitted within 60 days of ad placement. Missing these deadlines could mean forfeiting your co-op funds.
- Overlook Brand Compliance: Failure to adhere to OEM brand guidelines can result in denied claims. For example, using unapproved logos or mentioning competitors in your ads can disqualify you from receiving reimbursement.
- Neglect Fund Utilization: OEMs may review your fund utilization periodically, and underutilization could lead to reduced allocations in the future. Make sure to plan and use your funds efficiently throughout the year.
Best Practices for Maximizing Co-Op Funds
- Strategic Planning: Start each year with a clear marketing plan that includes how and when you’ll use your co-op funds. This proactive approach allows you to allocate funds more effectively and avoid last-minute rushes that could lead to errors or missed opportunities.
- Regular Monitoring: Keep a close eye on your co-op fund balance and claim submissions. Many OEMs provide a Co-op Claim Center on their Dealer Portal, where you can track your allocations and claim status.
- Pre-Approval of Marketing Materials: Before launching a new campaign, consider submitting your marketing materials for pre-approval. This step prevents costly mistakes and ensures your materials meet all co-op requirements.
- Utilize Available Resources: Many OEMs provide resources to help you create compliant ads. For example, New Holland offers pre-approved marketing materials through platforms like AMP! that meet co-op requirements. Dealer Spike has access to many of these OEM-endorsed and approved marketing materials that you can leverage at no additional cost.
How to Submit Co-Op Claims
Submitting co-op claims can seem daunting, but it doesn’t have to be. Here’s a step-by-step guide to streamline the process:
- Gather Required Documentation: Ensure you have all necessary documentation, including copies of the advertisements, invoices, and any required disclaimers or logos.
- Access the Co-op Claim Center: Log in to your OEM’s Dealer Portal to access the Co-op Claim Center. Here, you can view your available funds, submit claims, and track the status of your submissions.
- Submit Claims Promptly: Upload your documentation and submit your claims as soon as possible after your marketing activities. Adhering to submission deadlines is crucial to ensuring your claims are accepted.
- Follow-up: After submission, regularly check the status of your claim. If there are any issues, address them promptly to avoid delays.
Dealer Spike’s Role in Simplifying Co-Op Submissions
Dealer Spike understands the complexities involved in managing co-op funds and submitting claims. That’s why we’ve integrated co-op accessible, downloadable digital reports into our platform. These reports are designed to help you document your digital marketing efforts and streamline the submission process.
If you’re unsure how to access these reports or have questions about co-op funds, our team is here to help. Simply Contact Us for assistance.
Effectively utilizing OEM co-op funds requires careful planning, adherence to guidelines, and efficient claim submission. By following the best practices outlined in this guide and leveraging Dealer Spike’s tools, you can maximize the impact of your co-op funds, enhance your marketing efforts, and drive greater success for your dealership.