Co-Op Advertising – memo to President of GGI Marketing on the viability of this method
Co-operative marketing is one of the methods with which a company can reduce its costs but at the same time increase its brand awareness on a huge scale. Teaming up in anything is always a good option and this also runs through for advertising and marketing in this respect. GGI needs to boost its brand substantially if it wants to avoid slumping further in the market and in this day and age there are several methods which may be used in collaboration and which may yield considerable results. One always has to be craeful to ensure that the marketing team is fully conversant with today’s cutting edge techniques in the marketing field and this is true not only for GGI but also for many other companies in the field. However co-operative marketing is definitely a win win situation which should result in massively increasing sales potential as well as brand awareness for GGI (Keller, Kotler 2010).
What is the value such relationships?
Co-operative advertising is an important way of getting things done and in GGI’s case this is obviously extremely important as the company has been suffering of late with dwindling sales and other problems with regards to its brand value overall. There is a lot of value in co-operative advertising as a whole as through such partnerships, the company can increase its visibility as well as its brand value by exposure with other brands which are perhaps more successful at this point. The advertising needs to be structured accordingly to be able to attract as much clients and viewers as possible and thus increase the brand’s visibility (Kotler 2009).
Besides advertising, what are other creative ways companies can engage in cooperative marketing?
There are several other ways which creative marketing can be used by the company to engage in co-operative marketing. Firstly, the company should look at creative partnerships and promotions with other brands to entice customers to gain exposure to its products. Another way which creative marketing can be used in this context is to publish a number of interviews in select publications as well as websites to increase the brand’s visibility accordingly. An interview is always a good way of creative marketing for the said visibility to be increased. Naturally one has to be careful that the interviews would be carried out in the best possible manner and which would throw all the exposure needed on the brand to increase its visibility.
How should a company decide with whom to partner in joint marketing efforts?
Partnering with another company depends on a number of factors which may not be always be apparent immediately. First of all, the company should be screened for its reputation, visibility, approach to the market and other similar aspects of it. Secondly, an impact assessment with regards to marketing should be made to observe what are the initiatives GGI could gain from being exposed with this company. Thirdly, the marketing teams of both companies should work together to ensure that both are on the same wavelength and that nothing is being done in ignorance of the other.
What are some of the effective cooperative marketing ways that GGI could use in this project?
As already discussed there are several manners of co-operative marketing which may be used in this project. Some which come to mind include partnerships with other companies running promotions, co-operative advertising where the brand appears alongside others in promotional ads, website promotions in partnership with other branding giants and suchlike. Co-operative marketing definitely increases company visibility on a much wider scale and also enables the company to broaden its marketing horizons especially in the context of its current situation (Keller, Kotler 2010). One should also note that studies should be carried out to observe what sort of market will be required to expand the company’s horizons especially if different target markets are being identified.
As observed, co-operative marketing is definitely a win win situation for GGi if everything is planned properly and with appropriate attention given to finer detail the results can be considerable. There are several methods of co-operative marketing which may be used to improve the company’s visibility and these may include advertising, effective promotion through collaboration, interviews in publications linked to the trade and suchlike (Kotler 2009). Obviously one has to be careful that each collaboration is properly planned beforehand and that everything comes together seamlessly as there might be considerable problems if this is not the case. However, the benefits and advantages of co-operative marketing are truly immense as has already been pointed out especially with regard to the considerable potential of increasing sales and other customers. Finally, one can also cut costs to a considerably lower level as the joint collaborations of co-operative marketing will undoubtedly serve to reduce these substantially even through better distribution networks which may not always work initially but which are extremely effective in the long run (Kotler 2009).
Keller, K & Kotler, P. (2010) Marketing Management. Prentice Hall
Kotler, Philip; Gary Armstrong, Veronica Wong, John Saunders (2009). "Marketing defined". Principles of marketing (5th ed.). p. 7. Retrieved 2009-10-23.
Kotler, Philip; Gary Armstrong, Veronica Wong, John Saunders (2008). "Marketing defined". Principles of marketing (5th ed.). p. 17. Retrieved 2009-10-23.
Dictionary." American Marketing Association. http://www.marketingpower.com/_layouts/Dictionary.aspx. Retrieved 2011-12-02.