Each of your suppliers has a unique set of rules to which you must adhere in order to collect even a dime of co-op funds from them. The rules and restrictions set up within co-op programs can be so complicated that you may wonder whether these suppliers want anyone to even try to collect. But even though the restrictions can be a bit off-putting, if you follow the rules to the letter, your suppliers will reward you with either some extra cash to invest in advertising or some additional merchandise with which you can make a big, fat profit. All in all, the pain is worth the gain.
If you work with an ad agency, it may be able to help you navigate the rules and regulations. For example, my agency deals with several clients who count on co-op advertising funds to either augment or completely provide their advertising budgets. Because these accounts have hired my agency, we do all the work of collecting the funds for them. It’s one of the services we provide, and we do it month after month for multiple accounts (each with different rules of collection). Collecting co-op funds can be time-consuming, but if you know the rules and follow them, you can do it without much trouble.
When you’re working on your own, without an agency, you need to do the legwork yourself. In the following sections, I walk you through the process of using co-op funds — and collecting your money.
Co-op funds may be earned (and accrued) over a specific period of time and carry with them a deadline for use. This deadline is known as “Use it or lose it.” Make sure you find out about any deadlines imposed by manufacturers on the use of their available co-op advertising funds, and be sure to spend the money before it disappears.
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