The Future of OEM Advertising Co-Op Reporting
Updated: Jun 29, 2020
It’s a familiar story: it’s the end of the month and marketing agencies are scrambling to put together OEM advertising co-op reports for their dealership clients. Compiling these reports is like filing taxes — it requires attention to detail, pulling data from various sources and filling out tedious forms.
Unfortunately, this means many hours are wasted each month scanning for new OEM advertising co-op refund requirements, manually capturing screenshots and aggregating this information into reports. As unenjoyable as this may be, it has to be done.
For agencies working with dealerships, it’s just the cost of doing business. But the cost of this inefficiency might be higher than agencies think.
Wizely estimates that at some agencies, it takes 2-3 people 40 hours a month to complete co-op reports. This diverts a considerable amount of time from other high-value projects that agencies could be working on each month.
As your agency grows, the time spent on OEM advertising co-op reports only increases. This is because manually compiling co-op reports is not a scalable process. In a manual system, more reports simply take more time.
Due to their complicated nature, these reports often have to be completed by highly-skilled employees. This can cost agencies thousands in overhead, adding to the frustration around OEM advertising co-op reporting.
To save time, agencies can try to cut corners in the co-op reporting process — but then they might be leaving money on the table. As you can see, it’s a double edged sword: spending too much time on co-op reporting costs agencies valuable productivity hours, while not spending enough time leaves potential money on the table.
Know Your Budget
Calculating your OEM advertising co-op refund is like trying to hit a moving target. It’s hard to predict how much co-op refund money you will receive each month unless you are continuously forecasting and tracking data throughout the month.
The cost of ambiguity surrounding your OEM advertising co-op refund could seriously impact your bottom line: a report by Netsertive has found that OEM advertising co-op accounts for more than 50% of most dealerships’ marketing budgets.
If your agency misses out on just a few hundred dollars a month, this can quickly add up to thousands in lost co-op advertising revenue over the course of a year.
The Future of Co-Op Reporting
By now you might be saying, “There has to be a better way!” The good news is, you’re right. Automation software can reduce the time spent on OEM advertising co-op reporting from hours to minutes.
This software can also help your agency predict how much your OEM advertising co-op refund will be each month, allowing you to be more strategic in how you budget and plan your campaigns.
As your agency grows, you can quickly customize and scale this process to meet the unique needs of your clients.
Overall, the future of OEM advertising co-op reporting puts time and money back in your pocket and enables your agency to get back to doing the work that matters most.