Programs like the Mitsubishi co-op program along with broader initiatives like the Stellantis co-op program are designed to help dealerships with their marketing costs, create professional campaigns, and get reimbursed for their efforts. In this article, we’ll discuss how these co-op solutions work, how you can start using them to bring in more leads without overspending, and how Dealer Stream’s automotive marketing co-op solutions make it easy for you to use your co-op funds in the best way possible.
What is a Co-Op Advertising Program?
A co-op advertising program is a partnership between you and a manufacturer like Mitsubishi where they reimburse you for approved marketing costs. You put together a campaign, whether that be digital ads, billboards, email messages, etc. and as long as you follow Mitsubishi’s guidelines, you can then get a percentage of your spend back through dealer advertising reimbursement.
Why Should You Consider the Mitsubishi Co-Op Program?
The Mitsubishi co-op program is designed to be flexible, especially when compared to some of the other co-op programs out there. That’s one of the reasons why it’s such a great option for dealership marketing. Here, we cover a few more of the benefits.
Lower Marketing Costs
With co-op funds, your marketing costs will drop, making it easier to run campaigns consistently and to see bigger results.
Professional Campaigns
Mitsubishi will give you guidelines and sometimes even creatives like images or ad copy that’s ready to use. That means you don’t have to start from scratch every time you want to begin a new marketing campaign. Additionally, by using these assets, you’ll know your campaigns are following Mitsubishi’s guidelines and therefore qualify for reimbursement.
Local Marketing Support
National ads don’t necessarily bring buyers to your local showroom. The co-op program is built to support local dealerships like yours by targeting people who live within a certain radius of your location or highlighting specific offers at your dealership.
Consistency
Mitsubishi wants to make sure all its advertising stays in line with its current brand image. Because of this, they give you clear guidelines, which can make your marketing materials cleaner and more polished.
Better Reach
Since your budget will stretch further with financial help, you can run campaigns to reach more people and, ultimately, get more sales.
How Does the Stellantis Co-Op Program Relate to Mitsubishi?
You may have already heard about the Stellantis co-op program, especially if you sell across multiple brands. Stellantis manages the co-op structure for several automotive brands, and while Mitsubishi isn’t under Stellantis’ umbrella, many of their strategies overlap. This can be helpful, since it can help you learn. If your dealership also sells Chrysler, Jeep, Dodge or other Stellantis vehicles, you can apply the same best practices across Mitsubishi. Additionally, you may benefit from centralized co-op knowledge, which makes campaigns easier to execute. Generally speaking, when you understand how different OEM programs work, it can help you plan long term.
What Are Some Automotive Marketing Ideas to Use with Mitsubishi Co-Op Funds?
Here are some automotive marketing ideas that dealerships like yours can test for yourself.
Paid Search
At Dealer Stream, one of the first types of ads we recommend running are Google Ads using display campaigns. Mitsubishi co-op funds often cover digital advertising because it drives local traffic directly to your dealership, so the ROI tends to be high. Also, Google Ads are easy to track, especially when compared to other types of advertising like billboards or event sponsorships, which can be fuzzy. This trackability can help you improve your campaigns over time.
Social Media
Using social media platforms like Facebook, Instagram and TikTok is a great way to reach younger audiences. Some ideas may include showing off your latest inventory, lease deals or community events.
Video Marketing
You can try YouTube ads or OTT (streaming TV) campaigns, both of which usually qualify for dealer advertising reimbursement.
Local Sponsorships
Sponsoring local events and getting reimbursement through the Mitsubishi advertising fund program lets you build goodwill while marketing your dealership.
Email Campaigns
Email marketing campaigns can also be covered under Mitsubishi’s reimbursement program. Try sending seasonal service specials or emails about new arrivals and financing options.
Common Mistakes Dealers Make with Co-Op Advertising
If co-op programs are so great, why doesn’t every dealership maximize them? One of the reasons is because dealers often make a few avoidable mistakes, which turns them off of the programs entirely. Fortunately, these mistakes are easy to avoid.
Not Using Your Funds
A lot of dealerships fail to use all their co-op money, or fail to apply to all the eligible reimbursements. This is essentially like turning down free advertising dollars and should be avoided whenever possible.
Missing Deadlines
Submissions usually have strict timelines. If you miss the deadline, you will not be able to be reimbursed.
Using Unapproved Creative
It’s important to follow Mitsubishi’s creative guidelines or use pre-approved templates to make sure your ads qualify for reimbursement.
Poor Tracking
If you don’t keep receipts, screenshots and other types of reports, you won’t be able to get paid back for your advertising.
How to Make the Most of the Mitsubishi Co-Op Program
Automotive advertising is expensive, but with dealer advertising reimbursement, you can run much larger campaigns than your competitors who aren’t taking advantage of these same programs. Here, we cover a few tips on how to maximize your success.
Work with an Agency
An automotive marketing agency familiar with Mitsubishi’s program can make sure your campaigns are compliant and ready for submission.
Plan Ahead
Match your campaigns with Mitsubishi’s seasonal pushes like summer sales or end of the year clearance.
Track ROI
ROI stands for return on investment, and it’s a way of measuring how profitable an investment is compared to how much you spent. It’s always a good idea to measure leads and sales that came from your marketing rather than just clicks on your ad.
Stay Flexible
Digital trends can change over time, so you can use your co-op dollars to test new strategies without the same level of risk.
Learn More About Automotive Advertising with Dealer Stream
Ready to get started? At Dealer Stream, we help dealerships manage their co-op advertising dollars by taking over the process, making sure your campaigns are compliant and driven by results. If you’re interested in learning more about our car dealership marketing services, contact us today.