Now, more than ever, we all need to step up our marketing, and co-op advertising is a great way to reach thousands of people very economically.

Co-op advertising reduces the overall cost of advertising, but is still an effective way to reach new and existing customers. So how do you get started? Reach out to fellow retailers in your area. If you're in a mall or strip center, you may even consider approaching mall management to find out if they would also contribute towards the cost of your co-ad since it helps to drive traffic and sales.

Next, ask your local paper if they can design the ad for you for a minimal fee. If not, I suggest posting an ad on CraigsList to look for an inexpensive, but qualified graphic designer. Use your ad space to promote a special sale, an event in your store or a free product giveaway if the coupon is brought in. This way you'll be able to measure the effectiveness of your ad.

And don't just think print ads—mall management might be collecting email addresses, so see if they are doing an email marketing blast and ask to be included.

One retailer, Neccica Hayes, emailed me to say how effective her co-op ads have been for her store Autumn Leaf Gifts. Check out the ad below.