This 36-page report details the nuances of co-op advertising and includes the results of our survey in March and April 2012 of 1,354 SMBs regarding their participation in co-op programs. It examines how much is available through these programs – an estimated $22.4 billion – and the reasons that local merchants don’t snap up all of it. The first chapter dissects how the programs work and who’s using them. The second chapter takes a deep dive into the $1.7 billion available in online co-op and the estimate that $450 million seems to be left on the table for lack of participation. There are seven charts, tables and graphics in the report, and Appendix A includes more than 20 additional charts complete results of our survey. Appendix B offers a detailed explanation of how co-op programs work, compliments of the Local Search Association (formerly the Yellow Pages Publishers Association). Appendix C is a list of 175 brands that offer co-op programs to local merchants.