When you invest in a franchise opportunity, you don’t just become part of a business; you become part of a brand.
There is a big difference between the two: A business is just a company with a name and something to sell, but a brand comes with a known identity, an established reputation and a built-in customer base to sell to.
But how can a franchise build and maintain a strong brand? By building and maintaining a strong marketing and advertising fund.
A franchise marketing and advertising fund is a pool of money collected from franchise operators and used collectively for national marketing and advertising efforts.
These efforts are in addition to local marketing and advertising initiatives, which are executed by individual operators.
Franchise operators contribute to the pool on a monthly, quarterly or annual basis, depending upon the franchise. Franchise owners manage the pool and invest the money in strategic initiatives designed to enhance brand awareness and reach new customers.
Marketing and advertising costs vary from franchise to franchise and from campaign to campaign. However, in general, marketing and advertising for franchises is significantly less expensive than for independent small businesses, where owners can expect to spend between 10 percent and 30 percent of their gross revenues on such initiatives every year.
In contrast, at Bin There Dump That we don’t penalize operators for being successful by taking a percentage out of their profits. Instead, we charge a small fee based on our royalty agreements, which allows for cost predictability and better budgeting.
Smart marketing and advertising can pay off big time for individual franchise owners and the franchise as a whole. Some of the benefits of effective national marketing and advertising include:
It’s much easier to sell to a customer who knows your name than it is to introduce yourself for the first time.
By getting the franchise’s name and product in front of potential buyers around the country, the brand — and revenues — can continue to grow.
Having your name associated with an established magazine, television show, sports team or television channel makes a business appear more reputable and trustworthy.
Operators need to focus on running their businesses, but sales activities can often prove distracting. Marketing and advertising helps attract customers and generate leads with less effort.
At Bin There Dump That, we recognize these benefits, and we realize that in order to excel in the marketplace we need to excel in our marketing. That’s why we put our fund dollars towards these strategic initiatives:
We are the official bin suppliers to The Property Brothers, the popular television show that airs on the W Network in Canada and HGTV in the United States. As a result, the visibility and reach of our brand has expanded substantially, and millions of viewers now know that our bins and trucks are used by home improvement icons Jonathan and Drew Scott. If the experts use us, potential customers will feel more confident using us as well.
We are the title sponsor for Team Glenn Howard Curling: Glenn Howard is a Canadian icon and a curling legend who has been associated with winning results for more than 40 years. Now, he’s associated with us, and we couldn’t be more excited.
We have a national partnership with Angie’s List: More than 70,000 members rely on Angie’s List for trusted reviews and recommendations. As a national partner, our franchise operators are prominently featured in search results, enhancing their exposure and their chances of attracting new customers.
We are always looking for new ways to invest our dollars in order to maximize our success and the success of our franchise operators.
If you are looking for a new investment that can maximize your return and your career, consider joining the Bin There Dump That franchise network. Not sure how to get started? Download our FREE e-Book all about making the transition from the workforce to operating your own franchise.