Being associated with a powerful brand can do wonders for your company. Andrea Guzzuni, co-founder of Rentuu, an event equipment hire platform, discusses strong brand values, trust and the positive effects of working with an established business.
A respected brand name and identity are two of the most valuable assets a company can possess. In the eyes of customers, a strong brand is a measure of credibility and quality; it provides a comfort blanket for any procurement decision and peace of mind for a time-poor professional.
This summer, Edelman’s Trust Barometer Special Report proved insightful — 81 per cent of the 16,000 people surveyed said that brand trust is a deal breaker and deciding factor when they’re considering a purchase: Followed by quality (85 per cent) and value (84 per cent).
The statistics centre on a consumer’s intent to purchase a product, so imagine the level of trust required for a person looking to hire. For an organiser to put their trust in a business to deliver on time, and on budget, requires faith, particularly if they have not used a company before.
Have a little faith
Being associated with an established brand that is respected within its field is priceless; that’s because a brand can be a key differentiator. It’s why so many people choose to franchise a business. A franchisee has the legal right to use the name of an established business and many argue that franchises are more successful because they have the backing of the franchisor, and their skills and expertise. Consumers often don’t even realise that a business is franchised; they have faith in the brand name and that’s enough.
Positivity and profits
According to Natwest and the British Franchise Association (BFA), there are now almost 50,000 franchise businesses contributing more than £17 billion to the UK economy — and it’s a sector that supports more than 700,000 jobs. Such big figures are a positive read and shine favourably on the power of being associated with strong business brands.
Franchisees receive training and on going support, you have access to a proven business system that has already been tested in the marketplace and there’s marketing support too — you will have the full backing of an established brand that wants you to succeed. So, when it comes to marketing and promotional campaigns, buying power, negotiating deals and accessing a huge network of skills and expertise, the franchisor will give you all the support and resources you require in order to achieve profitability, fast.
Trust the brand
There’s no denying the positive impact that can be achieved by working with an established brand, and one that has international scope. For starters, there’s the added benefits of having a long-term and experienced partner in your business — one that you can call on for advice — and it is easier to raise finance when you are associated with a tangible and recognised brand. Why? Because you’re asking for money to support an established business format and a proven idea that works. Plus, you get guidance from fellow franchises and that gives banks and financial institutions confidence.
The events industry is bursting with interesting and successful businesses. For example, did you even know that HSS Hire and Speedy Hire, both respected equipment hire businesses that operate within the events industry, are franchised? No? But you trust the brand, right?
Big plans and exciting times
At Rentuu, we are working hard behind the scenes to create a business model that will enable users to benefit from strong brand values based on trust and accountability. We know that the events industry places great expectations on the business organisations and brands that it chooses to work with and more than any other sector, the events industry knows how important it is to build trust through communication.
In the next few months, we will reveal exactly how we plan to work with you to build an even stronger consumer event hire market that will be an asset to any events professional. All we ask is that you watch this space.