Borrowed Equity in Local Market
Borrowed equity is a type of co-branding; think when a celebrity endorses a product. It’s essentially associating your brand with someone or something else’s name or brand to increase awareness of your own brand. Consumers tend to be more inclined to investigate a new product or business because of who is telling them about it.
Diana Tyndall of the Springfield-Greene County Park Board says through Partner with the Parks, local businesses may co-brand with the parks department, thereby borrowing the equity and goodwill that parks have cultivated over the years.
"More and more people know that we have a wonderful park system, but what they might not know is that their business can actually partner with the parks and tie into our customers, our athletes, our golfers, our families, who can eventually become your customers too," says Tyndall. "That’s borrowed equity in practice."
Tyndall says Partner with the Parks is especially helpful to businesses that have a niche market or narrow target audience.
"Say a business is specifically trying to target families or pet owners. We put on several events targeted toward families like Harvest Fest at Rutledge-Wilson Farm and movies at Founders’ Park, and others geared toward pet lovers like Dogfest at Chesterfield Park. There are dozens and dozens of events that target all demographics and lifestyles."
Tyndall says the Park Board’s total impact is difficult to quantify — there is no way to count every kid on every playground. But they can count gate admission, memberships and program registrations. "We’ve counted about 3 million people using our athletic complexes and other places that require admission,’ she says. "So we’re talking to millions of people."
"I’ve had a lot of conversations with local franchise owners who tell me they struggle to try to connect in the community," says Tyndall. "All their mass marketing is already placed but they don’t have any way to contact and reach out to people locally and they struggle with that. These businesses that I’ve talked to love to tie in with parks and know that they can get a big reach and talk to lots of people for minimal investment."
Springfield Greene County Park Board is comprised of 104 sites but it isn’t all green space.
"We have tons of different athletic facilities, ball fields, tennis complexes and courts, golf courses and even the Dickerson Park Zoo is part of the parks department," says Tyndall. "In addition to that we put on dozens of events, such as bringing in World TeamTennis with the Springfield Lasers."
Springfield Greene County Park Board is an award-winning, nationally accredited parks system. "We don’t have to sell people on our product or service," says Tyndall. "People love us and that’s a great place to be and a great place to co-brand with another business. If they’re on parks’ property, that means they’re a community-minded business."
Springfield Greene County Park Board has a broad variety of facilities, programs and events. From outfield signage to naming rights, there are customizable options to fit any budget and interest.
Whataburger launched its second local store; Branson shop Revive Juice and Coffee Bar LLC moved; and a new Monett branch of the Barry-Lawrence Regional Library District opened.