"Found Money?"

Did you know in 2014 the IRS distributed an estimated $27.5 Million in tax returns for the 2013 fiscal year in New York State? A tax refund is simply the difference between the liability of amount owed and the amount paid. Many consumers see the tax refund as a windfall.

Maybe you have heard about the searches for unclaimed funds from the New York State Comptroller’s Office? You may have seen their exhibit or participated in one of the searches at the New York State Fair. Many people have found money through that office that they didn’t know was even there! As of February, 2015, there is over $45 Million in unclaimed funds in Onondaga County alone!**

Found money is always helpful, especially in business; and certainly for small business owners. For business owners, there may be found money out there for you too!

Did you know if your business resells products, mostly those products purchased directly from the manufacturer or distributor, there may be cooperative, vendor support or brand development dollars available to assist with advertising and marketing the business? Product categories as diverse  as motor oil, groceries, insulation and even hair products and tooth whitening sometimes offer programs to assist business owners with advertising these products and business.

$6,625,530***

That’s a LOT of money. But – that’s the amount of estimated cooperative and manufacturer support advertising dollars that goes unused just in Central New York every year.

Marketing dollars are tight. Now ask yourself, “What would a share or percentage of those unused dollars do to help market your business?”

And depending on the vendor criteria, these dollars can be used for on-air (like radio), on-line, signage, events, promotions and even print.

Many local small businesses have found cooperative advertising helps stretch their marketing and advertising budget, and in some cases can even help double the effectiveness of the campaign.

Please keep in mind that it is the manufacturer’s prerogative to change the marketing or program any time they desire. Many manufacturers have put their programs on moratorium during the recent economic downturn but will potentially re-activate them as the economy improves.

Because these types of vendor supported programs can change without immediate notice, it’s important that every local business owner be aware of what programs may be available to assist them.

If you own a business serving Syracuse or Central New York, contact us for a FREE, no obligation vendor program search and learn if the brands and products your business already carry qualify for cooperative advertising funds through your vendors.

Sources:

*Internal Revenue Service, Chief Financial Officer, Financial Management, Table 8.  Amount of Refunds Issued, Including Interest, by Type of Refund and State, Fiscal Year 2013

** New York State Comptroller’s Office, Unclaimed Funds by County and Region, https://www.osc.state.ny.us/ouf/oufregion.pdf

***Per the Radio Advertising Bureau, approximately $10 per capita goes unused. Estimate calculated based on recent US Census population for Onondaga, Oswego and Madison Counties

Tags:

budget

cooperative dollars

tax

Syracuse

Central New York

Advertising

Marketing