Jumpstart your Franchise Business with Our Proven to Convert Franchise Marketing Services in High Point
Running a successful franchise in multiple locations and optimizing each one for maximum engagement and recognition in their local markets is definitely one of the most difficult tasks for a business leaders. Yes, you should trust your franchisees to do a stellar job and manage their branches in an efficient and effective way, but only if you have done your part of the job beforehand.
So, what is your job? As a franchisor, your job is to create a strong overarching marketing strategy that will help every branch maximize its marketing potential while ensuring brand consistency every step of the way. To that end, here are the most effective ways you can create a winning franchise marketing strategy.
Is Your Franchise Marketing System Turning Profits Or Running You Out of Business?
If you want to make a business successful you should advertise for it as much as possible locally but keep it simple. The same is true for a franchise business. When you just open your franchise, how are people supposed to know you are there unless you let them know. Or if you have already been opened for some time, how will keep existing customers and attract the new customers? The key to this is advertising for your franchise locally. Yes, your franchisor may offer a great marketing plan, but you want to add to it to increase sales. Or, your franchise may not offer a marketing plan at all. Either way there are several ways you can advertise for you franchise to generate business and stay successful from the beginning!
One great way to advertise is how you present yourself. You should present yourself so that you stand out and people remember you, in a good way of course. Also represent your franchise business. If you own a surf ware franchise, you would not really be able to promote it in a suit. If you support what you sell or provide you will attract others to check it out. If someone complements you on something, how great would it be to say "Thanks, I actually sell this at...., you should come check it out". This is such a simple way to advertise your franchise.
Also, get business cards with your name and location and be personable. I remember being on a plane ride home alone. A nice man, dressed professionally was sitting next to me. He started a conversation with me about our destination and other small talk. After we had talked about why we going there for some time (I was going home and he was on business) he handed me his business card and said he was opening a new restaurant in my area and to come by and check it out. He also gave me a coupon for a free appetizer. Well, I did go to his restaurant and I told many people about it since I enjoyed the experience. This brings out two other ways you can advertise locally for your business. Offering something for free or discounted and word of mouth!
People love free stuff! So, if you can think of something to offer or a great deal you can attract people to come in. Even if it is something small like a free drink on certain days. Sometimes you have to give a little to get a lot! You still have to let people know it is there. So like the guy above did be personable and promote yourself!
The other key thing is word of mouth advertising. This can be a great way to get new customers into your franchise and it is FREE! If someone has a good experience they will share it with others and then they will want to check things out also. However, keep in mind this can be turned around quickly, so make sure you are only giving people good things to talk about.
Franchise Marketing Systems Implementation
When making your decision as to which franchise will work best for you, it is vital that you explore the trends impacting the investments you are considering. Shifts in consumerism both nationally and regionally can have a heavy impact on the market in general and on your franchisor specifically. No matter how solid you feel your plan for you business may be, if your intended product is falling out of public favor you have little chance of success. If you don't have a clear concept of what trends will impact your business, then you may want to begin your research there.
Once you have developed an overall perspective of the market aspects that most impact your franchise, take a look at the big picture. Investigate how your business, and those similar, have fared in the recent political and economic climate (and in the past). Review back issues of national business journals for articles related to both your specific franchisor and your potential competitors to develop a clear perspective of how the market has fluctuated and why. Dig deep. Consult statistics from census data and the Bureau of Labor Statistics and try to determine which demographic groups have most impacted the market for your product.
Brining it Home
Now that you have at least a general concept of what factors have made the greatest difference in your market, it is time to examine what factors are impacting the local market in your area. It is necessary to determine how those factors that have played a role nationally are represented in the area you intend to do business. If at all possible enlist the aid of a private research firm. This will ensure that the data you base your decision on is factual and up to date. Your franchisor may also be able to assist you in your search, as can your network of franchising peers.
Compare the Competition
Once you have a firm concept of the market and how it will most likely impact your new business, it is time to see if your franchisor has what it takes to overcome the competition in your area. Even if you are the only franchise representing your brand in the area, chances are good that you've got competing brands offering similar products or services in your intended sphere of influence. Compare your franchising organizations growth with that of these competitors and try to gauge whether or not your franchisor's growth plans are sufficient to give you an edge against competitors who already have established presences in your area.
Taking the time to research the viability of your intended franchise in the area you wish to do business is a critical step in the development of your business. Overestimating the marketability of your product of the growth potential of your franchise in your specific location could have disastrous consequences. An ill-informed decision could prevent you from seeing the returns you anticipate on your investment and severely cripple your business goals. It pays to take the time to make a smart and fact-based decision that will allow you to make the wisest financial decision in selecting a winning franchise.
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