Jumpstart your Franchise Business with Our Proven to Convert Franchise Marketing Services in Walnut Cove
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.
ou know there are "right" customers and "wrong" customers and while you may not (yet) know how to tell them apart before they become your customer, you know that the "wrong" customers deliver the least value and create the majority of problems in your business.
Who is a customer?
Customers (or clients), by the way, are not just the people who buy your products and services. They also include your employees, and if you're a franchisor, they include your franchisees.
Be careful of expert advice!
So I read a passage on a blog that provided "some helpful hints on how you can spot a great franchise marketing system" and the first hint was this:
Customers are brought in the doors. This is what every business boils down to in the end, whether or not the marketing system brings in the customers. After all, that is where you make your profits.
Taking the express train to bankruptcy
And I thought to myself: Or that is where you lose your profits, your money and ultimately your business!
It's not enough to drive customers through the doors of a franchise, or any business. You've got to drive the "right" customers through the doors! Most businesses, and most marketing systems, do not fulfill that objective. And that's one reason why franchises struggle and fail.
So don't be fooled into thinking that a good franchise is one where "the marketing system" drives customers to the door!
Happy franchisees make the most money
To wit: Some years ago the new CEO of a major retail franchisor asked me to help his franchisees attract more customers and ultimately generate higher revenues so that (a) the franchisees would earn (and keep) more money, and (b) the franchisees would pay higher royalties. Since the beginning of franchising, franchisors have known that franchisees who make and keep the most money are the happiest franchisees!
So I spent several weeks working with a few franchisees to find out more about their customers. Here's what we discovered:
- It cost the "average" franchisee $100 to get a new customer to come through the door (that included marketing costs and the required fee for the franchise advertising fund).
- The "average" customer spent about $10.
- No one knew if the customer would return - ever.
- If the customer did return - no one could predict when or how often.
- The "average" franchisee did little to nothing to bring the customer back again repeatedly (and you may be surprised to find out why).
Busy, busy, busy going out of business!
So while it appeared "the marketing system" was doing its job, e.g. the franchisees were busy serving customers throughout the day, in reality "the marketing system" was slowly running the franchisees out of business (and perhaps into an early grave)!
That and the fact that the franchisees were so busy, busy, busy taking care of all the customers "the marketing system" provided that they had no time to do the things that would have insured getting the maximum benefit out of their customers, i.e. increasing sales, increasing frequency, building rapport with key customers, gathering referrals, etc.
Who caused that fire?
As one franchisee told me, "From the time I open the door in the morning until I close it at the end of a long day, I don't have time to do anything but put out fires."
Upon examination, most of the "fires" were caused by customers and employees. Occasionally, even though they didn't know it, the franchisee caused some of the fires!
Blame it on the franchisor, of course
You can be sure the franchisor got blamed for the majority of the challenges the franchisees faced. Frankly, I would take the side of the franchisees on that issue (though it does no good to blame anyone, but rather to accept responsibility). The franchisor could have done a better job sooner! In other words, the CEO that hired me had only recently arrived at the company. To his credit, he quickly assessed "the marketing system" and knew that it was broken. However, this company had been operating for many years prior to hiring this CEO. Where were the marketing folks all those years? Where was the company's leadership?
Why doesn't this system work?
So what was wrong with "the marketing system" at this company?
Simply, it was producing the "wrong" customers for the franchisees!
Even among customers there are stars
Through our continued research we further discovered that not all customers were created equal! Some spent more money than others and never, ever complained or started a "fire"! Of course, those were "the right" customers.
Problem was, "the marketing system" produced too few "right" customers.
Revealing more about "right" customers
Without giving away too much information (and revealing the company), here's more of what we discovered about the "right" retail customers for this franchise business. They:
- spent about twice as much as the average customer
- returned 3 to 4 times a week
- owned a business, which existed within 3.5 miles of the franchise location
- were males (64%) and females (36%)
- had partners in their business (46%); most often, a spouse
- were between the ages of 32 and 62
5 Tips For Small Business Consulting - Franchise Marketing Made Easy
Franchise Marketing through Digital Marketing
Marketing has been an un-mastered art of business. Not everyone get the hang of it except those tycoons who take a lot of meaningful effort in finding answers to the question "What is Effective Marketing and how it is done"? With different forms of marketing stemming up, business firms feel it tough music to select the best form befitting the requirements of their business. To let you know more about this, I'm going to focus on the most buzzed about topic of marketing "Franchise Versus Online marketing"!
Franchise Marketing is Not Everybody's Game
Budding entrepreneurs usually want to be a boss of a firm. They hold their supremacy as their privilege to work flexibly, to make more money and to spend fewer hours at work. They know this sort of comfort is very much possible given that they have enough awareness on franchise marketing. The franchise business is all the rage now considering the success of many chain restaurants like the Subway and McDonald. Though they're moderately old they have made it big in several reserved parts of the world. People who aspire to become entrepreneurs someday will not only savor the food catered at these places but also the effective system, which has led to the success of these franchises.
Some of the factors, which will not favor the budding entrepreneur of this generation, are listed below.
- Conformance to Conventional Practices
- Huge Upfront Investment
- Effective Financing Technique
- Workers Remuneration
- Termination of Worker's contract
- Costly Set up and
- Period of Wait to see Results
Benefiting From The Hassle-free Online Marketing
On the other hand, there is a marketing technique, which doesn't necessitate a lengthy checklist to maintain, as it is so simple yet effective- Online Marketing. Considering the bludgeoning pace at which the Internet medium is blanketing the planet, online business is here to stay. Promotion of products online requires a prospective customer to spend less time at the comfort of home- Lying in the couch, grabbing some popcorn from the bowl. Isn't it shopping at its best?
Reaching customers in their favorable means add spice to this whole concept. After all that is what marketing is all about! Isn't it?
Some of the merits that lures the budding entrepreneurs to go for online marketing is presented as follows:
- Instant Results
- No need to invest a huge sum and keep the business running by constantly financing it
- No/ Minimum Employee base
- No recruitment and termination of contracts.
- No need to find a fitting location to run business.
- Minimum efforts when compared to Franchise marketing and the results that you deserve.
I have given you some subtle insights into "Franchise versus Online Marketing" so that you're able to take a firm stand. However, there are a lot of auxiliary factors to deal with considering how attached and dedicated you are to your business. Furthermore, you must figure the line of demarcation that lets you know which of the two befits your business requirements. So, try to chew on Franchise Versus Online Marketing from all sides and settle on your stand so that you go after a particular path to entrepreneurial triumph.
Businesses are realizing that they require a marketing agency that takes a holistic approach to their online web presence and digital marketing strategy.
Contact us today to learn more about Marketing your Franchise Business.
Franchise Email Marketing Financing Deals Walnut Cove