Jumpstart your Franchise Business with Our Proven to Convert Franchise Marketing Services in Colfax
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?
Deciding to join a franchise family is a great opportunity with many benefits. Many of these benefits you will not receive if choosing to open your own independent business. You will receive training on the franchise system, you will be part of a big network that can provide assistance to you when needed, and you will be investing in a business that has a higher rate of success than an independently owned business. But another great benefit you will receive is a marketing advantage! Not only would you be buying a well known name or brand, but should receive additional marketing for your franchise!
When you decided to purchase a franchise you will need to consider the marketing plan that the franchisor provides. A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service and persuade them to buy the product and/or services you offer. So, this is something that the franchisor will provide per your franchise contract with them. The marketing that the franchisor provides is a big reason why franchisors have a higher potential for success, so if you don't agree with the plan or there isn't one look for a different franchise.
Marketing for your franchise is an important facet to running your franchise successfully. You will want to ensure that your franchisor offers a great marketing plan that will help generate business for your franchise. The franchisor will have a fee that you will pay for marketing. Since, this is something that you will be paying for, so make sure you get the most for your money.
The marketing plan should cover such expenses as print advertisements, TV commercials, and direct mailings to both potential and existing customers. Also a good plan to look for is one that covers fees that you may pay for advertising agencies for in-house marketing. You want to make sure that you are reaching any potential customers so you will need to have advertisement in as many different forms as possible. For example, if you only put a newspaper ad out, only the people who read that certain section of the paper will see your advertisement. You will want to make sure that their plan is suited for what you are selling, and that it reaches out to a wide variety of people. You will be limiting your franchises success if your franchisor does not have a complete and effective marketing plan.
Another aspect to consider is whether the franchisor will listen to marketing suggestions from franchisees about future marketing. A good franchisor will, since this is a way to stay fresh with their marketing and gain many new ideas that can lead to successful for the whole franchise family. Times are always changing so in order to keep up with them you do have to change a little. What worked 15 years ago, is most likely not what is going to work currently!
Online Marketing Pips Out Franchise Marketing - Get To Know Why
Is Your Franchise Marketing System Turning Profits Or Running You Out of Business?
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
Franchise Marketing through Digital Marketing
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.
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