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3 Top Tips for Creating an Effective Franchise
1.
2. Franchise Marketing
0 The franchising industry grew in 2012 from the previous year, with
establishments increasing at about 2% and employees by about 3%.
0 Output from franchising also grew – by around 5% - making it into
and becoming an important economic indicator for many countries.
0 With many franchisors scrambling to find the best gaps in the
market and for strategies to exploit the marketplace in their favour,
it is clear that franchisees have a fairly free reign when weighing up
their best options.
0 That is why it is important to make sure you sell yourself and more
importantly your ideas and regulatory compliance measures
carefully.
0 We have made a list of the 5 best ways in which you can plan and
implement your franchising strategy in order that you stand out
from the competition.
3. Plan Your Strategy
0 Knowing the business inside out may be something that
seems obvious and inherently linked to your success.
0 However many underestimate the scale to which they
should research and understand their market profusely.
0 Ask yourself ‘What are my end goals’, and ‘What do I
realistically want to achieve from this?’.
0 It is also important to have measures in place that you can
track and evaluate your success as you go - creating room
to adapt and change your strategy if need be.
4. Identify Partners and
Contributors
0 Going solo may sound like the kind of franchise you want
to pursue, but everyone in franchising needs help from
others; whether they are advertisers, marketers, franchisee
advisory groups or franchise consultants.
0 Discounting them will harm you; especially when things go
wrong and you need advice and direction.
0 Look for the many resources found online about assisting
franchisers and franchise marketing.
0 Remember also that a franchiser is providing the bulk in
capital, investment and resources and so have to be
considered an asset when extra demands are needed.
5. Consider Your Online
Presence
0 Online franchises and affiliates are set to grow this year as more and more
people look to alternate revenue streams.
0 Also, the internet as a medium for promoting, advertising and distributing
your products or services could be the most crucial part of your business
mix.
0 It is therefore important to consider online marketing and franchiser brands.
0 Who to target, who to reach out to, and how to get visitors to your site and
most importantly converting are all major issues that could make or break
your franchising efforts.
0 Continual tweaking of your strategy is crucial at this time, and success in
online marketing won’t happen overnight.
0 Look to hire a team with experience in this area and assess the ways in
which you want your online presence to be presented to your
customers, and you will find it can be a lot simpler than you thought before.
6. Conclusion
0 When searching for a new franchising topic you may find that marketing is
the first and ever-present centrally important issue.
0 By marketing your product or service effectively you will find happy
customers and returns on your investment, which, at the end of the day is
what we are all searching for; your livelihood depends on this one central
issue.
0 Franchise marketing is, however, much more than just researching the
marketplace and coming up with a strategy.
0 Continual monitoring and tweaking of customer habits, budgets and
expectations is important too, as is the front end - customer service and
management.
0 But by planning your strategy well and understanding what drives people to
certain markets and their expectations, you will be well placed to experience
good rates in return.
0 The time and diligence you put in early on can pay big dividends in the long
term, and you will be happy you made the effort at the end of the financial
year.