6 Ways to Effectively Market Your Franchised Business
Starting up a franchise business is easier than putting up a traditional business because you are buying an established brand with loyal followers. This decreases the risk of failure because you are offering tried-and-tested products and services, which also eliminates the need to conduct market testing. While your franchisor will definitely help you with ads and promotion, you still have to learn how to effectively market your franchise business for more revenue.
Starting up a franchise business is easier than putting up a traditional business because you are buying an established brand with loyal followers. This decreases the risk of failure because you are offering tried-and-tested products and services, which also eliminates the need to conduct market testing. Moreover, you can begin your company without any prior experience because the franchisor equips you with the necessary skills needed to operate the business.
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In fact, all you need to do is to go looking for new office space from where you can manage your enterprise. While your franchisor will definitely help you with ads and promotion, you still have to learn how to effectively market your franchise business for more revenue.
1. Establish a Marketing Plan
The first step is to create a solid marketing plan for your company. The process will take some time, so you may as well take advantage of office healthy snack delivery while you brainstorm ideas with your staff. Some questions to ask are:
- Who are your competitors?
- How many are they in your area?
- What are the products and services they provide?
- How do they price their products and services?
- What marketing strategies are they utilizing?
- What is the demographic information of your target customers?
- What are your customers’ specific needs that you can solve?
Build your marketing plan based on these questions. The main elements that affect your planning are your target audience and the companies that are similar to yours. Do your research so that you can form the perfect strategy that will make you rise above the rest of your competitors.
2. Use Various Media to Your Advantage
You have plenty of options on how to promote your products and services. The most common media are:
- Print advertising (magazines, newspapers)
- Direct mail (brochures, flyers)
- E-mail marketing
- TV advertising
- Outdoor advertising (billboards, posters)
- Search engine advertising
- Social media marketing (Facebook, Twitter, Instagram, YouTube, Pinterest)
- Special promotions (sales, coupons)
- Referrals (your customers)
There are also lots of free marketing tools online that you can use for support. These tools aid in the automation of the workflow and increase business productivity. You can let the software take care of the dull, routine logistics while you focus on the operations and management aspect of the trade.
Don’t forget that your media doesn’t just have to be static, there are a variety of visual impact production techniques you can use to make your advertising stand out from the crowd, from rotating displays to LED screens.
3. Build Relationships with Other Franchisees
The more established brands provide annual conferences and training to their franchisees to update them on the latest in the business. Use this time to expand your network. Talk with other franchisees about what marketing strategies they are employing in their area and how it has helped their business grow.
4. Make Use of the Tools Given By the Franchisor
Take advantage of the software and systems offered by your franchisor as much as you can. Generally, the head office will furnish you with a centralized software system that has all the processes necessary for running your store. This can include programs developed for the franchise’s inventory, accounting, and customer relationship management. Plus, some franchisors also take care of your website, social media accounts, and other marketing collateral.
5. Cash In on Automatic Brand Recognition and Trademarks
As mentioned earlier, one of the advantages of getting a franchise is the brand is already established. You can be certain that your product will sell because the franchisor has proven that they can be trusted to provide the solution to your customers’ needs. The most common way to take advantage of brand recognition and trademarks is to use the official logo on your social media profiles and published materials to associate yourself as a legit branch. Franchisors are strict about the use of their logos and trademarks due to the fact that their reputation is at stake.
6. Launch Campaigns Unique to Your Area
While most franchisors handle the general marketing work, you can still set up campaigns that will cater to existing and potential customers in your area. One beauty of being in a franchise business is that you have a specific territory to yourself. Apply marketing strategies that will make a massive impact in your region. If, for example, your store is situated in a college town, gear your methods towards reaching college kids or professors.
Conclusion
A franchise business can lessen the guesswork out of establishing your brand and marketing a new product or service. However, as a business owner of a franchised business, you still need to invest time and effort in studying your target audiences’ likes and dislikes. Keep these tips in mind to develop an effective marketing strategy.