10 Key Principles of Franchise Marketing
Being part of a franchise system offers tremendous advantages such as, in most cases, instant brand recognition. But it also presents some limitations. Most, if not all, of your marketing initiatives must pass your franchisor's approval. Despite some restrictions there are plenty of opportunities for individual franchisees to help drive business.
10 ways to market your franchise business
1. Know your customer and market
If you have already purchased your franchise then you should be confident that there is a demand for your product in your community. Successful business owners know their customers and make adjustments according to cultural factors and trend.
2. Use your product/service as a marketing tool
The product or service itself is an important marketing tool. In a highly competitive playing field where similar businesses are selling similar products, product naming and packaging becomes highly important.
3. Promote your business
Promote your products and services through advertising campaigns, public and media relations efforts, TV and radio commercials, internet advertising and direct mail initiatives. Many franchisors will have public relations representation and provide guidance or drive campaigns at the corporate level.
4. Position yourself as an expert.
Additional ways to create brand awareness include writing or contributing to articles as an expert in your field.
More articles from AllBusiness.com:
- Five Common Credit Factors for Qualifying for a Small Business Loan
- Top 5 Benefits of Revenue Based Financing
- What’s a Business Line of Credit and How Does It Work?
- Why You Should Be Asking Your Customers for Referrals
5. Encourage customer loyalty
Keep past customers coming back through in-store promotions, loyalty programs, coupons, and special offers and involvement in your community (e.g., sponsoring sporting or charity events, etc.).
6. Build a website
A website is without a doubt an essential marketing tool to getting customers. Your franchisor has its own website with the option to search for locations; however, it may be appropriate for franchises to have their own websites for their local market.
7. Utilize marketing collateral
Marketing collateral provides potential customers with information about your company. These include brochures, white papers, and sales videos. Not all franchises require marketing collateral. These materials may not be relevant to a fast-food franchise but may be necessary for others, especially those engaged in B2B franchises.
8. Track customers and leads
Implementing a marketing database is a great way to log your marketing progress and track your customers and leads.
9. Ask for customer referrals
Establish a referral system with complimentary business owners. Another way to get referrals is through your existing client base. Ask customers to write testimonials, act as references or offer an incentive program for them to refer your services to others.
10. Be creative
Identify innovative approaches for getting more business. One mistake in running a business is remaining static—if you want to remain competitive you must find new ways for reaching your target demographic.
