Top 15 Answers to Successful Franchise Marketing
Franchisees buy into franchises for varied reasons. A franchisee might like a product or service or respect a business model. Yet every potential franchisee, regardless of their reasons for being interested in a business, should delve into the marketing strategies of the franchise. Do not assume that every franchisor is a marketing genius.
Franchisors can be at different stages ? having 5 units, 20 units, or 50 units. If it is a relatively new franchise, the franchisor may not have yet determined the customer base or the most effective manner of marketing. If there are not many franchisees, a national advertising campaign may not be justified at this time. The franchisor could, however, have an established and detailed plan for the future.
Having more units might indicate more mastery of marketing but that train of thought does not always prove true in reality. The number of units should not be the determining factor in deciding the marketing success of a franchise. The ratio of units to failures is the true indication of the strength of their marketing strategies.
The important consideration revolves around the number who got lost in the process. The ultimate bottom line will depend on the success and sustainability of their marketing plan. Franchisors should be able to provide investors with proven and measurable results of their marketing methodologies. A franchisee needs to ask the franchisor about different aspects of their marketing strategy.
How To Gauge Marketing Success: Top 15 Questions
1. Who makes up the demographics?
2. How do they determine the region?
3. How do they generate leads and sales?
4. What are the margins?
5. What are their plans for expansion?
6. How do they get customers in the door?
7. How will they get you to the customer?
8. What is the rough timeline for this process?
9. What does the franchisor do on a local level?
10. What does the franchisor do on a national level?
11. Is there a marketing fund?
12. Who decides about spending the marketing fund?
13. What is the marketing strategy for a start-up franchise?
14. How does it differ from one established in a local market?
15. How will they market if you purchase a resale?
Each of these 15 questions has a special significance and shines the spotlight on the marketing methodology of a particular business opportunity. For instance, knowing the rough timeline will help a franchisee determine the working capital requirements. Do not expect a franchisor to share detailed information in an initial meeting. Yet a brief overview of the marketing strategy should be provided at the beginning. During an initial conversation, a franchisee should gain a basic understanding of the franchisor?s plans to grow market share or build the brand.
Franchisees should explore the process of development for the franchise and their marketing strategy. Franchisees need to know about the plans to assist them in the market. A franchisee must gauge the marketing success of the business. They must determine if this franchisor knows the answers to successful and sustainable marketing. A franchisee must also question themselves about their comfort level with the business as well as the capital and effort which they are willing to devote to the franchise. Franchisees must explore these important issues before they buy into any business opportunity.
Richard Verkley, the Go-to Franchising Man, is the franchise business expert to go to for all your franchise business opportunity needs. Consistently number one in new franchise sales within numerous small business and franchise opportunities, Richard is renowned worldwide for his expertise in the franchising industry. During his 23 years of experience with every level of franchise opportunity, Richard has received numerous awards including International Master Licensee of the Year and Global Master Franchisee of the Year. The creator of a global business coaching franchise, Richard Verkley is the worlds choice for franchising information and advice.
Source: http://www.auction-endowment.com/?p=205
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