May
Grow Franchise Business
Franchise business are those who have their chains and stores at multiple places, it is one the great ways to increase business reach, increase revenue and grow business. Though it is a great way to success it comes with multiple challenges as this business also, just like others need to create their presence and need to put efforts in order to make their business successful not only in their originating city but over all the place, where it wishes to make business.
Localized marketing is critical for any business be it traditional or franchise, that does most of its business in person i.e. B2C. It's a far cry from internet firms, which allow customers to make purchases no matter where they are.
In local markering, business target a specific audience. They reach out to the folks who are most likely to respond to their ads. It makes identification of buyer personas a lot easier.
Knowing the demographic, psychographic, and geographic information about customers can help strategies and refocus digital marketing efforts. Businesses can also utilise location data to figure out where local franchise marketing should go.
How to Grow a Franchise Business ?
1.Work on Business Model-
For a franchise business the model needs to be strong, competent, and up - to - date. For a business model to cope with the dynamism of the market, it requires constant work on perfecting the model with pervasive research and development. Work on making the business model easy to adapt, follow, explain, understand and profitable.
The complex business models usually fail as franchise buyer and customers do not want to get involved in confusing business.
2.Building Franchise Relations-
Though all the franchisees of the business must be operational effectively on its own, emphasis on relation between all the franchises must be given. As relation building among the franchises results in growth of the whole business network, the advantage of different locations, trends and culture can be monetised.
3.Have a Guiding Mindset-
For a franchise business to grow, it must have a guiding mindset towards its franchisers, business must always be ready to guide, help and teach its franchisers so that they can learn from them and be able to establish the business as successful as the original and initial firm. As one franchise business grows, the whole business network grows along with it.
4.Build strong identity-
For growth of a brand and business in the market, it must have a strong and unique identity in its industry. The better and stronger the identity becomes, the better will be the franchise business.
Also having a strong identity helps business to establish more number of franchisees as it gets them reach and demand and to monetise it, people willingly indulge in getting franchise.
5.Emphasis on Natural Growth-
For sustainable growth and safety of name and reputation of business, it must emphasise on natural and organic growth of business and offers for franchise. If the growth is forced, risk of damage to business and its reputation prevails.
6.Go for strong franchise owners
Establishing a franchise business is as tough as establishing a new business, only added advantage is that it already has its name in the market. Though business names exist in the market, choosing the right, capable, competent and strong franchise owner is important for growth of franchise business.
As maintaining and handling a reputed business is more difficult than running a new and raw business.
7.Create simple and streamlined process-
Though every owner has his own personality and way of doing things, to maintain the essence of franchise business and for the franchise community to exist there must be some sort of streamlining. This can be formula, recipe, way of billing, way of discounting or what so ever maybe.
But also this streamlined process must be simple, viable and feasible to adapt and sustain.
8.Emphasise on Customer Service-
Ultimate key for growth of any business, be it small or large business is satisfying customers. Customers not only do use products of a business but also remember their experience with the business, especially in franchise business it is necessary to provide the same service and experience to the customers in all the store of business, irrelevant of location of the store.
9.Providing resource and training-
In a franchise business, the head business must provide all the resource and training required to do the business. The business must provide all the tools required to make business successful and be impactful.
10.Create a Balance-
For the success of franchise business, it needs to have balanced presence, and reach in all the places. Growing franchisees only in the big cities is not going to give exponential growth to business. Each franchise branch of business must be well connected with each other, attend community events to be connected with core business and along with it indulge in local marketing and do everything that a traditional business do to make and reach its local customers. Establishment, growth and success of individual franchisees do not only depend on national level marketing and franchisor but individual branch need to work for it at individual and local level.
Why Local Marketing for Franchise Business ?
We search for "near me" or "close by" when looking for a restaurant or a place to buy jewellery, right? Customers do the same thing. That makes it one of key elements of franchise digital marketing is localised marketing.
97% Customers get to know about a local business online more than any other platform.
Local marketing is a big part of franchise marketing. After all, even the most well-known companies had to rely on local marketing at some point.
If a franchisee is trying to grow its business quickly, localised marketing should be a part of their digital marketing strategy. As it is seen that within a day of their search for a product, 88 percent of consumers reach and contact local businesses on their mobile phones, call or visit them.
Searches for "near me" has grown by 900% in last few years. Hence, need for local marketing is equally important for franchise business as it is for a traditional business.
Marketing done at national level and by franchisor creates name of business in market and industry but to make each individual branch acceseble and reachable, local marketing and making connection with local audience is vital.
Benefits of Local Marketing
1.Reaching Target Audience-
Even though the business is franchise branch but at the end it serves local customers and they are the target audience. To reach this target audience and make relation with them it becomes important to communicate directly with them and targeting them.
Local marketing intensifies marketing efforts as these efforts are uni-directional, targeting specific audience who are interested in buying and are reachable. It also helps to know customers, what they like and what they don't, and plan the individual branch business strategies accordingly.
2.Increase Sales Potential-
A National business can not tap on to the uniqueness and requirments of each and every location. When a franchise business indulges in local marketing they get to know about uniqueness, requirements and needs of their location. Once the branch successfully identifies the local demand and needs it strategies its marketing in accordance with that and this way it can reach its full sales potential, resulting in growth of business, sales and revenue.
3.Saves Time and Cost-
Franchise business does not only depend on marketing and marketing untargeged customers never draw great results.
To create value out of marketing, the efforts must be made in particular direction, targetting the actual potential and target audience.
Lot of business spend huge amount on marketing, that too generalised marketing, resulting in incuring cost more than value generated, i.e. wasting the resource, time and money.
Localised marketing saves alot of money as it targets specific audience and generates more value than cost. It also saves alot of time as communicating with limited and potential customers provides ease in marketing and saves time. This time and money can be used by business for other important aspects of the business.
Fayda shop - a customer acquisition- retention and marketing platform specially designed for promotion and creation of market space for locally existing stores.
Fayda shop provides a platform for local business, creates their online presence, market and promote them at local as well as digital places.
The Fayda shop also provides businesses with Fayda coin, which can be used to design customer loyalty programs.
Franchise Businesses can use fayda shops to get themselves marketed and promoted in local and places and especially at tier two and tier three cities or out of their originated cities and also get benefit of fayda coins for designing their customer loyalty program for retaining customers.
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