Franchise marketing: 5 tips for amazing growth
Stay in control
Franchising your business is an excellent way to expand and grow at a fast pace with minimum investment from your side. To ensure your brand’s vision and identity are correctly translated, HQ must hold the reins of control. Defining, communicating and enforcing clear brand guidelines is key to building a strong brand, which in turn benefits the whole franchise.
Be Consistent
Consistency is a key factor in almost all aspects of your franchise, such as creating a clear advertisement strategy and making sure your franchisees are not competing against each other unknowingly. Another aspect is making sure your marketing strategy is followed by all individual franchises to avoid misunderstood target segments, priorities or messages transmitted i a way that does not reflect the overall brand image.
Empower your franchisees
Franchisees are often crippled by a lack of localized marketing. They feel that HQ does not always understand the needs and wants of their local consumers. Why not allow your franchisees to create their own marketing materials while following brand guidelines to ensure consistency is met? Not only will it relieve pressure from the HQ, it will also enable franchisees to take initiative when sales are down, or when an interesting opportunity presents itself.
Manage your marketing channels effectively
As a franchisor, you might be tempted to target your broad audience across multiple marketing channels. Remember that omnipresence does not always translate into results. When it comes to effectively managing numerous marketing channels, sticking to a manageable number is key. Allocate a budget, analyze where you are most likely to reach your target audience and invest there. Depending on the size of your franchise, you might use different channels based on location, or market segment. Monitor the performance of your marketing campaigns across all channels and be prepared to act quickly. If a marketing channel is not delivering sufficient results, do not hesitate to revise strategy, or pull the plug.
Create new product lines
As a franchise, you will find yourself in the position of needing to increase your market share, consolidating the existing one or targeting a different segment. This can be done by creating a new product and expanding it into a product line under your brand, in order to capture and retain the attention of your targeted segment of the market. The engine behind it is a well-defined brand that existing or new consumers recognise and are confident to purchase, even if the product is a complete novelty.
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Originally published at https://insights.lytho.com.
