One of the benefits of being a franchise owner is inheriting an established brand and receiving immediate brand recognition in the marketplace. Owners can leverage the strategy and creative developed by the corporate office and capitalize on its proven direction that is executed consistently across the state, region or global market.
An article posted on AllBusiness.com highlights the key principles of franchise marketing, all of which apply to business owners in any industry. Below is a summary, or click here for the complete article.
TOP TEN MARKETING PRINCIPLES
- Know your market
- Differentiate your product or service from the competition
- Promote through PR, internet advertising, and traditional media such as radio
- Position yourself as an expert
- Keep past customers coming back with loyalty campaigns and special offers
- Create your Web site or utilize what your franchise package provides
- Develop marketing collateral (needs depend on the type of franchise – this is important for B2B franchises and less for fast food)
- Develop a database and track your campaigns
- Establish a referral system
- Be innovative and try new ways to reach customers
I think the most valuable ones to focus on today, if you are not already doing them, are No. 5 and No. 10.
It is always more costly to find new customers. I recommend finding ways to keep your base and grow organically. We talk a lot about social media. These networks allow you to communicate with your audience providing you with an opportunity to send messages with offers or important information through Twitter and Facebook – something to consider if you are not already doing it.
I always find it interesting when franchise owners buy into the company vision and offering and then don’t use the provided campaigns or Web site system. Most often they are already paying for these tools. Some say they want to have their own program or campaign. Some don’t know what is available to them. I’ve had conversations with prospects and clients alike on this very subject.
In the article “10 Signs of a Great Franchise Opportunity”, No. 5 talks about marketing and advertising; stating the importance of knowing what is in place and what you will get for your money. So if you are looking to buy, I recommend finding out more beforehand, so you are better equipped when times are tough in order weather the storm and even grow your business.
As the economy slowly improves, consider what your franchise offers or try new ways to reach out to your market.
What new campaigns or new ideas have you implemented? What were your results?
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