Why is Brand so Important when Buying a Franchise?
 

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Why is Brand so Important when Buying a Franchise?

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Franchises do come in all sizes and are found in all industries, many with high repute and it is crucial that one invests in a brand that has built good reputation and has quite recognition among ...

Franchises do come in all sizes and are found in all industries, many with high repute and it is crucial that one invests in a brand that has built good reputation and has quite recognition among target group in that respective industry.

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Why is Brand so Important when Buying a Franchise? Presentation Transcript

  • 1. Franchise business is gaining a huge popularity among businessmen as well as among new entrepreneurs. Its popularity among others is mainly due to the readiness of an idea, well proven business formula and reliability even during unfavorable economic conditions. Most commonly, when purchasing a franchise, individuals look for a well reputed brand. Brands like McDonalds and Subway come at a huge price. This does not mean that a buyer, who has capacity of only certain amount of funds, will not be able to invest in huge brands. Franchises do come in all sizes and are found in all industries, many with high repute. However, first and foremost a buyer should decide on the industry that he/she has more interest in or even passionate about. It could be food, accessories, education or simply dealership. Yet, it is crucial that one invests in a brand that has built good reputation and has quite recognition among target group in that respective industry. How Buying a Well- Known Brand Helps?
  • 2. “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” - Seth Godin, Entrepreneur. Why is Brand so Important?
  • 3. Consumers are most Comfortable with and are Loyal to a business/company that they are most familiar with. A well-established corporate image and customer brand awareness ensures to reach out to more customers, building awareness and consumer loyalty. At the same time a brand that is not well established, seek more from a franchisee, i.e. resources such as man hours, finance and personnel to build a brand name. Why is Brand so Important?
  • 4. When a Franchise with Greater Global Presence with a reputed brand name is bought, a franchisee’s responsibility gets shared with more number of franchise owners due to shared brand. Brand becomes much more powerful, with more number of franchises. The group advertising and sharing of ideas could be achieved at optimum level and at a low cost. Why is Brand so Important?
  • 5. In Recent Years, Franchisors build brand image at a corporate level to tackle factors such as competition, target market engagement and develop strategies in marketing that benefits among others, franchises. Many studies have indicated that there is a strong correlation between marketing and customer relation. Why is Brand so Important?
  • 6. However it is also important that a franchisee does not get carried away with brand name; factors like ability to deal with the product, interest and know how’s of the product, also plays a vital role in franchise business. Quite often, franchisees buy a well branded franchise for its success and not give importance to their own abilities and interests. This could cause issues not only to a particular franchisee but entire chain under the franchise. A few franchises might fail due to which the brand itself might get affected. To ensure that such situations do not arise, both franchisor and franchisees should take logical steps to minimize the risk. Franchisors usually have their own check list to sell franchises, however as a franchisee, one should find an area of expertise or undergo extensive training on the subject matter. Confidence backed by enormous business knowledge plays a vital role in success of individual franchises. One should buy a business that Brand should Not be the First Choice!!
  • 7. The Indian Institute of Hardware and Technology (IIHT) has strategically developed its brand name and potential. Highly reputed in Asia and a few countries in Africa and the Middle East, IIHT,builds partnerships with individuals who are best fit for the industry and have good business acumen. It further also trains its partners extensively in the initial days, so as to ensure that the brand name strengthens benefiting not only the buyer and the franchisor but also all the franchises of the chain. IIHT has made available huge amount of resources for the benefit of the individuals who are venturing into franchises. Follow IIHT on LinkedIn (http://www.linkedin.com/company/3079361?trk=tyah) for access to resources and latest updates from IIHT.
  • 8. Corporate Headquarters #15,Sri Lakshmi Complex, 4th Floor, St. Marks Road, Bangalore - 560 001. India Tel: 91 80 6160 4545 Mobile: +91 93425 88999 e-mail: franchise@iihttechnologies.com web: www.iihttechnologies.com/