3 Top Tips for Creating an Effective Franchise


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3 Top Tips for Creating an Effective Franchise

  1. 1. Franchise Marketing0 The franchising industry grew in 2012 from the previous year, withestablishments increasing at about 2% and employees by about 3%.0 Output from franchising also grew – by around 5% - making it intoand becoming an important economic indicator for many countries.0 With many franchisors scrambling to find the best gaps in themarket and for strategies to exploit the marketplace in their favour,it is clear that franchisees have a fairly free reign when weighing uptheir best options.0 That is why it is important to make sure you sell yourself and moreimportantly your ideas and regulatory compliance measurescarefully.0 We have made a list of the 5 best ways in which you can plan andimplement your franchising strategy in order that you stand outfrom the competition.
  2. 2. Plan Your Strategy0 Knowing the business inside out may be something thatseems obvious and inherently linked to your success.0 However many underestimate the scale to which theyshould research and understand their market profusely.0 Ask yourself ‘What are my end goals’, and ‘What do Irealistically want to achieve from this?’.0 It is also important to have measures in place that you cantrack and evaluate your success as you go - creating roomto adapt and change your strategy if need be.
  3. 3. Identify Partners andContributors0 Going solo may sound like the kind of franchise you wantto pursue, but everyone in franchising needs help fromothers; whether they are advertisers, marketers, franchiseeadvisory groups or franchise consultants.0 Discounting them will harm you; especially when things gowrong and you need advice and direction.0 Look for the many resources found online about assistingfranchisers and franchise marketing.0 Remember also that a franchiser is providing the bulk incapital, investment and resources and so have to beconsidered an asset when extra demands are needed.
  4. 4. Consider Your OnlinePresence0 Online franchises and affiliates are set to grow this year as more and morepeople look to alternate revenue streams.0 Also, the internet as a medium for promoting, advertising and distributingyour products or services could be the most crucial part of your businessmix.0 It is therefore important to consider online marketing and franchiser brands.0 Who to target, who to reach out to, and how to get visitors to your site andmost importantly converting are all major issues that could make or breakyour franchising efforts.0 Continual tweaking of your strategy is crucial at this time, and success inonline marketing won’t happen overnight.0 Look to hire a team with experience in this area and assess the ways inwhich you want your online presence to be presented to yourcustomers, and you will find it can be a lot simpler than you thought before.
  5. 5. Conclusion0 When searching for a new franchising topic you may find that marketing isthe first and ever-present centrally important issue.0 By marketing your product or service effectively you will find happycustomers and returns on your investment, which, at the end of the day iswhat we are all searching for; your livelihood depends on this one centralissue.0 Franchise marketing is, however, much more than just researching themarketplace and coming up with a strategy.0 Continual monitoring and tweaking of customer habits, budgets andexpectations is important too, as is the front end - customer service andmanagement.0 But by planning your strategy well and understanding what drives people tocertain markets and their expectations, you will be well placed to experiencegood rates in return.0 The time and diligence you put in early on can pay big dividends in the longterm, and you will be happy you made the effort at the end of the financialyear.