Differentiate your franchise product, attract attention and secure sales to grow a great franchise.
A franchise becomes great by having a lot of great franchisees, not just a lot of franchisees. A significant barrier in becoming great is that most franchise companies do not market their franchise opportunity well. They do not recognize the critical differences between consumer and franchise sales marketing, allocate insufficient budgets, target quantity over quality, and therefore fail to distinguish themselves in a very competitive marketplace.
Treating franchise sales marketing as a discipline separate from consumer marketing (though integrated with it) is a central requirement in building a great franchise. Understanding the key differences between the franchise opportunity and the consumer-facing opportunity is a starting point.
Widgets vs. Widget Shops
What is a franchise company’s product? It is not a hamburger or a tax fulfillment service. The franchise company sells franchises–the “franchise product”–while it is the franchisees that sell the hamburgers and tax services–the “consumer product.”Similar to marketing a consumer product, marketing a franchise opportunity should comprise of the same basic elements: identifying a target audience, developing brand positioning, and generally differentiating the franchise opportunity from its competition.
However, that’s where the similarities end.
Trendy Young Things vs. Savvy Business Operators…
Growing A Great Franchise
February 17, 2009 by Cris | 1 Comment
In Basic Guidelines, Law & Agreements, Franchises, Growth, How To, Strategy
Surveillance Camera Systems on February 18th, 2009 at 11:33 am
It is a very good idea to keep in my mind the importance of knowing the best for the product. One must know what actually the franchise product is, and what will be the benefit both to the consumer and dealer.
Having a differentiation with you throughout the process can save you time, money, aggravation, and can even keep you from making a huge mistake. It would be a good help to boom the product in just early as what you did not expected.