Use these 10 proven ways to market your franchise to the right target audience.
- Establish a Good Relationship with the Franchisor
- Build a Local Reputation
- Choose Your Location Carefully
- Identify Your Target Customers
- Know Your Competition
- Create an Email Newsletter with Great Content
- Create a Marketing Budget that Works for You
- Develop an Effective Marketing Plan
- Set up a Website and Social Media Pages
- Pay Attention to What’s Working
Establish a Good Relationship with the Franchisor
Establishing a good relationship with the franchisor can be a huge benefit to your business. When you have an elegant relationship with the franchisor you not only have a knowledgeable resource but also have an advocate. If you establish a friendly and helpful relationship with the franchisor, they may be more willing to share information about your market and industry. They will also likely be more willing to serve as a reference in the future. Remember that there is more than one “correct” method to manage a franchise firm, so if you have any questions or concerns, contact the franchisor. They’re generally more than willing to provide a helping hand.
Build a Local Reputation
There are many ways to market your franchised business, but the most effective ways to market your franchised business are through word of mouth and positive customer service. Word of mouth is a great way to market your franchised business because it allows you to build a strong local reputation. You can also use positive customer service as a great way to market your franchised business because it tells current and potential customers that you care about them.
Choose Your Location Carefully
The first thing to consider when deciding where to set up shop is whether your location is a good fit for your products and services. If your establishment serves a large metropolitan area, you might want to choose a location near the city center or a busy commercial district. If you’re in a college town, you might want to set yourself up near the college or main areas. One of the biggest advantages of franchising is that it allows you to operate in an already-established location with its own established customer base. It’s important to take advantage of that by choosing an area where potential customers are likely to be interested in what you have to offer.
The following things can lead to success or failure for your franchise, so be sure to do them right:
- Be aware of the demographics.
- Make sure there are other businesses nearby with which you can partner.
- Make sure there’s enough parking, and that it’s close by the store.
Identify Your Target Customers
Identifying the target customer for your business is the first step to marketing it. It’s a lot like building a house, in that you need to know what kind of foundation you’re working with before deciding how to decorate. Here are some tips for identifying your customers:
- Survey current and past customers to find out what types of people are already coming in to your shop or contacting you about your services.
- Look at other businesses that share your target customer’s age, income, education level, and other demographic characteristics. Treat this as a starting point for the type of person who might be interested in your business–but don’t let yourself get trapped by other businesses’ ideas of who is worth targeting.
- Identify what makes them different from their competition and why that difference is important.
- Learn as much as possible about how they use products like yours or services like what yours provides.
Know Your Competition
In order to market your business successfully, you need to know the competition. Knowing who is in your industry can help you to understand what makes you unique and also what your audience expects from a brand like yours. The most effective way to find out about this information is by thoroughly researching the companies that are similar to yours. You can start by reading their marketing materials and finding out who their customers are and why they use their services. This can help you to get an idea of how they may be advertising on social media, where they are getting referrals from and how they are marketing themselves. This information can help you to decide if you should look into running any promotions or advertising on the same sites as them and how to position yourself against them when you do.
Create an Email Newsletter with Great Content
If you want to market your franchised business, email marketing is one of the best ways to go about it. It’s affordable (or even free if you use your own domain name) and can reach a huge number of people. What’s not to like? Here are 8 ways to make sure that your email newsletter can get the most out of your investment in the time you put into it:
- Make it easy for people to subscribe to the list.
- Make sure that you have permission from interested parties before sending them emails.
- Get creative with the content and make it relevant to your readers’ lives.
- Keep sending content that is interesting and helpful to your readers.
- Include links within the content that point back to your website or blog.
- Never send spam emails; this will reflect poorly on your business and its image.
- Create a “from” name for yourself (or the business) and include it in all the newsletters you send out; this creates a personal connection between readers and the business.
- Keep track of how many people open each email and how many click through on links in those emails; this is crucial information for gauging how effective each newsletter is.
Create a Marketing Budget that Works for You
Set a realistic budget by determining how much money your business needs to make in order to survive. This will tell you how much advertising you’ll need to do each month to support your business. Do a little research online and compare numbers from similar businesses in your area. Consider how many customers you’ll need each day, week, or month to reach that daily, weekly, or monthly goal. Expect to spend anywhere from 3% to 10% of your gross revenue on advertising and promotion, depending on the niche of your franchise and the cost of doing business.
If you want more customers than what your current budget allows, look for ways to cut costs so that you can increase marketing dollars without sacrificing the quality of services or products that set your franchise apart from competitors. Look for ways to increase referrals from current customers by asking them for testimonials or conducting a customer survey. Encourage repeat business by offering discounts on services or products.
Develop an Effective Marketing Plan
When most people think about marketing, they imagine the flashy commercials, eye-catching billboards, and catchy jingles that are so often seen during prime time commercials. While this kind of marketing is effective for big brands with a lot of money to spend on advertising, it isn’t going to work for you if you’re a small business owner. Instead, your best bet is to focus on creating an effective marketing plan for your franchised business. The key to a good marketing plan is to make sure it’s targeted toward your customers and takes into account their needs and wants.
To get started on your own marketing plan, make a list of all of the ways you plan on reaching out to your audience. Think beyond just traditional advertisements. What are some other creative ways that you can reach out to them? For instance, if you’re opening an advertising agency in North India, consider setting up a booth at a college career fair and handing out fliers or business cards. If you’re planning on opening an Italian restaurant in Baltimore, why not offer free samples at a local farmer’s market?
By brainstorming as many different ideas as possible and listing them all down in one place, you’ll have the opportunity to come back later and determine which ones are worth pursuing.
Set up a Website and Social Media Pages
If you have a website for your company and send out regular email newsletters to help maintain your relationships with customers, you are already doing marketing. By updating this information on a regular basis, people will be more likely to check in regularly and see what is new with your company. Be sure to include any information about upcoming events or changes in personnel on these pages as well.
Facebook and Twitter are both proven social media sites for businesses, but if you don’t have one, set one up right away. Facebook allows you to get personal with fans by creating a page dedicated to your business. While Twitter only allows 140 characters of text, it is a great place to network with other businesses and individuals who may want to refer business to you or vice versa.
If you are using social media websites like Facebook or Twitter, be sure to interact with others who post on them. This will help build brand loyalty and trust. You can also post links to your website or blog on these sites so that people can view information about your products and services whenever they want.
Pay Attention to What’s Working
The most important thing to remember when marketing your franchise business is to keep track of what’s working and double down on it, while cutting loose and moving on from what isn’t. There are multiple avenues for promoting your business, but every franchise owner has more tools at their disposal than they probably know. For example, you can use search terms in your advertising campaigns to find out what people are actually searching for and then try to get in front of them by creating content that talks about how your business can specifically address those issues. You can also look into the online marketing strategies of local competitors to see if there’s something you can emulate that’ll work for you as well.
If an ad campaign didn’t work, don’t beat yourself up about it. The most important thing is to be willing to try new things, and use the results of your efforts to inform future decisions about what will work for your business.
A franchise gives you a business but also the support systems and training.
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