Is Your Franchise a World Class Marketing Machine?
For most owning a franchise offers numerous advantages over an
independent business. Things like brand awareness, proven business
model, initial training, ongoing support, etc. When researching
a franchise these are all things you need to consider but of them
all there's one that needs to be at the top of your list... A serious
marketing machine!
The truth is most of us can be taught to do just about anything.
Whether it's cooking delicious food, cleaning an office or restoring
someone's home from water damage a franchisor can teach just
about anyone with average intelligence how to do it. The truth
is with
most business owners the biggest challenge is not providing the
products and service, it's acquiring the customers. Yes, like
most other skills we can learn to market but lack of marketing
or incorrect
marketing is sure to lead any business to failure. Trial and
error marketing can be costly and ultimately do more harm than
good and
marketing in one industry may be different than marketing in
another. The point is that unless you are a serious marketing
guru you need
to make sure that the franchise you invest in offers a top notch
marketing machine.
When you research a franchise you need to ask specific questions
of both the franchisor and several of their current franchisees
about their marketing machine. Don't buy smoke and blue sky!
Buy into a system with proven results. Here are some specific
questions
you need to ask your potential franchisor.
1. What will the franchisor do to help me build my brand?
Brand awareness is a very powerful competitive advantage and
one of the most compelling reasons for choosing a franchise.
What is
your potential franchise doing to build its brand? Only a
small percent of franchises are household names like Subway or
McDonalds
but you want to be a leading brand in your industry.
2. How does the franchise help me acquire customers?
Without customers a business can't exist so obviously this
is critical. What does the franchise do on the franchisor
level to help you
acquire customers? What sort of system do they provide?
How do
they teach you to acquire customers on a local level? Do
they have personnel who will come to town and help you
gain momentum
acquiring
customers?
3. Does the franchise help me acquire the right customers?
Acquiring customers is important, but acquiring the right
customers is paramount. I have actually seen franchises
with a so-called
marketing machine that acquired $50 customers at a cost
of $100 per customer. While the franchise felt they were
growing
their
marketing machine was actually putting them out of business.
A real marketing machine acquires the right customers
at a cost that
makes a profit.
4. How does the franchise help me retain customers?
Depending on your industry it can cost a business up
to 6 times as much to gain a new customer as it does
to retain
one. Not
to mention depending on why you lose a customer could
be damaging your reputation thus making it even harder
to
acquire
new customers.
Ask your prospective franchisor about their methods
of retaining customers, creating repeat business and up-sells
to increase
your
revenues.
In summary, when it comes to franchising, and most
businesses in general strong sales and marketing
are an element
that all success
stories have in common. A world class marketing machine
can and should be one of your greatest assets in
the franchise you choose.
Ask very specific questions of your franchisor about
their marketing machine then speak with their franchisees
to
see
just how well
they really do stand by their promises. A world class
marketing machine can send your franchise to the
top - lack of it
will most likely lead to failure.
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