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The Basic Principles of Effective Franchise Marketing

The Basic Principles of Effective Franchise Marketing
In the field of Franchise Marketing, there is what is called the Franchise Marketing Matrix. The Franchise Marketing Matrix is how the success of any franchise marketing endeavor is measured, by narrowing it down to three important goals: Brand Development, Franchise Development, and Franchisee Growth. Each of these goals can be more easily understood through the questions they ask, which are as follows:
    • Brand Development: Is the franchise positioned such that it is attractive to investors?
    • Franchise Development: Does it bring in new franchisees? How likely are they to purchase more than one franchise?
    • Franchisee Growth: Do consumers buy from the franchisees?
With these in mind, you can then create a better step-by-step strategy for franchising your business.  Research and prepare. Research is an important part of any business endeavor, and there are known techniques in franchise marketing that can cater to your needs and the needs of your prospective franchisees. It is important to begin with a SWOT analysis (Strengths and Weaknesses, Opportunities, and Threats). Strengths and Weaknesses are mostly related to internal factors, such as location, the skill level of team members, and your budget. Opportunities and Threats are most involved with external factors, like market growth, regulation changes, and trends in consumer behavior.  The SWOT analysis should involve team members at all levels—not just leadership—and all departments in the organization, such as sales, marketing, and product development. Having a diverse set of viewpoints can allow for more thorough brainstorming, which can result in a better strategy overall. The goals have to be realistic and quantifiable. Success in franchise marketing endeavors is easily measured by numbers. One goal you could have is a specific number of leads or franchisees after a certain amount of time. This could also be measured by revenue after a given period. Make sure whatever goal you set is measurable and with a clear definition of progress. In addition to this, it’s also important to reconsider how you measure success as defined by the current circumstances. As times change, so too must your strategies and measures of success.  Allocate your budget carefully. It is important to know your limits and priorities. While most successful marketing campaigns do require money, there might be a better way to solve the problem of marketing than just throwing money at it.  One good way to get more value for money is to tailor your campaign to your target market. Having a good understanding of your target market might help you allocate your budget more effectively.  Strategize your Brand Positioning.  Marketing is one of the most important extensions of your brand. As such, your marketing should be in sync with it. The success or failure of a franchise is largely due to how people perceive its branding. From its aesthetics to its message, your branding should be consistent, unique, and relevant. A few questions you can ask to see whether or not your brand positioning, as it relates to your Franchise Marketing Matrix, is up to par are:
  • Is it consistent all across the board?
  • What do you hope your brand’s voice sounds like, and how does your target market currently perceive it?
  • How relevant is your brand? Does it communicate its message to your chosen demographic?
Conclusion Wherever your franchise might be headed, and whatever area of the industry it might be in, the strategies involved in franchise marketing boil down to a few simple tenets. As was mentioned before, it relies entirely on the Franchise Marketing Matrix. Make sure to always keep this framework in mind when you’re planning your next big expansion or marketing endeavor. For more information on franchise marketing and branding, we at Optamark Digital have the expertise needed to take your franchise to the next level. Send us a message if you need our help.

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