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.
Get started today. Request your Free Franchise Consultation now!