Franchise
Article - The 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.
Want to learn more about franchises with world
class marketing machines? Contact Marc Stephens with Franchise Select Group at 919-792-0863 or email at mstephens@franchiseselectgroup.com today.
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