Every business strategy should aim to increase revenue or decrease costs. Marketing a franchise is no different. IA Business Advisors has leveraged its past 20 years of experience to bring 5 proven tips for powerful franchise marketing which have resulted in substantial increased revenues and decreased operating costs.
TIP #1 Consistency
Maintaining a consistent brand image in the eyes of your consumers is crucial to the success of the franchisees. Document the exact colors, shapes, fonts, and formats to be consistent across mediums. Whether advertising online, a mailing campaign, or on-site collateral, the key is consistency. When a customer visits a location in Texas or Florida, it should give the same vibe as one in Florida or Illinois.
TIP #2 Empowerment
Franchisees should have control over some aspects in the business. This will continue to foster their entrepreneurial spirit and build trust in the franchisor. Creating a template for email or direct mail campaigns will help to empower the franchisee. The template should include; expected costs, timeline for anticipated results, and documented past successes. A franchisor builds tremendous value when providing a turnkey marketing solution.
TIP #3 Vendor Management
Finding great vendors is challenging. Consistent payment terms, predictable delivery of goods and increased purchase power are three reasons that ordering through a preferred vendor at the corporate level will help to decrease operating costs for franchisees. Instead of each franchise owner being responsible for finding, vetting, and negotiating terms with different vendors, this time can be spent in other areas of the business.
TIP #4 Automation
After developing a successful marketing strategy, determine the best route to implement technology. Utilizing software enables a predictable marketing plan and removes room for human error.One specific, successful strategy we’ve seen is with LinkedIn Requests and Whitepaper downloads. Exactly seven minutes after a unique prospect enters an email address to obtain a whitepaper, a LinkedIn request is sent from the most local franchise owner. Then, thirteen minutes later, a LinkedIn request is sent from the franchisor. This automated marketing strategy creates an intentional systematic first impression of contact with the franchise.
TIP #5 Collaboration
Creating a culture of collaboration rarely happens by chance. The most successful franchisors we’ve worked with have a system for gathering and disseminating success stories. Franchise owners don’t want to be on an island without contact to great ideas. It could be as simple as collecting great ideas and emailing them to franchisees on a weekly basis. Or, it could be tied to a shared Google Doc where each franchisee can see what marketing strategies others are using, post their questions, provide examples of successes and failures, and even share return on investment information.
The most successful franchises’ marketing, no matter the industry, leverage Consistency, Empowerment, Vendor Management, Automation, and Collaboration. IA Business Advisors has identified that these 5 Proven Tips for Powerful Franchise Marketing will boost marketing effectiveness, increase revenue, and decrease costs.