Franchised businesses are some of the most profitable and accessible forms of enterprise. For a sum, you can access all the training, support and equipment you need to become an entrepreneur. However, their popularity can also be one of the largest hurdles new franchise owners face.
According to one survey, there may be over 753,000 franchised businesses across the United States. Franchises come in all shapes and sizes but there could be dozens of franchises competing in a single area of business.
Because of the sheer number of competitors, you must find a way to make your franchised business stand out from the rest of the pack.
Below are a few things you can try to ensure your franchised establishment stands head and shoulders above the competition.
1. Find the Perfect Spot
As with real estate, when it comes to franchising it’s all about the location. If you want to start a venture with a franchised business, look up how many other businesses provide the same service in the community.
For example, if you want to become part of a lawn care franchise, scope out how many businesses are also doing yardwork. There may already be a branch of the franchise nearby and you could end up competing with each other. If you discover there are too many businesses of the same type in the area, you can either relocate your franchise or invest in one that doesn’t have as many competitors in the vicinity.
2. Market Online
Before the 21sr century, advertising and marketing channels were largely the domain of television and newspapers. These channels were often prohibitively expensive and only the biggest businesses could afford to market through them. Today, the proliferation of the internet has made it immensely easier for individual franchise establishments to market themselves online.
There are now a staggering array of options you can choose to make your business stand out. From franchise digital marketing to email campaigns, you just need to choose the one that’s perfect for your business.
For example, an email marketing campaign will fit much better if your franchise is for people who routinely check their emails, like working professionals. If your market skews younger, social media strategies may provide better results.
3. Do Your Research
To learn what makes your buyers tick, you can always ask them. There are many ways you can conduct a market research survey that could pinpoint exactly what your customers want from your franchise.
Reach out to people online through social media or emails. Post a poll on your business’s Facebook page and ask people to engage. Send out an email with an attached questionnaire they can send back at any time. These types of survey usually require a long time to garner results, but there are also ways that offer results in a few days.
The best method is by conducting a focus group where you gather a selection of people who represent your franchise’s chosen market and guide them through a discussion. You may be surprised at how useful the insights these types of research can provide.
4. Personalize the Experience
Gone are the days when businesses were monolithic enterprises. Today, businesses strive to be more approachable than ever, relying on authenticity to draw more customers in.
According to surveys, as many as 90 percent of consumers in the United States find personalized marketing tactics more appealing. As a franchised business, there are plenty of ways you can personalize your approach to customers and leads.
For example, you could start a membership program in your franchise. Customers can give you certain information such as their shopping preferences or their birthdays for personalized perks. They may get great discounts on their birthdays, receive personalized tips on the next sales or get gifts on holidays, thanks to their membership.
Personalized marketing can even be as simple as greeting them by name, using their name on emails and knowing what services they usually avail at your business.
5. Support an Advocacy
Finally, stand out by making sure your franchised business stands for something. Many people are now conscious about the social expectations of businesses and your enterprise could gain a lot by following an advocacy. Just remember that as a franchise, you need to check with the main company what advocacies you are supporting.
Many companies have some form of social responsibility program, and you shouldn’t have a hard time finding one that suits your market or your area.
Franchised businesses are around every corner but that doesn’t mean your enterprise can’t be unique. These methods can hep ensure your establishment gets the attention and customers it deserves.