Developing a franchise marketing plan involves discussing options with the parent company, determining the target audience, identifying what the audience wants, creating a unique selling point, and following the branding and concept of the parent company. Franchise owners may receive marketing ideas from the parent company.
The first step in developing a franchise marketing plan is to discuss possible marketing options with the parent company from which the franchise was purchased. Many companies have established rules about marketing plans, promotions, and merchandise. Some may allow individual owners to start running their own promotions and advertisements, but others have strict rules governing the use of advertisements with the business name. Once the regulations are learned, developing a franchise marketing plan involves determining an audience, discovering what that audience wants in a product or service, and tailoring ads and campaigns to those desires.
The audience is the most important aspect when developing a franchise marketing plan. Refers to the people who will buy a product or service. Every business tends to have a target audience. For example, a cosmetics company that specializes in anti-aging products would primarily target its ads and campaigns to women who want to look younger. If the products being sold had a higher price when compared to similar items, the audience would also include those within a certain income range. Likewise, advertising space would be wasted if that same company purchased an ad in a magazine or publication tailored primarily for men or teenagers.
Another important part of developing a franchise marketing plan is determining what the audience or key demographics are looking for in the market that is currently not being offered. This can be done with surveys of current customers and questions about the industry in general and what services are lacking. The results can be used to determine which promotions to offer and which are already being offered by the competition.
A successful marketing plan also includes a unique selling point for the business. This is a feature or benefit offered by the company that is not currently being advertised by competitors. For example, if there are two bakeries offering homemade cakes made with organic ingredients, one might advertise the freshness of its ingredients, while the other might choose to advertise a low price. Both may have similar prices and products, but each presents a different way of portraying your business.
Including a unique selling point in ads and campaigns helps give the audience an idea of what the company stands for. This is part of “branding” or determines the impression or concept that the public has of a certain business. This problem can already be determined with a franchise marketing plan, because the parent company has probably already developed expensive marketing campaigns to brand the company. Therefore, when someone sees the logo of a nationally recognized franchise, their perception of that company is already determined, regardless of the individual franchise owners.
Franchise owners are often given marketing ideas before the business opens. This is usually offered by the parent company as they may receive a commission on franchise income. By doing this, individual owners can get off to a better start without having to focus as much on developing an individual franchise marketing plan. Many franchises do not allow individual plans without the company’s consent, and plans often need to follow the overall branding and concept developed by the parent company.
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