Your franchised outlet, which was thriving till recently, suddenly witnesses low sales as you have a fixed footfall of loyal customers. Having repeated customers and not attracting any new ones can hamper the profitability of an outlet. Read below to draw new traffic to your franchised store
Franchisees who have been running an outlet for quite some time and are happy that they have loyal customers, need to re-check their marketing plan. Having repeated customers and not attracting any new ones can hamper the profitability of an outlet. According to Donald Boroian, Chairman, Francorp, USA, “If 80 per cent of your customers are the repeated ones it is time, you employ unique strategies to get new customers.” He further added, “The biggest mistake that most of the franchisees make is stop marketing their outlets after having a few loyal customers.” Before reading more on the marketing techniques to popularise the outlet, let us first decide when to employ these.
Indicators of revamping marketing strategies
It is human tendency to feel contended when one is doing well. In the initial stages of opening an outlet, all franchisees tend to spend a lot of time and money on the marketing of their store. But after making their store popular, most of the franchisees start depending on the regular customers. In case you are one of them, you need to concentrate on the footfall your store is receiving. Make sure that the list of customers visiting your store must have novel additions besides loyal customers. If the list of customers does not have any new addition then it is time for you to incorporate new marketing strategies to rope in new ones. Below mentioned are few indicators to alert you to revamp your marketing strategies.
Traditional and modern marketing strategies
There are many traditional ways to increase customer traffic. You must have employed these when you had opened your outlet. Advertising in newspapers, magazines, radio and television are some of the traditional means. But now, it is time for something new and different. According to Borrian, “If you had opened your outlet five years back, do not stick to the same marketing strategies. Times have changed, and so, you also have to employ newer ways of advertising.” Let us look at some of the modern marketing techniques to increase foot fall and rope in new customers.
For all experienced, new and aspiring franchisees, it is always advisable to employ traditional as well as modern marketing strategies. Do not be satisfied with your present status, strive to grow taller.
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February 13, 2011 at 7:50 am
In this era, please also suggest the best way to sign very first new investor/ franchisee?? As per survey do you have data regarding actual ROI should be committed to the franchisee to meet their satisfactions?
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