The franchise success is based not only on an efficient business model but also on the right promotional skills applied. Read on to know what constitutes a successful promotional strategy to make the most of your franchise business.
Promotion of a franchise business plays a significant role in accomplishing the business goals, be it to expand the franchise network or to grow the revenues of the company. It is a critical part of any franchise business as the franchisor has to make sure that the potential franchisees must get the requisite information. Besides this information, it is also important to ensure that the information will positively influence the aspirants and convince them to take up the franchise and get started with the business.
Mode of promotion
There are large numbers of methods available for the promotion of the brand. It is always advisable to plan your promotional strategy considering your budget and requirement. It should be regular exercise that a franchisor needs to undergo to keep his brand reaching various levels of success. As Kumar Kannan, MD, Image Infotainment Ltd says, “A success of a product lies in the communication which reaches the target audience. To build a brand, a strong promotional strategy is required and this includes advertising in press and electronic media, conducting seminars, and events about the industry which is associated with the brand there by increasing the awareness of the brand.” Companies usually opt for marketing mix, which is considered as the best way to endorse a franchise business and its products or services. It involves all form of communications that are used by a marketer such as advertising, public relations, trade shows, workshops, entrepreneur summits and words of mouth. To use these promotional tools effectively, it is very important on the franchisor’s part to plan and structure the promotional strategy with utmost care.
Developing a promotional strategy
Promotion is an ongoing process that requires carefully planned strategy that needs to be effectively implemented and consistently carried out. According to Ghouse Mohiuddin, Managing Director, Cafe Desire, “Promotional strategy plays a very important role as it creates connect with the brand. You can communicate with consumers/aspiring franchisees by structuring and designing a proper strategy and let them know what your brand stands for.” Therefore, you need to follow the following four steps to develop an effective promotional strategy: