Social Media To Play A Significant Role In Business Development.
Electronic media sites are increasingly replacing more traditional media sources as vehicles for conveying and receiving information. With over one billion users on social media, there is significant online noise to compete against advertisers. Franchising companies need to research whether their target audience is on the social media platforms they use or plans to use. In order for social media to play a significant role in business development, the franchisor must approach the topic strategically, with an eye toward balancing cost and return on investment. Below is the list of some of the uses of social media in Franchising.
Protection of Intellectual Property
If a franchising company is not comfortable using social media in its marketing, at a minimum, it should consider registering for accounts using their primary trademark or trade name on the major social media platforms. By using the primary trademark to register social media accounts, franchisors can prevent others from misappropriating its intellectual property. It also gives the franchisor the ability to monitor online activity for potential trademark or copyright infringement.
Another franchisor benefit from claiming social media accounts is that it becomes much easier to monitor discussions or mentions about the brand beyond infringement issues. Most social media pages limit access to registered users. Without this access, it is almost impossible for a company to hear what others are saying about its products, services, employees, or the competition. Even if a franchisor decides not to engage on a particular site, lurking on the site can be informative. It can be helpful to lurk on a site to learn how best to interact on it to make future engagement more meaningful to that site’s audience.
Social media also helps a franchisor to reach out to its target customer. “It’s fantastic to meet or reach many people immediately at a very low cost.” said, Chaitanya V. Cotha, Sales Associate, CKC Group 6 Magnificent Showrooms.
If the brand’s target audience is utilizing Facebook, Twitter, YouTube, or other social media sites, that is where the brand’s social media advertising efforts should be focused.
The best social media strategies will take full advantage of the interactive nature of social media and of the incredible potential to reach instantaneously millions of prospective consumers with a single message in a few keystrokes.
There is no question that whatever a franchising company is selling, its customers are using social media. Most companies, including franchisors, already have a social media presence, whether it’s claiming a Facebook page, Twitter handle, Pinterest account, or others. These new tools are used to increase brand awareness and increase sales.
Whether the brand itself is considering launching into social media or signing up for a new account on an emerging social media platform, or if it is considering authorizing franchisees to use social media, there are legal and business considerations to make before stepping into social media, and best practices to observe after taking the plunge.