Successful franchise business in India
Franchising is certainly one of the easiest and fastest ways of expanding a business. Do you want to expand your franchise business? Do you know how to make franchise successful? The present blog sheds light upon how to make franchise successful and profitable.
1. Harmonious Franchisor-franchisor Relationship:
The strength of Franchisor-franchisee relationship determines the success rate of franchise. Understanding and owning responsibility and accountability on each side of the franchisee/franchisor equation is a key element to build a strong relationship between the two. Since the relationship is based on the respective responsibilities, it is better to understand them from the get-go. The franchisor is responsible for providing franchisees training, support, plans and necessary tools with recommendations to make a grade. While treating all franchisees equally and maintaining the quality standard across the system, it is the responsibility of franchisor to watch and adapt to new technologies, trends, customer satisfaction, products and services. The responsibilities of franchisee include following the outlined system and training, hiring staff, determining employee pay structure, participating in advertising campaigns by honoring product or service promotions, reporting of sales to the franchisor and maintaining high product/service standards.
Marketing is a key to grow franchise. When it comes to franchise, the marketing becomes even more challenging because of some factors like the relationship between franchisor and franchisee, Inherited Franchisees, and Shared Marketing Costs. However, Marketing is a critical aspect of any business. Some common and effective marketing strategies include:
A. Digital Marketing (Inclusive of Standard quality website, creating a relatable and qualitative blog for content marketing, the play of local SEO, responding to reviews, etc.)
B. Trade Shows
C. Referral Marketing.
D. Loyalty Programs
It’s important to find a balance between online and offline marketing strategies. Also, the best practices for franchise marketing involve the fine balance between franchisee and franchisor control.
3. Good Media Relations:
When a franchise has a good media relation, it can help you create brand awareness on a national scale. Good media relations can help you develop in the local market and Media relations experts can help you reach your target audience along with organizing events and promos to increase your brand visibility.
4. Customer Feedback:
Adapting your business in line with customer preferences can certainly help you build customer loyalty. Customer’s feedback would help you comprehend what people value most about the brand and zones wherein they seek improvement. There is often a scope of improvement and in order to bring the same, you should always accept feedback productively. The information received from the feedback not only helps you identify the area of improvement but also increases transparency in the business which in turn yields sweeter fruits. For gathering feedback, you can launch a survey on the company website, social media profiles, or via e-mail. Collecting insights from reviews or directly interacting with the customers can also be useful.
5. Following the System:
The Franchise system and rules constitute a proven way to boost the chances of success. Being a franchise partner, you’re bound to follow the rules and abide by the franchise system. You will have to adhere to the franchise agreement. Violation of the franchise agreement can result in the termination of the agreement and losing the franchise. You must read the operation manuals thoroughly and attend all the training offered by the company which in turn would help you comprehend the franchise system and the related requirements completely.
6. Hire Right People and Treat them Well:
Hiring people of calibre can boost the rate of growth of franchise tremendously. Once hired, building relationship with them cannot be ignored. Since, you are a part of the franchise system, certain things are out of your reach like fixed uniforms of the employees, pay to working conditions and sticking to the rules. However, you can get to know them personally, communicate with them and appreciate their performances when they deserve.
Now that you know how to augment the profitability of business, Get, Set, Go!!!
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