How do you Assess your Franchise Marketing Strategy?
The
important task after your purchase, setup, and start a franchise business is to
assess its marketing strategy. Any marketing communication without a strong
message will not fetch you franchise leads.
Here
are tips to assess your franchise marketing.
Tip 1: Know Your Franchisor’s
Contribution
Most
of the franchisors help in franchise marketing. It is important to understand
your role, their role in marketing, and the impact of their marketing on traffic,
conversions, and return on investment (ROI).
Tip 2: Know Your ROI Analysis
One
of the important data that you need to collect is your marketing ROI. Knowing
your returns for your marketing dollars will give you a clear idea if you have
a viable marketing strategy in place.
If
not all, some of the franchisors will be willing to share marketing expenses.
Tip 3: Know Your Franchise Sales
Funnel
It is important to start assessing your sales funnel and see how well your prospects are progressing through it until the sale.
There are tools that can
help you with it.
Tip 4: Know Your Marketing Budget
Once
you are in the franchise business, you should be clear on the budget that you
are willing to spend on franchise marketing.
You
should analyze if your budget is sufficient to execute your marketing plan for
attracting quality franchise leads. Else, you should either embrace free
marketing channels, or conversely, increase the budget.
Tip 5: Know Your Marketing
Timing
One other factor to assess is your timing, since not all months are equal. For instance consider the time from November to December which is the holiday season.
Tip 6: Know Your Marketing
Channels
Even
if you know what and when to market, where to market is a big question. By the
passing day, people are leaning more towards the internet and online marketing.
It
is important to assess online marketing channels like franchise websites,
social media, email, paid ads, etc.
Tip 7: Know Your Competitors
Another
important aspect of your franchise marketing assessment is to understand your
competitors. At the end of the day, your marketing spends will not deliver the
desired returns if your competitors manage to outperform you.
For more tips on assessing your franchise marketing and to know how FranchiseNow can help, Contact Us.