Collaboration is key
Congratulations on a job well done, you’ve successfully sold your territories to budding franchise owners. It’s time to sit back and reap the fruits of your labour…or is it?
Franchisors are increasingly aware that to secure long-term success they must commit to building deeper, more nurturing relationships with franchise owners, long after the initial territory has been sold.
The franchise owner is your number one brand advocate, the manner and the efficacy of how they operate will ultimately determine what people think about your brand and, more importantly, how effective your performance will be within a given territory.
Using the 5 P’s of Marketing – People, Price, Place, Product and Promotion, Tech4T can quickly evaluate how well equipped our franchisors actually are.
The single most important aspect of any business is the people within it and the customers and prospects it wishes to serve. Yet many organisations today lack the systems and tools required to capture even the most modest of information from the people it touches within a territory. Having systems in place to capture customer information in the field, which can be later used for marketing and performance analysis, is critical; a basic system need not cost the earth.
When it comes to valuing a territory, we’re spoilt for choice in the UK with the wealth of geo-demographic data available to provide insight into a territory and a robust postcode system that, with the right tools, allows us to pinpoint customers and prospects. Sharing this information with the franchise owner can help them understand their potential territory worth and may just deliver that spark of inspiration.
The place in which franchise owners operate is a dynamic and constantly changing environment and let’s not forget, also the place in which your competitors operate.
Collaboration and information sharing gives vital support. For instance, snapshot pictures showing customer and prospect locations within a territory categorised by worth and potential.
Use demographics to your advantage to identify areas where you have achieved low penetration but customers and prospects share similar characteristics – chances are share of wallet is going to a competitor.
Now for our product and customer spending patterns. Borrowing a simple tool that the supermarket giants have been using for years – a basket analysis can reveal instant cross and up-sell opportunities for a franchise owner.
The basket analysis tells you who is buying what, when, in what quantity and with what frequency.
This simple yet highly effective analysis tool is vital to creating truly great promotions allowing the franchise owner to tailor offers to meet the needs of the individual rather than a clumsy one size fits all approach to marketing their services.
For example, in the case of a cleaning company wishing to target an elderly demographic, delivering a tailored reassuring message using the right imagery based on quality and a CRB checked workforce, will have far greater impact than a blanket leaflet with a generic message. Contact us to see how Tech4T can give your business a competitive edge.
Written by Graham Barlow, Managing Director, Tech4t