How franchising is great for marketing your business
Marketing is a complex and often expensive part of creating a successful business. Getting your marketing strategy right can be an additional challenge that is sometimes neglected. Marketing and advertising are a key part of generating sales and in turn, growing a business. Franchising can be a valuable marketing tool that most businesses fail to consider. Instead, many choose to go down the route of opening and investing in additional company-owned premises, often resulting in additional expenses.
Making franchising part of your marketing plan
Opening additional premises for your business will not only make a dent in your capital, but it’ll also mean that you may have to start everything again from scratch, including marketing. Although your brand may have gained a positive reputation in the area that you currently operate in, opening additional company-owned premises in a new area can be challenging and hugely costly. This is where franchising can be a good way to offload some of your marketing duties and expenses onto franchisees.
Won’t my business be responsible for marketing?
Although as a franchise you may need to organise creating company marketing materials to distribute to your franchisees, the cost of this can often be split between both the franchisor and franchisee. It is important to recognise that simply having a franchise that is promoting your brand automatically contributes to your brand awareness. Franchisees are ultimately, however, responsible for the success of establishing the brand in a positive light in a new area. This means that the bulk of marketing and advertising duties are the responsibility of the franchisee.
Franchisees will be responsible for additional costs that are associated with running premises that aren’t company-owned. This means that you as a franchisor will have limited liability in regards to operating costs and also fewer legal responsibilities. Essentially, your company can grow by being marketed and advertised by franchisees without any additional expense to you as the franchiser. This means you may be able to cut your marketing budget significantly and focus on other areas of your business that may require improvement.
If you want to know more about franchising, take a look around the Franchise UK website today.