Category: Franchising

Guide to Local Franchise Marketing

Franchising is regarded as one of the most effective methods of expanding a business. However, underlying the successes of most franchises are marketing struggles, especially in regard to enabling each branch to maximize its marketing potential.

This is more difficult, not because of having branches in multiple locations, but as a result of the fact that each branch is under the control of a semi-autonomous franchisee. Therefore, any marketing strategy that does not guarantee the success of the local branches has failed already. Nevertheless, the digital revolution has opened up more opportunities for franchises to succeed through more localized marketing strategies.

Franchise marketing challenges

Franchise marketing can seem like a puzzle. Franchises are able to project their brand image further by maintaining consistency across all their branches. On the other hand, blind replication of strategies and ideas across platforms can be counterproductive. 

Therefore, franchisors struggle between maintaining cohesion and permitting creativity. Letting the franchisees determine much of the marketing would result in disjointed tactics. Placing too many restrictions brings poor results since a franchisor is only as successful as their franchisees are. All of the problems of franchise marketing flows out of these principal challenges:

  1. Lack of uniformity: Consistency is the bane of every franchise marketing strategy. However creative franchisees want to be, without a uniform brand identity, voice, customer experience, and overall marketing, there is only so little they can do. 

  2. Lack of localization: Franchising places most of the marketing responsibility on the headquarters and it seems the role of franchisees is only to receive orders from the top. In this age of digital media, that may not be applicable anymore. It is not enough for a franchise brand to be well-known, it is important that its franchisees are prominent as well in their local markets. Demographics differ, as

Read More...

Is Franchising the Answer to Your Retirement Goals?

Many of us are back to work after our summer holidays, back in the rhythm of work and kids’ school schedules. Although the return to routine might have us feeling energized and ready to take on our big goals for the second half of the year, planning for retirement is probably not on the list of immediate to-dos. That’s a problem, because Americans are facing a pending retirement crisis that will soon impact millions. 

Current data from the Center of Retirement Research at Boston College indicates that the majority of Americans are grossly underfunded for retirement. The bottom line is that half of American households don’t have a 401(k) or IRA account, and those that do have balances far short of the $1 million-plus that most financial experts agree will be required to fund retirement costs for the average 65-year-old.

Some are betting on the safety net of Social Security, but with an average monthly benefit of just over $1,000 a month, that won’t go very far. The harsh reality that many people will soon be grappling with is that they will have to continue working full time and put off retirement for a decade or more. For workers approaching retirement age (and many younger workers as well), the dream of a long, enjoyable retirement may be just that – a dream.

One possible solution is franchising. Franchising has provided millions of people with a “shortcut” to business ownership and an opportunity to generate a living income while also building long-term equity in a business they own.

I have been researching the franchise industry for the past 15 years, and I believe that franchising could be the solution for many people who are facing an uncertain retirement. Here are five compelling reasons why.

1. A proven playbook

The vast

Read More...