In
order to go anywhere as a franchisee, the franchisor needs to have a sturdy and
effective marketing plan in place. Here are some guidelines when it comes to
researching a franchisor's marketing plan:
1)
Know the Basics: You should take the time to learn the basics about how
franchise marketing plans work. In general, a marketing plan is a map laid out
by the franchisor that dictates how business will be brought in. As a
franchisee, you will contribute a set amount of money / a percentage from sales
into a collective marketing plan pool controlled by the franchisor (note that
other franchisees will contribute to the pool as well). Depending on your needs
as a franchisee, the franchisor will dole out money from the pool that will
cover such expenses as TV commercials, direct mailings to potential and
existing customers, print advertisements, in-house marketing expenses and fees
paid to advertising agencies for their services.
2)
Know the Right Questions to Ask: To get a good idea about the durability and
success of a franchise's marketing plan, ask these simple questions: Do you
understand the needs and tastes of your customers? Do you know the strengths of
your competitors? (If you're an active customer of the franchise you're
considering buying into, these questions can be answered pretty easily).
3)
Get More Information: If you are one of those potential franchisees who doesn't
know much about the franchise you're thinking of buying into, you should
contact the franchise and request all available public information about the
marketing plan. Franchises will usually comply with this request, if only
because they see you as a prospective source of income.
because they see you as a prospective source of income.
4)
See the TOC: You should definitely try to get a peek at the marketing support
guide that existing franchisees use. Whereas a lot of this content might be too
sensitive to hand out to prospective franchisees, the franchisor should be able
to give you at least the table of contents, which will give you a solid
overview of the blueprint used to market the brand and product.
5)
Seek Out Other Franchisees: Be sure to ask other franchisees specific questions
about sales, the best avenues of advertising, and what the franchisor might
change about the marketing plan (if any). As you've undoubtedly deduced, you
can determine a lot about your franchising potential by gauging current
franchisees' levels of satisfaction with the marketing strategies dictated by
the franchisor.
6)
Learn whether the Franchise is Receptive to Franchisee Input: For the most
part, franchisors grant their franchisees some leverage in the creation of
their marketing plans. Find out how much say franchisees generally have
regarding marketing plan improvements. Also, find out whether or not strategies
and/or ideas they've suggested have been recognized and utilized by the
franchisor - this will give you a good idea about the amount of creative
breathing room you'd have in marketing plan development.
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