The Power of the Franchisor’s Brand
As a franchisor, your brand is your most valuable asset. Customers make the all-important decision on where to spend their disposable income by choosing a brand. To them, the brand isn’t the owners or even who runs the local store. It’s the goods and/or services for which your brand is known. The satisfaction those goods and services provide IS your brand. Your sign or logo just lets customers know where to find them.
Franchising allows entrepreneurs to own and operate a business that helps you to build and maintain a successful brand. Of course, the support you as the franchisor provide to your franchisees, and the standards you demand from them, are all critical factors to a successful brand. That’s important, because your franchise brand is your company’s reputation.
Your Brand has the Power to:
Your brand attracts customers. And with franchising, the franchisor’s brand attracts them to every location. When you have a strong, successful brand, customers choose you over your competitors fully expecting to receive the same great customer experience they have enjoyed at your other franchise locations.
For example, a customer is driving along the interstate highway and decides to look for a place to stop and eat. As the billboards pass by, he or she notices an advertisement for their favorite fast-food place. It is still several exits, or miles, down the road. But they keep driving, pass other billboard ads for various restaurants, because they want their favorite brand. For travelers especially, the familiar brand poses no risk. That is the power of your brand.
When entrepreneurs are investigating franchise opportunities for investment, the single most important reason they decide to choose a particular brand is based on risk. A strong, popular brand poses the smallest risk of failure; and the greatest chance of success. After all, the brand is already a success, and a wise entrepreneur seeks to capitalize on that success by copying the strategy and product and tapping into the huge customer base already in place.
A strong brand will loyal followers is also a good risk for loan institutions. When prospective franchisees apply for a small-business franchising loan, your successful brand is viewed as a solid investment, and a safe risk. Many others have been successful franchising your brand, so the odds are that new franchises will also be successful.
Bear Up Against Competition
Building a strong brand is your best defense against the competition. That brand is a shield around your profits and success. Every business market today is highly competitive, and businesses must capitalize on every asset and minimize every risk to stay viable and build success. A strong brand leaves an imprint on your customers, so they keep passing others and coming back to your stores, like the traveler in the earlier example.
That brand means different things to different customers. But all of them have one thing in common – they trust your brand to deliver what they seek, every single time. Your ability to make sure that happens, every single time, even across a large number of franchise locations, is a strong factor that keeps you top of mind with consumers.
Keep Building Value
When your brand holds a widespread awareness within the base of consumers, and generates powerful customer loyalty, your franchises will be in demand. Consumers will want more of your products and services. Entrepreneurs will choose to invest in your franchises. And the more society and entrepreneurs want of your brand, the more that increases your brand’s overall value.
It doesn’t matter if your franchise provides chicken, hamburgers, tires, oil changes, hair styles, dry cleaning services, junk removal services, or fun experiences, the key to growing a successful franchise is to a build a popular, recognizable brand. And that comes from providing superior products and services, and superior overall customer experience, at every franchise location.
Are you considering how you might franchise your existing business? Franchise Guardian can help, from crafting an initial plan, to growing your franchise system. Call or contact us online todayto schedule a consultation with one of our franchise advisors.