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If you’re interested in growing your business through franchising, it’s essential to consider how you’ll position your brand against other franchisors. Moreover, it will help you to stand out by articulating what makes it unique and why it’s a good investment. This is necessary to attract the right franchisee. At Pinnacle Franchise Development, we are equipped and ready to assist franchise brands with their development needs to reach the next level of success. Contact us for more information.
As noted, positioning your brand so that it’s ready for the franchise sales process means you’ll attract the right type of franchise leads for your business. Here are some tips to consider:
Review your products or services and ask yourself what differentiates them from your competitors. If it’s significant enough to distinguish your brand, it’s worth exploring. Whether you’re selling products or services, there are always ways to elevate it to make it appeal to franchisees over a competitive investment option.
As a business owner, it’s essential to consider how your brand appeals to potential investors. For example, does your franchise offer lower risk than investing in other areas like the stock market? Can it yield high returns? What lifestyle will it provide to franchisees? Assessing your business through the eyes of a potential investor can help you determine how realistic your franchising goal is and where to focus to help make it more attractive.
If you’re operating in a category competing with many other franchises, finding a niche market your business can own is vital. Offering something unique helps you to stand out amongst a sea of possibilities. For example, many pizza franchise options are available, but some have carved out niche segments to succeed. This niche can relate to the type of pizza, the dining experience, or the price point. Again, there are plenty of options to consider.
Your work culture can be essential in attracting the correct type of franchisees for your business. First, assess your values, goals, practices, and shared attitudes, all of which make up your corporate culture. Then, make sure it accurately represents your brand; if it doesn’t, make the necessary changes. Many potential franchisees research a company’s culture and look for alignment with their professional goals when making investment decisions.
While many brands say they value customer service—what makes it unique for your business? For example, what do you do that goes above and beyond what your customers expect?
Sometimes it can be the simple things that make a difference. For example, consistent messaging with your frontline staff so that all your customers experience the same level of service at any touch point. Alternatively, you might offer flexibility, so your employee’s personality has the opportunity to shine, which allows them to develop strong relationships with your customers. Use of technology is also a major asset when it comes to improved customer experience and convenience for the franchisee. Whatever it is, look for opportunities to optimize your differentiation for customer service–so that it appeals to franchisees.
If you’re a small business in an industry with large established companies, consider what your size offers and play this to your advantage. For instance, as a smaller operation, you may have excellent relationships with suppliers, or offer personalized support to franchisees. Find your strengths that you know larger competitors can’t compete with and use these to attract the right type of franchisee for your business.
Implementing multiple strategies to promote your brand to franchisees may be tempting. But it’s better to consider your most vital point of differentiation and enhance or improve this element.
That’s where using an industry expert can help. An experienced franchise sales team understands gaps or opportunities to help create a unique value proposition for franchise sales. They can help you develop your positioning as an investment opportunity and use the right marketing strategy and tools to create high-quality leads for your business.
At Pinnacle Franchise Development, our experienced team has helped new and established franchisors perfect their brand positioning, so they’re ready for a streamlined sales process. Our team members are experts at branding, value propositions, franchise marketing, and accurately representing your brand to brokers and prospective franchisees.