4 Franchise and Business Strategies
Before you start up your franchise, you need to put considerable thought into your business strategy. What works for one business might destroy another. So, every franchise will need its own unique strategy. While we can’t tell you how to run your business specifically, we do have some excellent business strategies you might consider putting into practice for your franchise.
Build near your consumers
People will shop close to where they live. And they may not live very close to shopping centers. Big stores in the business districts may be profitable, but they shouldn’t be your only source. In a more time- and environmentally-conscious world, people want to walk or bike to stores and restaurants, or at least take shorter, more efficient drives. They want the convenience of places like Starbucks. Don’t make them travel further than they want to, especially if that’s one of the core issues with your current strategy. Otherwise, with the Amazon giant looming overhead and offering lower prices, consumers might just shop online.
Get involved in your community
Ask yourself, “How could my location/business be an asset to the community?” Go get involved and find out how your business can sponsor a team, host an event, or give back. You’ll spread your name via word-of-mouth, especially if you partner with another business. In doing so, you can combine customer bases and attract new buyers.
Interact with your customers
Whether it’s replying to questions in a timely manner or playfully roasting your competitors like Wendy’s does, your business relies on customer interaction. This isn’t just to make sales; you need to engage your customer base regularly. And, on top of that, you need a genuine voice that fits your brand, not just a “salesman” voice. Though that’s your end goal, making it only about sales will drive off customers who see this behavior as insincere.
Is a strategy not working out for your business? Then don’t force it! Let go of strategies that cost you money and customers. And you don’t have to wait until the end of the fiscal year to do it! Come up with something better right away. You’ll spare your business and brand potential damage.
What strategies have you found for your business? What worked, and what didn’t? We’d be happy to hear from you!