Effective branding is a powerful component of any franchise operation. It does not only impact your overall success but the success of each one of your franchisees as well. Additionally, your brand affects the level of demand — and therefore salability — of your franchise offering. A well-developed franchise drives what is important for your business. Here are 4 reasons why your franchise brand is so important.
1. It’s What Attracts Customers
Branding, like marketing is what attracts customers, only instead of attracting them to a single location, you’re selling them on the brand as a whole, thereby making every location more appealing. A powerful brand immediately draws customers to the franchise in the expectation that they will receive the same great customer experience they have received previously in other locations.
Take for example, a driver on the highway looking for a rest stop to grab a quick bite. Quite often, they are on the lookout for a particular sign or logo that will guide them to their favorite fast food franchise. Why? Because of their familiarity, they know what’s on the menu, what it’ll taste like, what it costs and whether or not they have clean restrooms. For travelers on the go, familiarity is inherently preferable to risking the unknown. What if the service is slow? What if it makes me sick on the road?
Effective branding works to bring awareness of your products and services to customers and to provide a level of standards that they can come to expect and enjoy.
2. It’s What Attracts Franchisees
By far, the single most important reason that would-be entrepreneurs decide to purchase a franchise is to reduce the risk associated with starting a new business. The hope is to capitalize off their success, by copying the methods, the strategies, and by buying into the goodwill that the parent brand has achieved with its customers. A stronger brand brings more loyal customers – further reducing the start-up risk and enticing potential franchisees to join the family.
3. It’s What Holds Off Competition
Brand building is by far the most powerful tool that businesses have to improve profits and protect themselves against competitors. In today’s highly competitive markets, it’s more important than ever to stand out from the crowd – to win the hearts and minds of your customers. A strong franchise brand helps differentiate your company or product and to imprint upon the consumer your selling points and value proposition. Beyond increased awareness, effective branding increases customer loyalty and advocacy – reducing marketing costs for individual franchisees.
4. It’s What Increases the Value of the Franchise System
A powerful brand that commands widespread consumer awareness and customer loyalty will engender a strong demand for franchise opportunities increasing the overall value of your entire franchise system.
Consequently, marketing dollars invested in boosting the power of your franchise brand are funds well spent in the long run.
Whether your business is a restaurant, a dry cleaners, a photo studio, or even a trampoline park, the key to growing into a successful franchise is to a build a popular, recognizable brand. And the sooner you start the process, the better. After all, a successful business can be launched overnight, while a successful brand takes time.