How Franchisors Can Generate Brand Equity While Staying Competitive In the fast-evolving franchising industry, numerous strategies are being applied to win the battle against slumping sales, being proactive in any economy
This story originally appeared on Franchise India
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According to a report, experts claim that sitting back and accepting what the economy is giving is simply not an option. As a franchisor, you need to be proactive, trying to influence your franchise family in a positive manner.
Here is what they prefer not to do as a franchisor:
- Slashing prices
- Slashing staffs
Entrepreneurs are usually optimistic, planning on how they can move ahead of the issue, creating positive results. More sales result in more brand equity, strengthening your business while staying competitive.
A proper market research with factual information
Things may not be the way they appear. Franchisors need to use the data for making strategic decisions for both short and long-term sustainable activity. An entrepreneur should have a detailed research methodology with the correct facts. They need to understand that some industries are still lacking indicators of the real economy.
Once done, then you can gear up ahead, looking at how to increase sales.
Make the customers talk
Every successful organization has one thing in common. They talk to their customers directly, understanding their buying habits and welcoming frequent feedbacks. Franchisors can hold surveys and similar activities, involving a direct communication with their customers. It helps the organization to gain a clear perspective of the customer's expectations.
One should never forget that the customers are the reason behind any organization's success. Thus, valuing them should be the prime motive.
Deliver values to the customers
Franchisors often focus on the problems rather than the solution. In order to become successful, one has to change this phenomenon, to deliver extra values to the customers. For example, food franchisors can showcase their fresh materials which are cooked to provide a scrumptious cuisine. Thereby creating curiosity amongst the customers.
So it can be said that franchising is one terrific model which helps grow sales and profits during a tough time.
This article was originally published on Franchise India by Shahram Warsi.