Buying a Franchise Series: The Power Of The Brand
Would you like fries with that?
When you think about brands, even more so, a franchise brand – what comes to mind? … Serving 69 million people a day and employing over 1.5 million people worldwide – you guessed it – McDonalds. * http://expandedramblings.com/index.php/mcdonalds-statistics/ More people recognise the famous ‘golden-arches’ then they do the cross. * http://www.biznews.com/global-investing/2014/11/03/mcdonalds-golden-arches-recognised-cross-fun-facts/
If you’ve been doing your research and looking into purchasing a franchise, the entry costs to buy a well-known, international franchise are often high, and out of reach to the majority of prospective franchise business owners.
This doesn’t mean that owning your own business, as a franchisee isn’t achievable. You just need to know what to look for.
So … Why Is Branding So Important?
Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors. Your brand is derived from who you are, who you want to be and who people perceive you to be. * https://www.entrepreneur.com/encyclopedia/branding
During the due-diligence phase of purchasing a franchise, there is a lot of research to be done in various areas of the business, branding and marketing is an area sometimes overlooked.
Look For Consistency
Subscribe to their email-marketing list, request copies of brochures, flyers and any advertising material (magazine, print ads, etc.), make time to go through their website and find out when it was last updated.
Is the look-and-feel modern and consistent through all mediums? Are their messages the same or similar? When a company invests appropriate time and money (potentially the money you will be contributing to marketing) into developing their brand identity and branding strategy, everything should look flawless and consistent.
Presence In The Industry
Have you checked out their social media profiles? And those of their franchisees? Are there many online reviews about them, their products or services, or their individual franchises? If they have a high social media presence and followship with unique content – they can be perceived as a leader and innovator in their industry.
Before buying a franchise, the franchisee should look at what the brand stands for, if they align themselves and their personality with the brand, and what kind of support they will receive from the franchisor to build the brand locally. And is that brand strong enough to pull customers for that particular product or service? * https://www.linkedin.com/pulse/20140814044523-7926104-branding-an-important-aspect-in-franchising
If you would like to find out more about the Top Snap franchise opportunity, click here.