Joel LibavaPart of what you’re paying for when you become the owner of a franchise, is their marketing system. (And, hopefully their marketing prowess.) But, how can you find out if their franchise marketing rocks?
Luckily for you, the powerful business model of franchising has been around long enough to make it fairly easy to get answers to your most important questions. Especially since the internet has made it possible for you to have access to world-renowned franchise experts who can show you the way.
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Dr. Callum Floyd
New Zealand is known for it’s green pastures. And, an abundance of sheep. And, that’s probably not news to you. But, New Zealand is also the home of one of the world’s top experts on franchising, Dr. Callum Floyd.
Dr. Floyd has written extensively about franchise systems, and knows them in and out. Dr. Floyd has completed both a Master of Commerce qualification (awarded with first class honors) and Doctor of Philosophy (PhD) qualification with theses focused on franchising. The good Doctor is a smart guy. And, it doesn’t matter if his franchise consulting practice is located on the other side of the world. His knowledge applies to franchising, anywhere.
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Dr. Floyd and I have conversed electronically a few times, and I’ve found him to be open and honest. He’s very enthusiastic about the greatest business model ever developed, and has a way of getting to the heart of the matter.
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Franchise Marketing System Checks
There’s so much to do, when it comes to franchise research. If you subscribe to this franchise blog, you know that I’m almost halfway through The Top 40 Questions To Ask Current And Former Franchisees. A few of the questions that you’ll need to ask franchisees are centered around marketing. As a potential franchise owner, you’re going to want to know how strong the marketing system is. So, now we’re on to question #20 of the Top 40.
“How is the franchisors marketing?”
Dr. Floyd happens to know how to find out if the franchise concepts you’re looking into have it together, marketing-wise. And, if you step back for a moment and think about it, the marketing part should be pretty much taken care of by the franchisor. Isn’t that part of the reason that you’re even considering franchise ownership as a way to help you reach your personal and professional goals?
You shouldn’t have to lose sleep over how your franchisor markets it’s products and services.
If you use the following pointers from Dr. Floyd as a basis to ask questions related to marketing during your research, you should be able to sleep like a baby after you become an owner.
The franchisor should;
- Clearly understand the most cost-effective methods for obtaining new customers
- Provide you with access to a range of relevant marketing initiatives that you can apply directly in your local area, including guidance on how to use them
- Help guide you to prepare initial launch marketing and ongoing marketing campaigns
- Have defined national marketing plans
- Know how to measure the success of local/national marketing campaigns
- Solicit some involvement from franchisees in the development of national marketing plans
- Have some respect from existing franchisees for their marketing expertise
Read the entire article written by Dr. Callum Floyd to get even more pointers that will help you determine if the franchise concepts you’re looking at have what it takes.
To help you become a super-successful franchise owner.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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