The Key to Franchise Success? Target a Narrow Customer Base
The Key to Franchise Success? Target a Narrow Customer Base
As a new franchisee, you want to distinguish yourself – I mean, let’s face it: you’ll have lots of competition to deal with, and you want to secure all the advantages you can. There are two primary advantages to selling a specific product to a particular subsection of the public:
1) Less competition: Market specificity = less financial risk for investors and banks/lenders = higher chance of securing necessary funds. The ability to prove that there is a demand for your product/service makes obtaining funds that much easier.
2) Sufficient time and money for marketing: Attempting to grab the attention of the general public can be quite time-consuming, not to mention expensive. With a single, specific group of customers as a target audience, you’ll undoubtedly spend less and save more in achieving your goal.
Before you make any major financial decisions, however, make sure to do your due diligence. Does a specific need for your product exist? Interview members of the population you wish to target and monitor potential competition. You don’t want your competition to be overwhelming, but you also would like a few of your competitors to be up and running, just to prove that there is, in fact, a market for your product or service.
Also, be sure to investigate your competition’s annual earnings – how have their earnings changed from year to year? Hopefully, they’re well-established (that is, they’ve experienced a steady climb in earnings) – then they won’t view your presence as a threat, or may even see your presence as a positive force that might create additional demand.
The Key to Franchise Success Target a Narrow Customer Base - To learn more about this author, visit Sebastien Page's Website.
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If you’re thinking that purchasing a franchise concept that appeals to as many people as possible equals success, think again: targeting a narrower customer base may be a better way to go.
As a new franchisee, you want to distinguish yourself – I mean, let’s face it: you’ll have lots of competition to deal with, and you want to secure all the advantages you can. There are two primary advantages to selling a specific product to a particular subsection of the public:
1) Less competition: Market specificity = less financial risk for investors and banks/lenders = higher chance of securing necessary funds. The ability to prove that there is a demand for your product/service makes obtaining funds that much easier.
2) Sufficient time and money for marketing: Attempting to grab the attention of the general public can be quite time-consuming, not to mention expensive. With a single, specific group of customers as a target audience, you’ll undoubtedly spend less and save more in achieving your goal.
Before you make any major financial decisions, however, make sure to do your due diligence. Does a specific need for your product exist? Interview members of the population you wish to target and monitor potential competition. You don’t want your competition to be overwhelming, but you also would like a few of your competitors to be up and running, just to prove that there is, in fact, a market for your product or service.
Also, be sure to investigate your competition’s annual earnings – how have their earnings changed from year to year? Hopefully, they’re well-established (that is, they’ve experienced a steady climb in earnings) – then they won’t view your presence as a threat, or may even see your presence as a positive force that might create additional demand.
The Key to Franchise Success Target a Narrow Customer Base - To learn more about this author, visit Sebastien Page's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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For an online Car Loan Calculator and finance for a cheap car loan. Get approved on car loans or car finance in Australia with cheap bank car loans and finding a car finance broker. Commercial car loans including business car finance and car lease. Car Loan Calculator has information on finance companies and getting the right cheap car loan from banks at best car loan rates and a online car loan calculator for all finance in Australia. Get the best car finance with our help at Car Loan Calculator and Finance Ezi. - Visit Richard Jefferies's Website |
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