How to Choose Your Franchise Name and Begin Building Your Web Site Strategy.
Are you thinking about franchising your business? There are a number of important areas you will need to consider. I will be looking at the internet and your strategy for designing your web presence. This is a key component of any franchised business today.
In planning a strategy for your web site design, it must compliment your overall franchising strategy.
Choosing a Franchise Name to Carry Your Business Forward Many people overlook the true significance of a well chosen name. Once you have made the decision that your business will be franchised, this is one of your first action steps. Why? Simply because the name you choose is crucial to much of what follows in planning your online presence.
It’s really important to fully evaluate your company name or business trading name. You should also bear in mind the eventual relationship this will have to your domain name and the importance of making it ‘memorable’. Why? A domain name and business that is ‘memorable’ will increase your profits. Plain and simple.
You probably already have a business name that you are trading under. Now is the ideal time to give this some real thought. Is this really the best name for your franchise venture?
A Poor Name Can Cost You Dearly!
On the internet your business name is your brand. Having a poor name can cost you dearly. It can literally divert money away from your business! Don’t take my word for it. The people who really count are your business prospects. This means both potential franchisees and the end users of your product or service.
It’s also a fact that until you test, you just will not know if the name you have chosen will stimulate prospects to click through to your site or whether it will deter them. The name of your web site can have a significant impact on the numbers who click through to find out more about you.
Think about it like this. Even a 1% difference in click through rates can have a very significant impact upon the success of your business. Out of 1000 potential prospects just 1% better performance will give you 10 extra prospects.
Add that up over the lifetime of your franchise venture and you could end up with considerably more prospects, based simply upon the fact that you chosen a better performing name. Each prospect has an acquisition cost, so getting this strategy right can have a very positive impact on the success of your venture.
What if the real difference in performance of a better name is 2%, 3% or more? It soon begins to add up.
As I mentioned above, choosing the right name is only the starting point. Once you know which name has a positive impact upon your potential prospects, you can use that information to build important insights into other words and phrases that trigger positive responses from your prospects. It begins to form a positive foundation for your internet marketing efforts.
Make Your Domain Name Memorable.
Making your domain name ‘memorable’ is a way to really improve your business performance over time. The ultimate objective must be to have a name that is both memorable and that best connects with your buyers expectations.
You will frequently find that going with a name that you may find ‘intuitive’ or which you just plain ‘guess’ is not the best option. Remember, if your prospects don’t find the name you have as appealing as another more productive alternative, it’s really just letting money slip through your fingers. You should be using the more productive alternative instead.
Many businesses owners rush when it comes to choosing their domain name, corporate name, business trading name and Web address. Our own experience has shown this happens repeatedly. This is why we advise spending the time to get it right. Franchisor’s also often simply don't give this important area enough consideration.
This is a common trend across business generally, particularly small to medium sized businesses. A survey commissioned in Nov 2007 by ‘Fasthosts’ (www.fasthosts.co.uk also found that many businesses did not give adequate time and thought to the issue.
Most businesses owners, when asked to give the matter some consideration, do recognise that a domain name can have a long lasting effect on their business. In addition many businesses believe that revenue and profits would improve as a direct result of having a better web address and domain name.
With 25% of ordinary businesses admitting they have concerns about the effectiveness of their web address, it's important that you as a Franchisor give this the time it deserves at the planning stage.
It is also shows that as the Franchisor, you have done your homework. Pointing out to your potential Franchises that you have researched this area and done your homework demonstrates your attention to detail. It also shows your ability to consider long term business strategy and profitability planning. It helps to create confidence. If a franchisee was setting up a business on their own, this is a strategy they would easily overlook.
It’s also important to realise that a good name is part of the overall internet ‘optimisation’ process and it will have a lasting impact upon image, branding and ultimately sales.
Ultimately on the Internet your domain name is your brand. So choosing a good Franchise name and domain name is a crucial first step on the pathway to a successful Franchise venture.
How to Choose Your Franchise Name and Begin Building Your Web Site Strategy. - To learn more about this author, visit Stephen Wilk's Website.
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