MARCH THIS WAY AND OUTRUN YOUR COMPETITION
Today is the age of large corporations and what do large corporations have in common? Their existence in even the remotest parts of the planet. You will find fast food chain units even in places where people might not even know how to pronounce the name correctly. This is the time of the franchises opportunities and there are new franchises opening up everywhere, every moment as we breathe. India has garnered the world's interest as a huge market and all international brands are looking to expand and come to India. Many have already made that move successfully. To succeed in this highly competitive market, which is overflowing with domestic and international brands all fighting for a share in the market, is no easy job. But there are ways to outrun the competition and carve yourself a slice of the Indian consumer market pie. 1. Know your Target Audience This is the first thing you need to do. You need to conduct a thorough quantitative and qualitative research to understand who your target audience is. You need to categorize them demographically based on age, gender and also in terms of income level, preferences, consumer habits, etc. Unless you do not have this basic research done with, you cannot formulate any successful marketing plan. It is crucial to understand the target audience because only when you unde rstand them, can you provide them with what they want and the way they want it. A lot of businesses make the mistake of underestimating the value of good customer research and they pay the price by losing out on customers. www.frantastic.in
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2. Know your Competition Before you beat them, you need to know them. You need to divide your competitors based on the field or category of products or services provided. This will tell you who is your direct competitor affecting customers' choices and who is indirect. You must also further categorize them based on the pricing of the products or services provided by them. This will enable you to understand the competitors who look out for the same target audience as yours and who might be dividing your customer base. Once, you know your competition, you can follow their movements in the market, tracking their marketing campaigns or sales initiatives. Being aware of their marketing plans will give you an edge while planning yours. Also, you should observe and learn from their mistakes, they are also businesses like yours, trying to appease the same customer base and their actions should be a lesson to you. 3. Localization of the Franchise Offerings Corporations are headquartered in one place but their franchises exist across the globe. It is merely not possible for the corporation to predict and produce products, which will be suited to customers' needs across the globe. We have seen examples of many huge international brands come to India and customize their offerings considering the local market and the sentiments of the people of the place. It is up to the franchise to get involved in the research and provide suitable solutions to the corporate chain, which could help break barriers to entry. Certain corporations might already be looking into customization and the franchise just may need to assist them with their expertise on the understanding of the local people. We have seen from past examples that companies, which do not localize do fail more often than those which do. This shows how important it is to consider the preferences, the lifestyle and the sentiments of the local people while starting a franchise. 4. Customer service One way to distinguish yourself from your competitors is by providing better customer service. Today, customers are much more aware than earlier and they appreciate good service. They might not remember the price of a certain item but they will remember if the staff member served them well and they remember even better if the staff member did not serve them well. Creating a system of politeness and graciousness in the customer service staff can go a long way. It will add the extra edge to your franchise and will reduce customer turnover. 5. Maintaining Product Quality Some businesses simply lose out on customers because of their inability to maintain the quality of their products or offered services. Creating an efficient system, which follows the company standards and produces high-quality products with the least defects is mandatory for running a successful business and even so when you have www.frantastic.in
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to outrun your competition. The story of a single experience of a customer, which involved a substandard product can travel fast and the business starts to suffer.
6. Customer Loyalty Programs Studies have shown that loyalty programs increase customer interest. Studies also attribute a spike in sales to this increased interest. Minor loyalty programs, which enable the customers to accrue points or stamps for each visit, really boost their morales. They feel more inclined to come back to increase their points or stamps in lieu of a future reward or benefit. Such programs help in forging a relationship between the customers and the business. They build on this relationship and it helps in increasing sales and customer visits. 7. Advertising www.frantastic.in
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Although corporations advertise nationally and internationally, franchises might have to invest in some local or regional advertising for their units. This helps in grabbing the attention of the customers and has been proven to be one of the most successful forms of marketing tools since a long period of time. Franchises should try to invest in a combination of advertisement media, based on their marketing plan and budget. They should also invest in press releases or online influencers. Studying the target audience will help the franchise business in choosing the most suitable advertising channels for them. 8. Corporate Tie-ups Collaborating with a nearby corporate or undertaking a contract with them will definitely help the franchise in increasing its revenue. A corporate tie -up brings in fixed income with certainty and as any business would understand, this is a huge benefit and will help increase your revenue and will give you an edge over your competitors. 9. Events with Customer Participation Organizing regular events with local customers can be a highly fruitful investment for a franchise. A franchise can organize various kinds of events, from charity events to lucky draw with prizes to be won, to competitions for customers, etc. Such events increase customer engagement and help further develop the relationship between the customers and the business opportunities. Not all businesses would invest in these events but the ones that do, they clearly note a difference in their revenue and find increased profits in their books. We have seen how to shape your franchise into a competitive business, which can overtake its competitors and try to grab the biggest piece of the consumer market. Although in today's world it is not easy to build your consumer base, it can be done if franchises follow the right steps and take the correct measures and actions required to increase their customer base.
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