In a world where businesses come up like mushrooms, the primary asset of any future franchisor is their brand value. A customer’s decisions hang on the brand’s recognition and awareness, where they would like to spend their disposable income. For a brand, owners and the local franchise runners aren’t the brands but the product’s quality on display. Quality product with wide recognition is the hallmark of a brand. The logo is the GPS where the quality product or service (the BRAND) can be located.
A franchise looks for the company offering quality products and services to a broad consumer reach and has a brand value that is on display. It also looks for the support that the company provides, but brand awareness is at the forefront.
Power of a franchise brand
Any company, franchise, or franchisor’s success extends to the brand name, which is not just the service and quality but something more to it. During franchising, this brand awareness of the company plays a crucial role in determining the success quotient of the franchise and the franchisor. The four prominent reasons why a franchise needs and looks for a powerful brand value –
1. Consumers –
Brand awareness guarantees an unparalleled experience through their campaigns and other people’s word of mouth, which lures a considerable customer base with pre-conceived ideas about the brand and experience. These notions, when matched to their expectations, raise the bar and increase the audience.
2. Franchisees –
Once established with the right name and recognized niche audience, franchises want to collaborate and associate themselves with the brand. The widespread audiences in all locales minimize the risk of starting up a company’s outlet or store, and many young entrepreneurs would be interested in taking up the franchise.
3. Uniqueness –
The brand value is the stand-out feature of any company looking to expand its operation through franchises. A cut-throat place with fierce market competition can be chased down by the brand value and help gain customer loyalty.
4. Value Addition –
The brand’s power is fuelled by the loyalty and awareness of customers, who, in turn, are the best marketers of the company or brand. With their brand value, these brands attract franchisees to invest more and thus enrich the whole franchise ecosystem.
Success and failure of the business can be differentiated on the basis of the value that the brand possesses, which may take many years to grow and nurture and even harder to sustain. Any entrepreneur with a massive brand awareness would like to invest in franchising as it minimizes the risk of losses and guarantees benefit to an extent. People associate themselves with the brand; they would be well acquainted with the brand presence, awareness, quality, and essence. Thus, they would like to visit the brand’s store, whether it is a franchise or situated anywhere in the world. Therefore a good brand value enriches the franchise system by addressing customers as one family they are fully aware of and trust.
What’s the sign of successful branding?
- A good name is synonymous with quality, and that has the power to assimilate the consumer base in a broad audience, is the ideal brand to open up franchising. In case one goes with a small or medium brand, there should be a solid marketing plan with a detailed understanding of the market and the target audience to promote the business and nurture brand awareness.
- A never-forgetting experience is a key through which the brand’s names are itched in customer’s brains. The ideal and perfect successful or not businesses focus on providing world-class consumer experience coupled with quality service and products. Successful brands also establish a relationship with their valued clients.
- The key to setting a foot and building a name in the market is to be aware that it is a perpetual process. One should continue making people aware of the brand’s existence and quality by running campaigns consistently at various levels.
- Cohesiveness is a vital aspect of gaining and maintaining customer loyalty. Tonal cohesiveness between the franchisee and franchisor, even after adding local flavors, tools and templates, is the key to successful franchise operations. The franchisor’s role is to make the feel and tone best suited to the environment in which the customers were lured to the brand.
- The consistency in the brand’s franchisors and franchise can be gained through efforts and building proper channels through which the top-tier messages are pleasantly and perfectly passed on to the franchises. The franchisor’s responsibility is to provide tools, templates, logos, fonts, and proper usage guidelines to establish consistency.