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A significant difference between a franchise and independent business, is that with some exceptions a franchisee is restricted to marketing in their own granted territory, unlike the independent business owner who is free to go wherever they wish. However, one of the benefits of a franchise is brand recognition, which gets stronger as the size of the franchise network expands. Despite certain territory restrictions, a franchisee can take certain steps to maximize the potential for increased revenues:
Franchisees Need to Maximize the Potential of Their Territory
Posted by Ed Teixeira
- Be fully aware of who your competition is and identify their strengths and weaknesses. Take steps to exploit their weaknesses. Contact your franchisor and other franchisees for tips on how to attack your competition. Suggest a collaboration with your franchisor on an advertising or promotional program.
- If there is open territory adjacent to your granted territory contact your franchisor so you can market in the open territory
- If you have franchisees that operate adjacent territories consider joint advertising and product promotions that can increase franchise brand awareness, where everyone has an opportunity to increase sales.
Although a franchisee may be restricted to marketing in their own territory the above steps offer an opportunity for increased sales and profits.
Posted on October 4, 2015 at 8:04 PM
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