Launching a new business can be both exciting and daunting at the same time for a franchisee. One of the most challenging areas faced by new franchisees is executing a successful marketing activity plan which delivers a consistent stream of leads from which they can build a solid business. Franchisees come from a diverse business background. Very few of them have any form of marketing knowledge or expertise. It’s a perplexing challenge, especially for those new to business ownership. Despite best intentions, many new business owners might find themselves grappling to comprehend the fundamentals of how marketing truly works and the huge benefits it can bring.
There are some key reasons behind this common struggle for franchisees. Taking each one separately, franchisors can build strategies to significantly ease the difficulty. This will help franchisees navigate the how, what, when, where and most importantly ‘why’.
Lack of Experience:
One of the primary reasons new business owners might grapple with marketing fundamentals is a lack of experience. Marketing involves a myriad of strategies, from digital to traditional, encompassing consumer behaviour analysis, content creation, advertising, and a lot more. Without prior exposure or expertise in these areas, understanding the nuances and intricacies of effective marketing can be overwhelming.
Complex and Ever-Evolving Nature:
Marketing is not a static field. It constantly evolves with advancements in technology, changes in consumer behaviour, and new platforms emerging regularly. For someone new to the business landscape, keeping up with these shifts and understanding how to leverage them effectively can be a daunting task. This dynamism often leads to confusion and a sense of being left behind in an ever-changing landscape.
Underestimating Target Audience Understanding:
Another common challenge is the underestimation of comprehending the target audience. Identifying and understanding the audience is pivotal for a successful marketing strategy. Without a clear grasp of their needs, preferences, and behaviours, it becomes challenging to tailor marketing efforts effectively, resulting in campaigns that might miss the mark.
Resource Constraints:
New franchisees often face resource constraints, including financial limitations and a shortage of human resources. These constraints can limit the ability to invest in comprehensive marketing strategies. As a result, they might resort to handling marketing efforts themselves without the necessary expertise, leading to a lack of impactful marketing campaigns.
Overlooking Data and Analytics:
Marketing success is highly reliant on data-driven decision-making. Understanding and interpreting data analytics is crucial in measuring the effectiveness of marketing strategies. However, new business owners might struggle to grasp the significance of data analysis, resulting in a lack of insights into what works and what doesn’t in their marketing efforts.
Impatience for Immediate Results:
In the fast-paced digital era, there’s often an expectation for immediate results. New business owners might expect instant success from their marketing activities. However, effective marketing strategies often take time to yield measurable outcomes. Impatience for quick results might lead to premature alterations in strategies, preventing the potential success of well-planned campaigns.
An expectation that online ‘easy’ activity will deliver results
As our world has embraced the digital space new business owners can be understandably mistaken that all marketing activity happens on social media or via a web site. The idea of traditional marketing activities can very often be seen as too much effort which doesn’t yield results. Activities such as local networking groups, attending local events, delivering brochures and flyers can be ignored to the detriment of lead generation.
Understanding the fundamentals of marketing is a gradual process that involves a blend of knowledge acquisition, practical experience, and a willingness to adapt to changing trends. Overcoming these challenges requires patience, a commitment to learning, and sometimes seeking guidance from experts in the field. Franchisors who embrace the challenges new franchisees face in executing a strong marketing plan and put in place a support structure to allow them to learn the fundamentals of marketing, will overcome the challenge.
The complexity, dynamism, and multi-faceted nature of marketing often pose a challenge for new franchisees. Grasping the fundamentals of effective marketing demands a blend of patience, willingness to learn, adaptability, and a recognition of the value in seeking expertise or guidance when necessary. Ultimately, unravelling the mysteries of marketing takes time, effort, and a continuous quest for knowledge in this ever-evolving domain. Using annual conferences and regional meetings to provide marketing learning experiences for franchisees is a great way to ease this difficulty.