Franchise Tension? Make it Collaborative and Pull in the Same Direction
As franchise brands and the business world in general struggle with sales and shrinking franchise marketing budgets, tensions have begun to rise. Franchise lead generation has slowed down amidst the economic recession with potential entrepreneurs and franchisees unwilling to invest money in even well-known and stable franchise brands.
Declining sales at franchise locations have resulted in lower royalty payments, which have shrunk aggregated national advertising fund budgets. Brands have traditionally used national marketing funds to generate brand awareness and marketing campaigns designed to benefit all locations, but have now had to rethink strategies and cut spending on marketing initiatives. But it's hard to make money when you're not spending money on marketing.
So what can be done? How can you harness that tension and use it in a positive way for the betterment of your franchise brand? Communication and collaboration is the key. I explore this very topic from a marketer's perspective in an article I wrote for QSR Magazine and offer brand marketing tips on how to turn the tide, pivot, and help you franchise rise above the wave.
Read more HERE in QSR Magazine.