There’s a lot of pros to running a franchise business. Name recognition, group buying power, and marketing support from corporate are a few.
But if you’re one of the approximately 795,000 franchise owners in this country, you know better than anyone that just because your franchise may have been turn-key to open, it isn’t without challenges.
No matter the type or location of your business — whether it’s a restaurant, child enrichment center, gym, or staffing agency — one thing is for sure. You have competition.
Here’s 5 ways to outperform your peers no matter the industry:
- Know your competition
Do you know…
– all of the other options customers are considering?
– why customers choose someone else over you?
– or why they’re dissatisfied with the competition?
Answering these questions can help you tailor your sales and marketing strategies to fill real gaps in the marketplace.
Try this: enlist someone in your office, or hire an intern, to do research online and visit competitors to gather valuable information about pricing and customer experience
- Create a culture around your customers
Do you take time to meet and get feedback from customers? If you’re willing to listen and ask the right questions, they will tell you what you need to know. Even in the face of big competition, customers are attracted, and will be loyal, to companies that really put them first.
Try this: email a survey to your database and incentivize them by offering a coupon good for a future purchase or visit if they complete all of the questions
- The price is right
Competing on price could undercut the competition, but it could do the same to your bottom line. Remember, someone else will always be able to absorb a lower cost than you. What they can’t do is offer the best customer service.
Try this: read our guide on pricing strategy and try one of these new methods (link to the Price is Right article)
- Know your numbers
It can be tempting to make decisions or changes based on your gut. Your business’s actual financials will give you reliable data you can be confident using to set weekly or monthly goals. Not a numbers guy or girl? Xendoo’s suite of affordable bookkeeping and business consulting services might be right for you.
Try this: run a profit-and-loss report looking at the current year-to-date compared to the year before. Where do you see big differences? What caused them and how can you improve?
- Always look for ways to be more efficient
There are dozens of ways the time gets away from us. Being a business owner means everyone wants a piece of you. By using technology, cloud software, and business automation, you can save more time allowing you to focus on the big picture and have more balance. Here are even more time-saving tips for business owners (link to “7 Time Savers for Service Retailers”)
Try this: track your time this week using a journal or app. Use it to make one change in the way you spend your time the rest of this month.
Competition is a guarantee. Just remember that as a franchise business owner, you have the opportunity to choose your own destiny, create jobs, and provide great service to people who need it.