Franchise Review Board is the premier source of the review is a franchise, FDDs, Franchise disclosure documents, corporate sales and business opportunities.
Welcome to a business resource center Acquireo sale where you can find free tips, articles and unbiased information for business buyers, sellers and owners of franchises. You will also find a directory of selected companies and ideas in the humor to the company sales for the blog. Stay up to date with our RSS feed or by subscribing to our newsletter twice weekly.
The franchise agreement is a legal contract that governs the agreement between the person buying the franchise (franchisee) and the person selling it (the franchisor). Among other things, defines the rights and obligations of both parties, you define the term of the agreement will last for the area concerned (if any) granted to the franchisee, and the details of the costs involved and how they should be calculated. This is the cornerstone of the business deal together, and can be up to 50 to 60 pages.
Social Media is the Latest Trend in Franchise Marketing
Social media such as Facebook, Twitter, etc., is a rapidly expanding market and one that is here to stay. It also has become a lucrative and cost-effective method of marketing for many businesses, particularly for those businesses that do not have national exposure and the advertising budget of a large corporation. It’s also effective for those businesses who want to remain more in touch with their customer, and not fall into the chain-store rut. The social networking sites can be a way for the smaller franchises to compete with the larger businesses. Over two-thirds of consumers surveyed said they prefer to patronize businesses that utilize one or more social networking sites. For instance, Einstein Bros. Bagels increased their Facebook fan base by almost two hundred percent when they offered two separate digital coupon programs on Facebook. The digital coupon gave away a free bagel and cream cheese to anyone who became a fan of Einstein Bros Bagels on Facebook. The first program was increased their fan base from 4700 to over 300,000. The program was so successful, they ran it again several months later and doubled their fan base.
Not only is the offer of free or discounted items appealing to consumers in the current economic situation, but the social networking sites are a way to communicate with businesses about their likes, dislikes, complaints, kudos, etc. With so many large corporations in control, consumers feel that their communications to businesses frequently are ignored. However, the social networking sites provide a chance for the customers to communicate with businesses and feel that their voices will be heard. It is also a way for the businesses to let the customer know their opinions matter and make them feel a part of their local business community.
According to a market research survey done in 2010, almost eighty percent of franchises are utilizing social media to promote their business and it is effective, with almost three-quarters of consumers preferring to patronize businesses who utilize social media.
Many franchise owners use creative strategies to involve their current customers and entice new customers. These include clubs that sponsor members-only events, free food with use of mobile media and/or social network sites, and areas that invite member feedback on upcoming events, products and plans.
For a franchise owner, this has become a new advertising media that is paying off in increased sales and customer loyalty, which is even more of a necessity in the current economy. Franchise owners feel that utilizing the social media sites sort of evens out the difference when they don’t have the marketing dollars of the large competitor. They can use the social media to increase awareness of their brand as well as to recruit new customers without spending thousands of precious dollars in advertising. However, the other side of the equation is that having a presence on the social networking sites means daily monitoring of the site by a person or persons. A social media page can’t just be posted and left to work on its own. The site needs frequent attention and interaction with the guests in order to be successful, whether it’s answering their questions or handling an issue that has arisen. The fans need to feel that they and their input are valued and that the business is paying attention to what they want. This is definitely one of those times where the results will equal the efforts; the social media presence must be constantly worked on or it will yield a zero return.
For the franchisor, it has become a way to conscript new franchisees, particularly in areas where the franchise has little or no exposure. Many franchisors have interactive games on their social media pages that will give potential investors an idea of what is involved in owning and operating one of their franchises, as well as what is involved in getting a franchise set up. Franchisors also have their interactive areas for potential customers to learn their product and locate the franchise in their area.
Social media networking is here to stay and businesses are recognizing the value of utilizing the social media to enhance their products and grow their customer base. For many franchises, the social media has become part of every marketing campaign for both the franchisee and the franchisor.
- Arts & Entertainment
- Computer & Internet
- News & Media
- Science & Technology
Who Voted for this Story
Friend Lane is started to create a website where you can find best and useful links at relevant catagory. We are working hard to manage it, submitters please be careful while submitting links or articles.