What should franchise systems or multi-location companies do when the national ad budget and local store marketing funds decrease during a recessionary period? How can they thrive, yet alone survive marketing on a lower budget? Franchise brands are grappling with this issue more than ever during Covid-19. The successful brands will increase communication and engagement with franchisees, work through any tension in a collaborative way, and help their company pivot forward.
Here are 10 tips to help guide your franchise brand (franchisor and franchisees alike) on how to market smarter and get the most out of limited marketing dollars during these turbulent times.
1) Late to the party? Time to starting using technology and local data
Executing cost-effective marketing strategies for hundreds or thousands of multi-location campaigns begins and ends with technology and local data. You can use past data to predict future outcomes of your campaigns. Have certain campaigns or customer segments historically provided the most incremental revenue or highest ROI? If so, focus your limited budget on those four to five campaigns or audience profiles and put the others on hold. Leverage both offline and online data sets: historical performance, in-market signals, past purchase behaviors, best customer profiles, media preference, and demographics.
The sweet spot is to drive relevant marketing messages to engage the right consumers, at the right time, on the right channels, with the right offer