As a franchisee, you instantly gain a competitive advantage in the marketplace thanks to intangible brand value.
Before I dive into the top 3 ways intangible brand value gives franchisees a competitive advantage, here is a brief introduction to me.I’ve been in marketing for over 20 years and spent a decade directing marketing programs for some of the largest companies in the world, including divisions of AT&T and HSBC. I opened my marketing communications company and branding consultancy, KeySplash Creative, Inc., when I left Corporate America, and today, my clients range from global brands like Citigroup and Cox Communications to small businesses and startups in a wide variety of industries.
I’ve written 10 books about marketing, branding, and technology, including the popular “30-Minute Social Media Marketing,” “Content Marketing for Dummies,” and “Kick-ass Copywriting in 10 Easy Steps.” You can find my marketing insights on websites like Forbes.com, Entrepreneur.com, BusinessWeek.com, and more. I also own an award-winning blog for business women, WomenOnBusiness.com.
Over the next several months, I’ll be sharing my marketing and branding insights with the Sylvan Learning audience, and the first topic is intangible brand value!
By being affiliated with a well-known and respected brand that consumers trust, franchisees instantly benefit from brand recognition and brand reach. Together, those are two of the foundational elements that provide your franchise with intangible brand value. Rather than starting from scratch and building a new brand, franchisees can leverage the power of an existing brand. It’s a significant competitive advantage!
As a franchisee, you benefit from intangible brand value in three key ways:
1. Consumer Perceptions
As a franchisee, you don’t have to invest as much into developing consumers’ perceptions of your brand. Most of that work is already done for you. Instead, you can invest your time, effort, and budget into moving consumers through the sales funnel.
2. Talent Acquisition and Retention
As a franchisee, you’re in a better position to attract and retain the best talent. Just as consumers already have perceptions of your brand, so do potential employees. Being in a position to attract and retain the best employees will reduce your recruiting and training costs. It’s also likely to increase customer satisfaction.
3. Vendor Relationships and Financing
As a franchisee, you can leverage the power of the established franchise brand to secure better financing options through lenders and better contract terms and pricing with vendors. Having a well-known brand attached to your business creates a level of credibility and stability that you’d need years to develop on your own. As a franchisee, you are far less likely to be viewed as a risky investment, customer, and partner than you would be if you were an independent entrepreneur.
Stay tuned for more of my franchise marketing and branding insights coming next month on the Sylvan Learning blog!