The biggest area of turn-key businesses is franchises. There is franchise for ever industry in the world and they are fairly easy to acquire and come with practically a pop out of the box pre-assembled system. McDonald’s is a prime example. In fact, a $40 billion, 28,707 strong example.
There are a few things we are going to talk about:
- Business Format Franchise
- The Franchise Prototype
- Franchise Prototype Standards
Business Format Franchise
The business format franchise came from an earlier model call the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing right’s, now franchise owners have owning rights to the entire business including systems. This has allowed for a shift in focus to go from the quality and name recognition of the products carrying the business to sales techniques that carry the business.
The Franchise Prototype
It was really the franchise prototypes that allowed for the changes to be made that help today’s franchises really shine with the techniques developed by the owners instead of the corporation. This can make a significant difference in the success of the franchise as the owner can custom tailor their marketing and promotions to the direct needs of their local target customers.
Franchise Prototype Standards
Now, the above being said, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action set up to ensure the prospective success of the business. So, there are a few standards that are put into place that helps jump start the process of opening a successful franchise.
Build model of prospective customers/clients, suppliers, creditors and employees who will consistently offer high quality work.
- Build a user-friendly model that can be used by individuals of any skill set.
- Build a defect-free model.
- Build a model with Operations Manuals.
- Build a model that will provide guaranteed, consistent results.
- Build a model that encompasses the same branding in color, dress and facilities codes.
These are all ways the parent corporation makes sure their brand stays the same and in the front of the minds of customers. When you are purchasing a widely known brand you will attract customers just for being you.
If you are considering purchasing a franchise, talk with one of our experienced business coaches during our GUIDED TOUR.
Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extended the lifespan of your business.
The four different stages of a business life cycle are:
- Growing Pains
We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.
This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stage in this stage forever.
In this stage you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:
- Avoid growth and stay small
- Go broke
- Push forward into the next cycle
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.
You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.
If you’re having trouble putting together your business life cycles and figuring out which of the key roles you fit into, try our GUIDED TOUR and work with one of our amazing coaches.
We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.
First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- Some capital
- Projected and targeted profit
This sounds great, but it’s just not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few miles people start slowing and some drop out entirely. Building a successful business takes stamina and agility.
The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success.
Let’s take a minute to talk about entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing and the potential failure of a business.
The emotions that occur, in order, are:
- Sense of self-loss
This is usually caused by the e-myths and assumptions we talked about. You can get your hopes so high on instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices you may feel like you need to back out and hide, but don’t!
Use our GUIDED TOUR to get the business coaching you need to avoid feeling overwhelmed and defeated.
We’re going to go through the 5 essential keys to a successful and reusable marketing campaign launch. Once you have these basics down, you can use them over and over again.
The 5 essential keys are:
- Define your Unique Selling Proposition (USP)
- Put an effective sales offer to work
- Avoid the marketing pitfalls
- Use a world-class marketing perspective
- Get results!
We’ll go through each one of these, so you can see exactly how to use them and how they all affect the overall outcome of your marketing campaign.
Define your Unique Selling Proposition (USP)
Take the time to ask yourself some questions from the prospective of the customers/clients. What would it take to get your attention? What needs do you have that need to be met? What are the promises you want fulfilled?
Once you know the answers to these questions you can start putting together a plan to meet these needs. Then take a look at what USP your competitors are using to help you develop your own USP. Your USP is what you are “promising” your customers/clients. This is what’s going to set you apart from your competition.
Put an effective sales offer to work
To develop an effective sales plan, you need to:
- Put together a headline that gets immediate attention.
- Share benefits of your products/services speaking from the customers’ perspective.
- Identify the specific needs met by your products/services.
- Make it easy to do business with you by offering guarantees.
- Share your specific sales proposition.
- Walk your customers/clients through how they should respond and act.
- Motivate with a call to action.
What this all means is, you need to put together what makes your products/services special and compel customers to buy. If they don’t feel like they NEED your product, they won’t buy it. You need to answer a question, solve a problem or feed an obsession.
You need to provide them with all the information they need to make an informed and confident decision. Buyer’s remorse is one of the worst things that can happen.
Avoid the marketing pitfalls
There are 5 major marketing pitfalls many businesses fall into and you should avoid:
- Ignore market testing and push on with an inaccurate plan.
- Offer an incomplete case, or reasons, throughout their marketing plan.
- Fail to notice the needs of their prospective customers/clients.
- Fail to diversify their marketing options.
- Fail to get market opinions on their offers.
These are all areas to avoid. If you’ve been working through these lessons, avoiding these pitfalls should be easy and natural.
Use a world-class marketing perspective
World-Class marketing perspective is important, especially if you want to attract customers/clients from all over the world. You can do this a number of different techniques and activities:
- Keep a marketing journal and scribble down anything innovative you see.
- Keep encouraging your marketing department, or yourself, to try new things and dump the ones that aren’t working.
- Order from your own company under a different name and analyze the process of ordering, shipping, online store, customer service and the product itself. This will show you where the areas for improvement in the customer experience.
- Read every quality ad you can find and keep a file for future ideas to consider.
- When out in public, watch how consumers behave in different situations and how they consider their purchases.
- Step down a notch or two and work on the front lines with your sales and customer service staff.
- Continuously acknowledge your staff, vendors and customers. Everyone works and shops better when they feel appreciated.
- Always listen to feedback from employees and customers.
- Continuously test markets, ads, and marketing techniques. This is the only way to stay successful and know what’s working and, more importantly, what’s not.
- Offer more information in your marketing than anyone else. The more information you offer, the more products/services you’ll sell.
- A great marketing plan can only get better. Continue to fine tune and refine your marketing plan based on testing results and feedback.
- Be classy in your marketing. Make sure your marketing and advertising fits your company image, products/service and quality.
- Improve your best marketing areas and drop those that aren’t working.
- Focus on what you say, not how you say it. The best marketing ideas turn into the best marketing naturally.
- Develop all your ads, campaigns and sales materials with an attention to compelling and factual information.
By using these techniques you can put your name out there to the world and become one of the top brands in your industry.
The last area we are going to talk about is the best-satisfied customers. If your customers aren’t satisfied, you’ve wasted all your marketing resources and all chance of positive word-of-mouth advertising. You can satisfy your customers by:
- Providing quality products/services
- Providing high quality customer service
- Providing a low-pressure, highly informative sales experience
- Taking all the risk away with a great guarantee
To generate more business there are a couple of simple techniques that work every time:
- Build your database with a contest.
- Do regular mailings with sales, discounts, or other incentives.
- Find other creative ways to keep your current customers coming back for more.
“As long as the reward is directly related to your product or service, you can’t lose. Why not get started today? It’s so simple, it’s so seldom done, and it’s so profitable. And that’s the bottom line.” Jay Abraham
It is so simple! So, why aren’t you starting today? We can help you put together a great marketing plan that will get you results. Try our GUIDED TOUR and find the tools and resources you need built by some of the biggest names in the marketing world.
There are three key areas of public relations you can use to boost your advertising results ten-fold over your paid advertising.
The key to public relations lies in:
- Public relation or publicity
With a solid plan in place that encompasses all these areas, you’ll have a great approach to use public relations in the best way possible.
Public relations include all that is the media. Don’t limit yourself. The attention of newspapers, television, radio, magazines, bloggers, ezines and more are all equally powerful. Online marketing is just as, if not more, important as conventional media.
Here are the steps to get noticed by the media:
- Put together a press release for your company. The press release should be relevant to your target market and address consumer interest, not just announce your business.
- Compact your press release to include one hook and one angle. Choose the most attention-getting to make sure the media person you are sending it to is interested in reading it.
- Put your press release in professional formatting. With press releases you need a dateline, the most important information at the top, facts, figures and wrap it up with contact details including who and how. Print the press release on your letterhead.
- Send your press release to all television and radio stations, local and metro newspapers, national newspapers, industry magazines, and any other form of media that reaches your target market. Don’t forgot to include relevant blogs, ezines, press release submission sites and to industry professionals.
More importantly than a perfect press release is to make sure you have addressed the needs of your target market in the products/services you offer and made that clear in the press release. If you are providing people a solution to a problem, a way to avoid a problem and an opportunity to enhance their life the media and public will be interested.
If you have a connection (or the ability to get a connection) with a celebrity, this can practically guarantee you’ll get attention. Make sure you are offering newsworthy information, and then follow up with media outlets to make sure they are publicizing that information.
“One of the most powerful techniques every business should use is free publicity. As the name implies, there is no cost, just the time and effort required to attract attention to your business.” Jay Abraham
Our GUIDED TOUR can show you how to put together press releases that work! Check out how the pro’s do it and craft the perfect press releases for your business.