When I mention the names McDonalds or Dominos to you what comes into your mind? Do you think of a renowned Scottish family name and an enjoyable pastime played with little black wooden blocks? I would advocate that for many people the very first thinking in their head was essentially two well-known fast food eating establishments. This is the power of branding.
Branding is essential for the straightforward reason that a possible consumer might already have a fixed idea concerning what to expect from the business. This may obviously work both ways:-
Advantage of brand acknowledgment in a franchise business
Combined with a franchise formula, a strong branding can often sway a buyer to your favour when choosing between a brand popular franchise system or an unbranded alternative. This only works providing a good message is looked after across the franchise network in regards to the brand name to ensure that would-be customers have a favourable opinion of your company when it comes to probable quality of services or products provided. In practice, customers should feel at ease to use any franchised outlet in the awareness that their expectations will be met about that brands excellence and service, regardless of whether they haven’t up to that time been to that shop. The brand names repute gives them confidence.
Drawbacks of brand name recognition in franchise opportunity business
Its worth taking into account that if an isolated shop delivers inadequate service then this can easily harm the whole network in a customers mind. In these days of collective networks and open web dialogue, poor service can spread like wildfire. A widely publicised Youtube video detailing a particular air carriers poor handling of a travelling artists instrument demonstrates the ability of this direct communication plus the impact it might have over a brand. Despite the fact that the video was probably very comical for the 8 million odd people that saw it, the shares in the airline bombed ten percent once this film was let loose costing this company $180 million and inestimably more in lost customer loyalty. Just one example of how a solitary incident might provide really expensive to an entire network.
Consequently what does this indicate to me?
When thinking about franchise business opportunities, looking at the businesses brand popularity is something you’ll do well to consider. What do consumers think about the branded company? What exactly is being said over the internet in chat forums and social networks? Though its obviously advisable to take a well balanced view (as disappointment is often articulated a lot more forcefully than satisfaction), these issues can make a difference when determining where to place your hard-earned money. It’s worth remembering though that no one expects perfection, however they do demand wrongs to be righted speedily and efficiently.
Sensibly measured, the branding of a UK franchise could be of great benefit, gives assurance and attracts buyers. Only be certain you’re suitably informed of what is being understood concerning the branded company and how the franchise owner handles bad media.
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