As a business coach I often find that the business owners, especially those that are starting up their own franchise, often struggle with the concept of how to market their business for greater market share.
Most fail to realise that the marketing process can be applied to virtually any business – and it is important. After all, the purpose of a business is to make money, right?
Idea of marketing
So the idea of marketing for a business is to get your product or service sold out, to ensure your sales team and franchise management are working closely together to achieve this and to make sure that when it happens, you will be happy with the outcome. As a franchisor I am continually amazed at how many franchisors focus on the marketing process, yet fail to work with their business managers to make sure the process produces results. It is the business manager’s job to monitor and manage the marketing process – not the marketing process being monitored and managed by the business owner.
The marketing process is the process whereby you track your market, understand the behaviour of your market and then create a marketing program to attract your target market. The marketing process starts with the identification of markets or segments that contain a high profit margin and a high conversion rate.
Identified a high conversion rate
Once you have identified a high conversion rate you focus on marketing communications to these markets (the marketer) to increase sales conversion.
In some cases you will focus on expanding your service or offering in a market where it is relatively easy to expand and grow sales conversion while in other cases you will expand your service or offering in a market where expansion would be more challenging.
The goal of the marketing program is for the product or service to be sold out in all the targeted markets while at the same time being profitable in all the markets. This requires a long-term strategy, careful monitoring and detailed analysis of results. For example I have sold over 20 million dollars’ worth of video tapes in the United States and Australia. That is done with great success with no outside help!
I sell a product or service and my franchise is successful because of the marketing plan I built around the product. I have carefully monitored and adjusted my program based on what worked and what didn’t. For example, I know that in the first few months of franchising I focused on building market share in the United States and Australia. I have expanded my service in those countries while maintaining the basic product in other countries like Great Britain and New Zealand. I have built market share while working closely with my franchise partners, helping them to increase sales conversion for me and for their franchisees. I have monitored and measured each of these results over a number of years.
I can tell you with confidence that I was not successful until I left my job and stopped focusing on my job, my revenue, my market share of my market and my revenue growth. That was over 13 years ago and I have been successful ever since. If you think about what this kind of long term success looks like it is the stuff of legends.
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