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How Franchise can help collect Prospects Data?
A franchise is a type of license that a party (franchisee) acquires to allow them to have access to a business's (franchisor) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business's name. In exchange for gaining the franchise, the franchisee usually pays the franchisor an initial start-up and annual licensing fees. There are 4,600 franchisors in India (50 percent regional brands, 34 percent national brands, and 16 percent global brands). India has nearly 200,000 franchise outlets operated by almost 170,000 franchisees. Nearly 60 percent of franchise locations are in unit franchise format.(BBGV30620)
Who needs to reach out to Franchise?
For all the customers to whom the franchisees cater to is important. Also all the others like raw materials provider, ISP’s, etc needs to reach the franchisees. But franchisees are not just about selling products and services but it also serves as a data rich source. Hence all the companies and organizations who are looking for such data or consultancies needs to reach franchisees. Companies can use this data to analyse different aspects like retention rate, market need, etc.
How to reach franchisees?
Franchisees are easy to reach as they are famous brands. There are 2 ways online and offline. The offline ways are TV advertising, Newspaper advertising, Magazine advertising, etc. But the drawbacks of such channels are they don’t facilitate data collection. The online channels involve Mail, Websites and Social Media channels like Instagram, LinkedIn, Facebook and others. Other ways to reach the franchise is personal contact like Call and SMS.
Franchisees can gather data on customer frequency and keep track of the products they purchase most and what days and times they prefer to come in. What was once confined to localised databases is now in the cloud, so any store can download customer data. This has can help franchisees retain business. Franchisees can keep track of how many times customers come in (who has been in once this year, who’s been in four to six times, who’s been in seven to 10 times or more). Then figure out how to market to these different buckets of customers. This way they can eliminate spending a disproportionate amount of marketing on people who already come in many times per year. They can focus on customers coming in one to three times and help move them along.
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