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Sunday, August 27, 2006

Capturing your target franchise market

1.) Start a franchise business out of the needs of the market.

There are products and services being offered today that are just created and pushed to be
patronized by consumers. They create products, introduce it to people and tell them that they need this. There is difficulty in selling this services or products. These are the franchise businesses that are usually eliminated when there is a financial crisis. Aside from that, the first task of this is educating the franchise market. And with that, a big amount of money is needed! So it is advisable to start a business that has a market. Ask the market first what they need before you start any business. Dont open an ice cream store franchise in Alaska

2.) Be creative

Since there are lots on competition in the market today for ANY kind of franchise business or service that may come up, creativity is an important weapon in a business aresenal. Find new and exciting ways to delivier or promote a product. Want to be more creative? Come up with promos, give aways, tie ups etc..

3.) Do micro marketing

Micro marketing can be described as saturating a specific area with your business. It is surely making your product or services known to a target market. Get a cut of tissue paper, roll it into a ball and drop it in a glass of water. Thats it! Whats the point? 10 leaflets that you gave away to 10 sure patronizers or 1000 leaflets to not sure people? You decide.

4.) Tie up with other businesses that also can tap your market

If you have beauty products or whitening soap, or diet pills… any product that attract people who are into beauty and skin care, then tie up with beauty parlors… And if your into food processing or distribution, then tie up with restaurants. Just make sure they get commissions. Car care products? Tie up with car wash or auto supplies. Dont try to sell whitening soap to auto suppliers. Look for businesses that caters to the same market and do business with them!

5.) Package your business

A pack of cloth clips cost P5.00 at the wet market and is P19.50 at the malls like SM, Robinsons or Rustans. They are just packaged in print cartons and its already more expensive by P14.50, why? Packaging, its just all new packaging. Colorful packaging do attract new customers to an otherwise old and established product. It does add to the products appeal and they may loose out if they do not constantly update their image to the market. Let your product and services evolve and always upgrade. Think pizza delivery service, easy to remember number, 30 minute delivery service and foil warpping. Your new idea has to be obsolete in a month because its just joing to be copied by tour competitors. Always repackage your products or services.

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  • 3 Comments:

    At 6:00 PM, Anonymous Dexter Lim said...

    Hi Efren! This is Dexter, your client when you were still in Retiro. We have not met, but we've talked over the phone before.

    I find your blog very interesting and informative. And I would like to add your blog as a link to my blogs. Also, I have a yahoogroup where you and your readers might want to join:

    http://groups.yahoo.com/group/Philippines_Finance_Money_Banking_Investment

    Thanks!

     
    At 2:22 AM, Anonymous Anonymous said...

    ei efren, cj here, nice blog you got here, very informative and interesting.

     
    At 3:44 AM, Blogger cool_78 said...

    Thanks for the support guys :-)

    Ok Dexter I will join the yahoo groups and thanks for the link

     

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