Your franchise business is booming. After all, 2022 has been a solid year of growth for franchises as another 257,000 jobs were added and the number of franchised businesses grew by 17,000 with more predicted before the end of the year, according to the International Franchise Association. So you may be asking yourself, “Now, what?” When business is good, financial experts say it’s the ideal time to invest in your business with marketing initiatives that will support continuing your “hot streak” and build loyalty during this phase to prepare for potential future downturns, and most importantly drive sales upwards.
Diving a little deeper: Investing in marketing improves your chances of success. You never know when hard times may hit, so when business is good it’s an opportunity to protect your business from increased competition or changes in the marketplace by utilizing marketing to build customer relationships, loyalty and awareness. This not only drives more revenue, but sets your business up for increased, ongoing future revenue. Building the strength of your business during the good times can help you weather the lows. However, with the numerous marketing campaign options and tactics like social media, SMS, email, web, digital displays, Google Ads or in traditional forms of advertising like billboards and print ads, it’s challenging to pinpoint the best use of marketing dollars to specifically support the above initiatives.
