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NEWS & EVENTS

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How to Find the Right Vendor-Partner for Your Franchise Business

With the recent release of Entrepreneur Magazine’s Franchise 500 Ranking we felt it timely to delve into one of the reasons Welcomemat Services, a direct mail marketing company, has made the list again for the 4th year in a row.

 

In our experience the key to franchising is finding the right formula. If you are going to roll out a national footprint quickly under a single strategy you need to have a proven path to success for your franchisees. You’re going to need to rely on expert vendors partners to help drive your business. At Welcomemat we have a unique lens because we are a franchise brand and we work with franchise brands. We have experienced the effects of bad partners and cultivated success when we’ve matched with the right partners. When searching for the right vendor partner for your franchise business you’ll want to ensure that they offer these 3 benefits.

Trackable KPIs and Proven ROI

When rolling out a national strategy where you are held accountable for the overall success of the broader franchise organization it is easy to get lost in the weeds on day to day functions of single locations. If your vendor is unable to provide trackable KPIs and showcase the ROI they provide for the franchise at whole and each location, then they are probably not the right fit for a franchise business.

At Welcomemat we provide our new mover direct mail program clients with monthly reports that showcase the redemption volume and provides specific customer information attained through our patented barcoding technology. This data-tracking feature allows businesses to track the long-term loyalty of each new customer brought to your door by our program and prove the ROI provided by the program. We provide our franchise clients will roll-up reports detailing individual and group data. Our clients experience redemptions rates as high as 50% and loyal-customer revenue growth as high as 400% of their Welcomemat investment.

Connect with Each Local Community

As a franchise brand you benefit from greater brand exposure. Your brand can be seen and experienced across the city, state, and maybe even country. Consumers learn who you are and what you do quicker than a single-local shop. But with a national footprint it’s easy to lose sight of the need for local targeted connections. Communities are built on a local footprint and for local businesses to survive they must be accepted and welcomed by the community. Finding a vendor that understands the need to connect locally is going to be a game changer for your Franchise Business.

At Welcomemat our approach is “Data Driven Marketing with a Local Focus” and we embody our locally focused tagline in the very root-concept of our products. Our strategy is new mover mailing campaigns because we know that new movers are looking for local connections in their new community. By delivering new movers to your business’ door you can welcome them to the community and offer them a great first experience. A great experience leads to return customers and word of mouth marketing, both of which are key indicators that you are connecting with your local community.

Tactics to attract new customers and keep them engaged

Your marketing strategy must balance new customer acquisition with retention, and any good business person knows that retention is much cheaper than new customer acquisition. When seeking a vendor you should inquire how they balance and transition new customers to long-term customers. It’s important to consider whether you want to be a coupon-brand and to build a base of customer that refuse to pay full price for your product, or not. This is often a branding decision that will guide your marketing strategy.

At Welcomemat we have developed a marketing system proven to deliver your business long-term loyal customers willing to pay full price. We start by offering a gift – a free meal, free service, or free gift.  In line with Dr. Robert Cialdini’s book, Influence: The Psychology of Persuasion, we have proven that a free gift results in long-term loyalty. After the customer-visit we follow up with a thank you card to further instill loyalty and re-introduce the brand.  With our detailed reporting and tracking features you can follow these new customers through time and prove their long-term loyalty.

 

As a Franchise brand ourselves, we get it, the benefits of franchising are great on both sides of the table. But one struggle that we see over and over again is vendor partnerships. Because we are a franchise brand serving other franchise brands we understand your needs. We are able to take our franchise experiences and translate them into our client relations to ensure we provide the features, services, and tools you need.

 

If you’re interested in learning more about our Franchise Marketing Programs give Lauren a call at 404-841-2226 x116 or email her at LBurdett@Welcomematservices.com