When making a purchase decision in any aspect of commerce, differentiation between one product and another is always the most important consideration in marketing. If all products were the same a purchaser finds it difficult to meet their specific needs – some people like brown bread, some people like white bread; some people like economical cars, some people like fast cars.
In marketing, we refer to a unique point of difference that one product or service has over another as its USP or ‘unique selling point’.
Owning and expanding a franchise is no different, and prospective franchisees have individual needs and preferences. Tapping into those unique needs and preferences helps franchisors understand who their target market is, and allows them to position their franchise offering as attractive to that specific target market. This adds additional value to the customer and whittles out the competition that might not meet that customer’s needs so well.
Prospective franchisees see a franchise business as a money-making opportunity however that can’t be the be-all and end-all of your marketing messaging to them. You need to give them more.
It would be like trying to sell a car by saying ‘this car will get you from A to B’. In the market, automotive manufacturers have created a variety of USPs, for each type and brand of car. BMW is seen as premium, Volvo is seen as safe, Tesla is seen as environmentally friendly, and Holden may be seen, traditionally, as Australian. All get you from A to B, but they also meet other needs that customers may have.
Defining and communicating your USP will attract motivated franchisees who are enticed by your offering and turn away those who wouldn’t be a good fit. This saves you time and money in the long run.
What is your franchise’s USP?
A better way to consider this question from a company perspective is to ask: which of your differences are appealing? Here are some points to consider when communicating the unique selling points of your franchise:
- Define your prospective franchisees: Understand their needs and preferences. Why would they be attracted to going into business with you, compared to someone else? Would they consider this a side hustle or an essential source of income for their family? The more you understand about their deep motivations for going into business, the more you can meet those needs through the franchising opportunities with your company.
- Highlight your benefits: Highlight the advantages unique to your franchise and why you are better than others. This could be your brand, the training and support offered, the business model, or other essential features. Being unique is the key.
- Tailor your language: Are you formal or friendly, fun and irreverent, or cool and trendy? Aim to inspire and motivate people to invest in your franchise because your brand personality resonates with them.
- Differentiate from your competitors: Your USP must spotlight attributes that your competitors don’t have. Explain what makes your franchise system a superior investment, and how your franchise meets the needs of its customers better than the next. You can also include testimonials from current franchisees and customers who are devotees of your brand.
Unique selling point examples for franchises
There are many franchises available in Australia and the choice can be overwhelming. It’s your job to make that choice easier for them. Here are a few franchise USPs to help you stand out:
- Low royalty fees: Price is a vital USP. How much franchisees pay in royalty fees and other costs, such as the initial investment and advertising, will determine how much upfront cash they need.
- Well-established brand: Having a solid brand identity is essential to establish trust. Even if you are not the dominant brand in your industry, you can still communicate why your brand is the best.
- Marketing costs: Be transparent about how much you pay for marketing and what promotional items you provide. Ensure you have dependable marketing programs to help franchisees achieve the results they are looking for.
- Training and support: Working with a franchisee is an ongoing relationship. Franchisees will need frequent guidance and assistance. You can equip them with the tools they need to succeed by educating them on the market, competitors, and industry performance.
- Appeal to their interests: Franchisees want to own and work in a business that they find interesting.
- Retention and satisfaction rates: Highlight your current franchisees’ earnings and ROI. When people see your current franchisees are doing well, it will encourage them to invest.
- Franchise development strategy: Franchisees want to be confident about investing in a growing franchise. Show that market opportunities are available for expansion and create a development strategy based on these.
Make your franchise unique and you will attract more of the right people.
Learn more about the services FranConnect can offer franchisors looking to grow their franchise network at: https://www.franconnect.com/platform-overview/franconnect-sales/