The Franchise Territory is the boundary through which each individual franchise works according to the Franchise agreement. Successful franchise planning plays a vital role in providing profit and success to an organization. The allocation of boundaries helps in assigning the franchises different geographical areas, each having a license. Franchise mapping also makes it easy to define the target market within particular area and acquire related data. Some tips that can help in successful franchise mapping are…
Analysis of Location
The mapping of the franchise territory allows a company to evaluate the sales potential for each particular franchisee within a designated area. Different factors that can help in selecting the sites include the economics of the area, topography, traffic patterns, plus more.
Determination of Market Size
Another key factor that plays a role in the success of franchisees is how accessible the business model is to potential customers. It is important to evaluate the diversity of customers in a location as well as eliminating the ones who don’t fit the target market. For this purpose, it is important to calculate the population, demographic as well as business data.
Competitive analysis is a critical step in any business. For global franchises, mapping is imperative to identify the competitors properly. Competitor’s strategies will highlight strengths and weaknesses that can be compared to your business. With this evaluation, one can judge the factors that can make the product or business strategies unique and competitive to attract the “best” target market.
Establishing Marketing Criteria and Strategies
For business growth, essential marketing strategies play a key role. If a person ignores marketing, he will not be able to achieve desired goals. Thus, it is crucial to determine the marketing criteria and strategy during franchise mapping. If there is a requirement to take a franchise outside the territory, established marketing strategy comes in handy. In the presence of a sound marketing plan promoting the franchise to another unclaimed territory doesn’t cause any serious effects.
All the above information that has been gathered is then overlaid onto a map where boundaries can be moved to gain insight into the potential of each territory.
International franchise mapping and territory planning after thorough research are necessary because it enables the franchisor to select the best size for the region in order to create equitable regions. Up-to-date data related to the area is crucial for global franchise mapping.
If you are ready to take your business to the next level and become an international franchise, contact GeoMetrx to help with International Franchise Mapping.