How to Increase Sales for Your Business Franchise: A 10/10/10 Growth Strategy
Introduction
When it comes to growing a business franchise and increasing sales, many entrepreneurs find themselves overwhelmed with the countless marketing strategies and tactics available. It can be easy to get caught up in the excitement of new ideas and opportunities, but it’s important to remember that efforts are meaningless without tangible results. In this article, we will explore a growth strategy called the “10/10/10 Method,” which focuses on increasing daily customers, checking the size and frequency of visits, and driving annual sales disproportionately. We will also discuss three key ways to ensure the success of this strategy: nailing the trial period, encouraging frequency of visits, and maximizing each sale.
1. Nailing the Trial Period
The trial period is a crucial time for any business franchise, especially in the early stages. Most of your marketing budget will be spent on attracting customers to try your concept. However, it’s important to remember that great operations and loyalty programs are what will keep customers coming back and spending more.
To nail the trial period, consider the following strategies:
– Develop a loyalty program that offers additional benefits to customers. Sweetgreen, for example, charges customers for these benefits, and it has proven to be successful. People are willing to pay for a quality experience.
– Plan grand openings or special events designed to generate excitement in the marketplace. Be creative and add a unique twist to your message to pique people’s interest.
– Conduct thorough local market research and tailor your brand messaging and marketing efforts to align with the needs and preferences of your target audience.
– Consider offering discounts or freebies during the trial period to incentivize people to visit and invest in your brand. People appreciate good value and community support.
– Capture the attention of the community by showcasing the buzz and excitement surrounding your business. Use photos, videos, or even rent a drone to show the line of customers outside your door. The fear of missing out can be a powerful motivator.
2. Encouraging Frequency
Repeat customers are the most profitable for any business franchise. These customers don’t require remarketing efforts because their positive experience with your brand is enough to draw them back. To encourage frequency of visits, consider the following strategies:
– Offer a range of products or services that cater to different customer preferences, allowing them to enjoy your brand in various ways. This may require developing your own delivery schedule or partnering with third-party apps.
– Remember that marketing to regular customers is an investment, not a cost. Calculate the potential lifetime value of a repeat customer and understand the long-term benefits they can bring through word-of-mouth referrals and increased spending.
– Ensure that your locations maintain high presentation standards to create a safe and comfortable environment for your customers. A negative experience can deter even the most loyal customers.
3. Maximizing Each Sale
To maximize each sale and increase revenue, it’s important to go beyond just taking orders. Enhance the customer experience by offering additional products or services that meet their specific needs. Here are some strategies to consider:
– Train your staff to ask relevant questions, identify customer needs, and suggest appropriate products or services. Upselling can lead to a better experience if it addresses a genuine need.
– Consider incorporating self-service kiosks to streamline the ordering process and eliminate long wait times. This can lead to increased average checks and improve the overall customer experience.
– Emphasize the importance of customer service by going beyond a warm smile. People want a valuable experience, and that starts with meeting their needs and offering personalized recommendations.
– Remember that your business exists to sell, so don’t be afraid to make suggestions or recommendations to customers. However, be mindful of striking the right balance and not applying undue pressure.
Conclusion
By implementing the 10/10/10 Method and focusing on increasing daily customers, checking the size and frequency of visits, and maximizing each sale, you can significantly drive sales growth for your business franchise. Nailing the trial period, encouraging frequency of visits, and maximizing each sale are three essential strategies to ensure success.
Remember to prioritize great operations and loyalty programs to keep customers coming back, create excitement during grand openings, offer discounts or incentives during the trial period, and capture the attention of the community. Encourage repeat business by offering a variety of products or services, ensuring a quality delivery schedule, and maintaining high presentation standards. Finally, don’t just take orders; maximize each sale by training your staff, utilizing self-service kiosks, and providing personalized recommendations.
By following these strategies, you can increase sales and achieve significant growth for your business franchise. Remember, sales cures all, and by focusing on tangible results, you can take your franchise to new heights.
Summary
The 10/10/10 Method is a growth strategy that focuses on increasing daily customers, checking the size and frequency of visits, and maximizing each sale to drive sales growth for a business franchise. To implement this strategy successfully, it is crucial to nail the trial period, encourage frequency of visits, and maximize each sale. By prioritizing outstanding operations and loyalty programs, creating excitement during grand openings, offering discounts or incentives, capturing the attention of the community, providing a quality delivery schedule, maintaining high presentation standards, training staff, utilizing self-service kiosks, and offering personalized recommendations, businesses can achieve significant growth and increase their sales.
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The old saying goes, “Sales cures all,” and that may be correct, but how exactly does a savvy entrepreneur trying to grow a business franchise trying to increase your sales numbers?
My inbox and social media are full of “useful” pitches from marketers: digital marketers, PR firms, lead gens, funnels, text marketing… the list seems endless. When considering all of these attractions, it’s vital that you don’t confuse efforts with results.
Consider, for example, how improvements in operations can compound sales growth. I call it the “10/10/10 Method” – by focusing on increasing daily customers, checking the size and frequency of visits by 10% in each category, you will drive annual sales disproportionately.
Take Five Guys for example: Your average franchise location generates about $1.2 million in annual sales – about 220 customers per day averaging $15.00 per check. If you can attract just 22 more people per day and manage to sell one additional item on each check, things change. dramatically. I recently sat down with Fransmartand crunched the numbers: annual sales would go from $1.2 million to $1.59 million, a 32% increase from only 10% better.
Here are three ways to ensure your 10/10/10 growth strategy is a success.
1. Nail that trial period
Most of your marketing budget, especially in the early days, will be spent getting customers to try your concept, so great operations and loyalty programs will keep customers coming back and spending more. Sweetgreen, for example, has a loyalty program that generates revenue by charging customers for additional benefits, and it works. Rest assured, people will pay good money for a quality experience.
Grand openings are, of course, vital. These events are usually held one month before and one month after the opening and should be designed to generate excitement in the marketplace. Break up the noise by being creative; add a twist to your message so people don’t want to miss a thing.
Be thorough in your local market research and tie your brand messaging and marketing to it. And, either in conjunction with the opening events or in a separate effort, consider a discount or freebie to give people extra motivation to visit. give them a reason to invest, because good value and community support are just as vital.
When that crowd inevitably shows up, capture it in every way you can, be it photos, videos, heck, rent a drone and show how far the line goes. A giveaway or other tempting giveaway can be great, but there’s no better incentive than the fear of missing out. If the community sees a massive line up, they will soon be through the door.
Related: The 8 Rules to Live By in Franchise Marketing, According to Top Franchise CMOs
2. Encourage frequency
Repeat customers are the most profitable because you don’t need to remarket to them. If someone enjoyed their first experience, the instinct is to repeat it, in the process hoping to try other products. No marketing or incentives are needed to bring these people back through the door – your brand is the draw.
Remember that marketing is a investment in regular customers: it is not a cost. Consider a customer who uses it twice a month and spends $10 each time: that person is not just the $10 they spend at that time, but $240 a year and $2,400 over ten years. And that’s without taking into account the word-of-mouth business they provide by bringing friends over.
Another important component of encouraging repeat business is making sure customers can enjoy your brand the way they want, which means having a quality delivery schedule. You may be scared by the cost of developing your own and/or partnering with third-party apps, but remember: it’s not just about increasing sales, it’s about building a relationship with a repeat customer who will pay full price the next time they visit. drive for your business. That is worth an investment.
Another vital consideration: the fastest killer of repeat business is making guests feel unsafe or uncomfortable. Great marketing might get someone through the door, but if you walk through a web on the way in, that’s it. Make sure locations adhere to high presentation standards, or all the good work will go to waste.
Related: 3 Customer Service Tips That Will Guarantee Repeat Business (60 Second Video)
3. Growth Verification Averages
I once asked the founder of a popular burger brand what percentage of customers also ordered fries and maybe a fountain drink. “Everybody does it,” he replied. “Well, almost everyone. I think most do.” We watched the line for the next 10 minutes, and less than a third of the customers were also ordering fries and a drink. Why? Because there was a line out the door and the cashier was trying to move it. .instead of suggesting extras.
Once you have people in the door, you’re failing as a business if you’re not doing everything you can to maximize every sale. This is an art – you don’t want to apply undue pressure, but remember that you’re in business to sell, not just take orders.
To that end, customer service is more than a warm smile. People want a valuable experience, and that means getting their needs met. Companies must be prepared to ask good questions, identify specific needs, and offer the right products to meet them. That means making sure the staff is well trained. Upselling will lead to a better experience if it is a genuine need.
Many businesses are turning to kiosks now to address the need for such vending. I love Wow Bao, an Asian concept in Chicago that is improving the ordering process. In the company’s early days, new customers packed lines by asking a long series of questions when ordering, causing regulars to walk away and avoid the wait. In response, the company installed kiosks, and average checks increased nearly 20%! This has fueled revenue growth while lowering labor costs and giving repeat customers a better experience…a truly winning formula.
Related: Five ways to increase sales of your products and services
https://www.entrepreneur.com/franchises/3-key-methods-of-boosting-franchise-operation-sales/452926
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