Why Brand Pairings Can Take Your Franchise to the Next Level
When you have a PB&J sandwich, a good bunch of the population likes to have a glass of milk along with it. They just "go" together, right? The same can be said for cake, cookies, and graham crackers, even if you choose a non-dairy version for your beverage. In the same light, we like to eat crackers with our soup – grilled cheese sandwiches if it's tomato. Or in the non-food sector of the world, we get our tires rotated while it's at the shop to get an oil change. Or if we're setting back the time clocks for Daylight Savings, we're changing the batteries in our smoke detectors, too. Why? They're all two of the same, similar things that we remember to do together. These examples, like so many others, seem to have a partner to which it belongs.
And they're only the beginning. Pairings is just how we, as consumers, and as humans, think of certain meals, tasks, and more. Getting two things done at once is just smart, efficient, and it's also a thoughtful way to market to your customers. That is, before you even get around to the actual marketing part. Just by existing, you'll be helping spread the word of what you have to offer – two in one!
So why not take that theory and put it into your business, too?
A Growing Trend
Among franchisees, it's become a growing trend to stack or partner companies that compliment one another. For instance, selling both pretzels and smoothies at a single stop – why that's genius! Or offering up gourmet cheeses and fancy dishes to put them on – amazing. Or, yet another idea, fixing up car dings and offering to tint a customer's windows while you're at it – smart, right? These things just fit together. And by pairing more than one brand – and more than one service – all under a single roof – franchise owners are seeing some huge perks. Business growth, efficiency, and more.
Not only does this venture maximize your space, it draws in customers from two completely different (yet still heavily connected) genres. This can lead to more business, higher numbers of foot traffic, and therefore, more sales.
Sounds like a win-win, right? When you can grow more profit with the same amount of rent, the same amount of utilities and employees, and appeal to more customers, why not consider double dipping with your franchise brands?
Is It Tricky?
Because this process is on the rise, a large portion of franchising brands have made such options available to their franchisees. Allowing their owners to partner with other companies. While there are specific rules to be followed and laws that must stay in place (all of which might change, depending on what type of service industry you're in, or by the company itself), many franchisees have made this a reality.
If you're considering co-branding, talk with your current or potential brand about logistics in order to see what must be done. This is true of those who are already under a contract, or those who are looking to sign up with one or more franchising companies.
How to Find the Perfect Blend
If you're considering co-branding, you might already have services in mind that you'd like to meld together. If not, there are plenty of ways you can come up with quick, yet lasting, ideas. What type of industry are you looking to branch into? Does it have a close partner? Are others co-branding with it and seeing positive results? Perform a little market research to see what the stats are telling you about similar and/or differing brands. Is there a combination you've just always wanted to see together? Let your dream become a reality with co-branding your favorite franchising companies into one thriving business.
Besides, if you co-brand, you'll have something that every other single location (of either company) doesn't – the other guy along with you. Under the same roof. Just by establishing yourself as the location that has more than one types of services, you'll create an incredible edge above the competition. You'll be seen as unique, and customers will want to come to you strictly for that fact. Because you bring them options that other stops do not have. Between that and a heavy dose of convenience, you can be well on your way to establishing a successful co-branding location.
To learn more about others who have done the same and found incredible growth (and offered their advice along the way), check out our previous success story blogs!