Everybody knows that marketing your franchise is valuable \u2014 but determining how<\/i> valuable can be tricky. In this post, we talk about how to figure out the ROI of your marketing campaigns.<\/p>\n
When you\u2019re making any decisions regarding your franchise business, one of the most-crucial calculations to consider is whether the juice is worth the squeeze. Whether it\u2019s new hires, new products, or new locations, every decision is ultimately gauged by whether or not it\u2019s making you more money than it\u2019s costing you.<\/p>\n
Where this gets tricky is when you\u2019re trying to evaluate the ROI<\/a> of a franchise marketing campaign. In much of the industry, a campaign\u2019s success is gauged by inference and indirect measurements \u2014 if your sales increased after you ran an ad, conventional wisdom would say the ad was probably<\/i> effective. But that doesn\u2019t take into account mitigating factors, other possible explanations for the traffic increase, or random market fluctuations.<\/p>\n Agencies will often show off how many view-based metrics a creative earned, like impressions or pageviews, but translating those basic numbers into a true return-on-investment can be tricky.<\/p>\n We know<\/i> marketing is crucial for the success of your franchise, but how do we determine how well our marketing is working? Read on:<\/p>\t\t\n\t\t\t\/*! elementor-pro – v3.19.0 – 07-02-2024 *\/\n.elementor-widget-table-of-contents .elementor-toc__header-title{color:var(–header-color)}.elementor-widget-table-of-contents.elementor-toc–collapsed .elementor-toc__toggle-button–collapse,.elementor-widget-table-of-contents:not(.elementor-toc–collapsed) .elementor-toc__toggle-button–expand{display:none}.elementor-widget-table-of-contents .elementor-widget-container{min-height:var(–box-min-height);border:var(–box-border-width,1px) solid var(–box-border-color,#9da5ae);border-radius:var(–box-border-radius,3px);background-color:var(–box-background-color);transition:min-height .4s;overflow:hidden}.elementor-toc__header{display:flex;align-items:center;justify-content:space-between;padding:var(–box-padding,20px);background-color:var(–header-background-color);border-bottom:var(–separator-width,1px) solid var(–box-border-color,#9da5ae)}.elementor-toc__header-title{font-size:18px;margin:0;color:var(–header-color)}.elementor-toc__toggle-button{cursor:pointer;display:inline-flex}.elementor-toc__toggle-button i{color:var(–toggle-button-color)}.elementor-toc__toggle-button svg{height:1em;width:1em;fill:var(–toggle-button-color)}.elementor-toc__spinner-container{text-align:center}.elementor-toc__spinner{font-size:2em}.elementor-toc__spinner.e-font-icon-svg{height:1em;width:1em}.elementor-toc__body{padding:var(–box-padding,20px);max-height:var(–toc-body-max-height);overflow-y:auto}.elementor-toc__body::-webkit-scrollbar{width:7px}.elementor-toc__body::-webkit-scrollbar-thumb{background-color:#babfc5;border-radius:10px}.elementor-toc__list-wrapper{list-style:none;padding:0}.elementor-toc__list-item{margin-bottom:.5em}.elementor-toc__list-item.elementor-item-active{font-weight:700}.elementor-toc__list-item .elementor-toc__list-wrapper{margin-top:.5em;margin-left:var(–nested-list-indent,1em)}.elementor-toc__list-item-text:hover{color:var(–item-text-hover-color);-webkit-text-decoration:var(–item-text-hover-decoration);text-decoration:var(–item-text-hover-decoration)}.elementor-toc__list-item-text.elementor-item-active{color:var(–item-text-active-color);-webkit-text-decoration:var(–item-text-active-decoration);text-decoration:var(–item-text-active-decoration)}.elementor-toc__list-item-text-wrapper{display:flex;align-items:center}.elementor-toc__list-item-text-wrapper:before,.elementor-toc__list-item-text-wrapper i{margin-right:8px;color:var(–marker-color)}.elementor-toc__list-item-text-wrapper svg{margin-right:8px;fill:var(–marker-color);height:var(–marker-size,.5em);width:var(–marker-size,.5em)}.elementor-toc__list-item-text-wrapper i{font-size:var(–marker-size,.5em)}.elementor-toc__list-item-text-wrapper:before{font-size:var(–marker-size,1em)}.elementor-toc–content-ellipsis .elementor-toc__list-item-text{white-space:nowrap;overflow:hidden;text-overflow:ellipsis}.elementor-toc__list-items–collapsible>.elementor-toc__list-wrapper>.elementor-toc__list-item>.elementor-toc__list-wrapper{display:none}.elementor-toc__heading-anchor{position:absolute}.elementor-toc__body .elementor-toc__list-item-text{color:var(–item-text-color);-webkit-text-decoration:var(–item-text-decoration);text-decoration:var(–item-text-decoration)}.elementor-toc__body .elementor-toc__list-item-text:hover{color:var(–item-text-hover-color);-webkit-text-decoration:var(–item-text-hover-decoration);text-decoration:var(–item-text-hover-decoration)}.elementor-toc__body .elementor-toc__list-item-text.elementor-item-active{color:var(–item-text-active-color);-webkit-text-decoration:var(–item-text-active-decoration);text-decoration:var(–item-text-active-decoration)}ol.elementor-toc__list-wrapper{counter-reset:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item{counter-increment:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item-text-wrapper:before{content:counters(item,”.”) “. “}\t\t\n\t\t\t Read This:<\/b>\u00a0<\/em>reach your customers while they watch and wait, with BalihooTV<\/a><\/p>\n <\/p>\n <\/p>\n <\/p>\n We\u2019ve talked before about mastering the fundamentals of franchise marketing<\/a>, but franchise marketing<\/a> is a unique animal among businesses. The biggest difference is the more-decentralized structure of franchise operations, where franchisors provide overarching brand guidelines and strategies (and occasional national-level ads) but franchisees may still run point on their own local efforts, adapting the national model to suit their own local conditions and customer preferences.\u00a0<\/p>\n In short, franchise marketing may still be standardized, but it needs more flexibility than most. A two-pronged approach that has the franchisor boosting brand recognition at the macro level, while the franchisees pursue hyperlocal opportunities on the ground, is a common setup. It\u2019s not the only one, however, so keep the unique qualities of your own franchise operations in mind as we continue.\u00a0<\/p>\n <\/p>\n <\/p>\n Determining what sort of ROI you\u2019re pulling down from your marketing<\/a> campaigns will depend on a slew of metrics, both online and offline, that combine to tell you the story of your campaign.\u00a0<\/p>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n<\/ul>\n Now, while these are all useful metrics, the key to measuring the ROI of your campaigns is being able to draw a direct line between your creatives and any impact those creatives are having on your sales. You want a roadmap, not an Ouija Board.<\/p>\n So how do you connect the dots? The secret is all in attribution<\/a>.\u00a0<\/p>\n <\/p>\n <\/p>\n You know how sometimes, when you go to a store, the commission goes to the salesperson who rang you up? Even if you did all the shopping yourself or, worse yet, a completely different salesperson was bending over backwards to help you make your selections?<\/p>\n The problem there is one of attribution<\/i>, i.e. who gets the credit for a sale. In advertising, this can be a similarly-thorny issue. Misattribution with your marketing could mean accidentally diverting funds away from what\u2019s converting towards something that isn\u2019t, or failing to account for the ways non-converting creatives were actually contributing to your overall bottom line.<\/p>\n Because of this, there are several different approaches to measuring attribution, and a few tricks you can employ to make your attribution more accurate.\u00a0<\/p>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n <\/p>\n<\/li>\n<\/ul>\n Overall, Multi-Touch Attribution is going to net you the most-accurate information about where your sales are coming from, but each of these have their potential uses, and different campaigns might employ different metrics<\/a> depending on what you\u2019re trying to do. So how do you implement these?\u00a0<\/p>\n <\/p>\n <\/p>\n Measuring ROI in franchise marketing presents several challenges that require careful consideration, but there are approaches you can take that mitigate them.<\/p>\n CHALLENGE: Data Fragmentation<\/b>. One of the biggest issues when trying to mount this kind of campaign is that your data is going to be stored in several different places. Separate independent franchisees may have different pictures of how well your marketing is working.<\/p>\n SOLUTION: Integrated Data Systems<\/b>. One of the best ways to analyze your data is to get all your data together in one place. Integrating your online marketing data with your franchise POS data will give you a more-complete picture, which is what a lot of these strategies are about.<\/p>\n CHALLENGE: Attribution Complexity<\/b>. As we\u2019ve established, it can be hard to trace your business outcomes directly back to your marketing efforts. The customer journey can be a winding one, where they re-encounter your messaging multiple times on the way to a sale.<\/p>\n SOLUTION: Forming Partnerships<\/b>: Franchisees are busy doing the work of keeping your business running, so diverting their energies towards analyzing marketing analytics is probably not the most-effective use of their time. Teaming up instead with someone else who can help provide real-time insights on your marketing analytics is a great option, and allows you to utilize the more complicated multi-factor attribution strategies that give a more-complete picture.<\/p>\n CHALLENGE: Local vs. National Strategies<\/b>. Balancing local marketing initiatives with national or regional campaigns impacts ROI measurement due to varying market dynamics and consumer behaviors.<\/p>\n SOLUTION: Collaboration Between Franchisor and Franchisees<\/b>. Though this is a key strategy for almost any initiative, promoting collaboration and communication between franchisors and franchisees can help collect more data, provide crucial context, and maximize the return on the data you\u2019re collecting.<\/p>\n As you can see, there are answers for most of the most-pressing issues facing franchisors and franchisees as you untangle the mystery of ROI.<\/p>\n <\/p>\n <\/p>\n Measuring ROI and effectiveness in franchise marketing campaigns demands a strategic approach that integrates online and offline metrics, employs effective attribution models, and navigates challenges unique to the franchise environment. By leveraging data-driven insights, optimizing marketing strategies, and fostering collaboration between franchisors and franchisees, franchises can maximize ROI, drive sustainable growth, and strengthen their competitive position in the market.<\/p>\n If you\u2019re a multi-location business looking for every edge you can get, Balihoo<\/a> has the solutions you need. Built from the ground up to tackle the concerns of franchise marketing, our proprietary platform allows you to launch and manage campaigns from a single dashboard, with Balihoo\u2019s team helping you master the insights you\u2019ll need to truly optimize. From display and paid search<\/a> to CTV<\/a> and digital-out-of-home<\/a>, Balihoo is on top of it. So get started today by reaching out to our team.<\/p>\n <\/p>\n\u00a0\n\u00a0","protected":false},"excerpt":{"rendered":" Everybody knows that marketing your franchise is valuable \u2014 but determining how valuable can be tricky. In this post, we talk about how to<\/p>\n","protected":false},"author":1,"featured_media":3168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[4,12],"class_list":["post-3167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-franchise-marketing-strategy","tag-roi"],"acf":[],"yoast_head":"\n\n\t\t\t\tContents\t\t\t<\/h4>\n\t\t
Understanding Franchise Marketing<\/h2>\n
Online and Offline Metrics for Measuring ROI<\/h2>\n
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\nExecuting an Influencer Marketing Campaign<\/h2>\n
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\nChallenges And Solutions For Effective ROI Attribution<\/h2>\n
Final Thoughts<\/h2>\n