Franchisors are always looking to find specific territories that can maximize their profitability. They allocate geographically defined areas to their franchisees and give them exclusive rights to work there. Then, each franchisee can market and develop their own business within those exclusive areas. Although this seems to be a simple process, numerous franchisors allocate boundaries to their franchisees without carefully considering complex factors that can lead to their success or failure. Online franchise territory mapping can help this process. Here are a few tips franchisors should keep in mind.
Online Franchise Territory Mapping: Determining Territories
Scrutinize Areas Well in Advance
Franchising is based on systematic business processes, and franchisors should not depend solely on paper maps, ambiguous statistical data, and a gut feeling. This can negatively affect their future marketing opportunities.
It is a big mistake to allocate an area that is too large. The territory will be under-serviced, thus destroying potential opportunities. On the other hand, if the region is not well studied, franchisees might struggle to survive against the competition. Therefore, both franchisors and franchisees should consider whether a designated territory is the perfect size for a sustainable business.
Benefit from the Technology
Fortunately, there are a lot of online franchise territory mapping tools on the market to help franchisors allocate areas more scientifically. Additionally, there are tools to suit every budget. However, keep in mind the learning curve required to master and maintain the software. Some franchisors may prefer another cost-effective option – employing a territory mapping consultant on an ad-hoc basis. Either way, the selected option will identify the criteria needed to allocate territories.
Map the Territories
You can map your territories using the software when you have identified the necessary factors relating to your franchise. This mapping gives the franchisors a set of balanced areas containing the best market coverage possible and data for potential franchisees.
Enjoy The Benefits
Franchisors can enjoy the benefits of online franchise territory mapping both instantly and comprehensively. They will be able to offer their franchisees a decent distribution of prospects and possible revenue.
With a tailored franchise territory mapping strategy, it will always be easier to manage territories and perform the analysis comparatively. In addition, you can use this technology as a marketing tool and add massive value to your franchise package.
Forget The Past
Franchisors of the future should consider using online franchise territory mapping software as a necessary tool. Therefore, forget about previous methods used. Instead, grab the latest franchise territory mapping technology with both hands and map a path to a thriving business.
Are you using online franchise territory mapping software for your business? You may be missing out. Geographic Enterprises can help. We can show you how this software can grow your business using demographic data. Contact us today at 888-848-4436 for a free demonstration.