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Territory Optimization: Itís Not as Difficult as You Think
From The Buxton Co
Territory Optimization is the identification of franchisee markets and trade areas that offer your brand the greatest opportunities, which can be based on revenue, visits, number of customers, or whatever metric of performance you deem important to your businessí growth,
Itís a competitive market for franchisees who compete for customers, internal resources and attention from their franchisor. Yet, one of the most difficult administrative challenges facing franchisors is defining franchise territories in a way that minimizes cannibalization, but doesnít leave the market underserved. Franchisors who do this well will be successful.
Strategic franchisors need to make objective, data-driven decisions when it comes to franchise territory determination and utilize these insights to define the layout of potential franchise territories in the planned expansion areas. This will allow you to allocate the appropriate resources to develop markets as efficiently as possible by prioritizing your efforts.
Itís not as difficult as you think. Identify your customers, determine where more of them can be found and understand their value to your brand. Who, Where, Value. Franchisors who truly know their customersí lifestyles and behavior patterns have a distinct advantage over those who donít and will be able to support their franchisees with customer insights that will ultimately help the franchisee better operate their business.
The retailers and restaurants that have embraced customer analytic solutions are thriving in this competitive market. The power of customer analytics and its application to franchise territory planning can help you optimize your brandís reach.
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