Designing a franchise expansion strategy with Location Intelligence
The success of a franchise network depends heavily on developing an effective expansion strategy. Finding suitable locations for the success of your business is not an easy task as your network grows. However, following a rigorous methodology and using adapted tools will allow you to minimize the risk with each new opening.
As a first step, it is essential to understand your customers in order to profile your target consumers. For this, you can make or consult surveys and analyze your current customers. However, it will also be necessary to analyze the area around your establishments to determine the factors that affect the success of your franchises.
In a second step, it will be necessary to determine the geographic zones in which to grow your expansion. The profile of the target consumer allows us to search for particular types of zones. Nevertheless, it is still necessary to prioritize the latter at a macro level, according to global considerations such as logistic costs or network management.
Finally, in determining areas there remains the choice of location at a micro scale. For this, two methods coexist. You will be able to select a venue based on pre-established criteria, or search for areas similar to your top performing sales points.
If these steps can seem complex and time-consuming, discover in our white paper how Location Intelligence makes this process easier and faster. You can then optimize your own expansion strategy.
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