Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a franchise business plan, your marketing plan should include the following:
Product: in the product section you should reiterate the type of franchise that you documented in your Company Analysis. Then, detail the specific products you will be offering.
Price: Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the items or services you offer and their prices.
Place: Place refers to the location of your franchise. Document your location and mention how the location will impact your success. For example, is your franchise located next to a heavily populated office building, or gym, etc. Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate kiosks, detail the locations where the kiosks will be placed.
Promotions: the final part of your franchise marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Making your storefront extra appealing to attract passing customers
- Social media marketing and advertising
- Advertising in local papers and magazines
- Reaching out to local bloggers and websites
- Local radio advertising
- Banner ads at local venues