Franchising in India.
The franchising of goods and services foreign to India can still be said to be in its infancy, with the first International Exhibition only being held in 2009. Franchising in India is still in a very nascent state as it is a relatively new business model for Indian entrepreneurs as compared to direct proprietorship, and the nuances of the franchise model are not very well explored or understood by the larger percentage of Indian businessmen. This is especially true for aspiring franchisors that are smaller and relatively newer brand names for the Indian market. This is true regardless of how successful or popular the brands may be in their country of origin, or anywhere outside of India. The Indian market is typically brand-oriented and tends to trust larger and older brand names instead of newer ones, making it especially challenging for small and medium enterprises, as well as new and relatively unknown brands, to find good candidates for taking a franchise for their brand.
What’s the easy way out?
For small and medium enterprises that are looking to invest in franchise outlets, we now present an easy and efficient solution to the problem of finding potential franchisees and selecting the best candidate to help enlarge their business and brand presence – the Loyalie Referral program.
Finding the right entrepreneurs to take a franchise for your brand is easiest through the word of your existing franchisees’ mouths since they are already attuned to your brands requirements and standards from their experience as a franchise owner. Potential businessmen who are considering taking a franchise of your brand will be best convinced if they have the input of an existing franchise owner who is also a close acquaintance or friend. Additionally, an existing franchisee of your brand will be aware of the requirements from another new franchise owner. This means that the chances for your brand to find the most suitable franchisee, as well as the chances for a potential franchise owner to take a franchise for your brand are simultaneously raised in one step simply through your use of our Loyalie Referral program.
Not only does our platform incentivize your existing franchisees to refer your brand to potential new franchisees, once these new franchisees get on board with your brand, they are also privy to the same benefits and incentives to refer your brand to their own acquaintances for franchising, creating a chain reaction of incentivized referral whereby your brand value, revenue and overall business is optimized through the franchise model of business.
How does Referral work for Franchising?
Loyalie Referral is the ideal platform for your brand to find new franchisees using your existing franchisees, in a way that your brand, your existing franchise owners and your new franchise owners all make a profit through our rewards system. Simply use our referral system to make your existing franchisees refer potential franchisees, so that both of them are rewarded once a successful referral is completed. This helps incentivize both your existing franchisees (by offering them a reward for every successful referral) as well as potential entrepreneurs (by offering them a reward for using the referral code sent to them) at one go, at no extra cost to your enterprise. Our referral program works through the power of word-of-mouth marketing, which has been found to be the most persuasive and efficient mode of marketing in these times of excessive media advertisement.
Word-of-mouth breaks through the market noise that is generally ignored to reach the potential investors directly and from a source that they trust, hence increasing the chances for them to decide to invest in a franchise with your brand. Further motivation of the referrers and the referees in the form of attractive rewards only helps increase the chances for successful referrals even more as everyone appreciates being rewarded for making an effort. This ensures that your brand expands both in terms of revenue and sales as well as brand affinity and market presence simultaneously through the franchise model of business, by taking advantage of our Loyalie Referral program to find the best and most suitable investors to take a franchise of your brand.