“One of the things the franchisor explained to us is, in bad economic times, you're not going to have this huge amount of people who are going to be interested in what you offer like in normal times. You have to double down on your marketing because those people don’t all go away, there’s just a smaller amount of them who are willing to and still have the financial abilities to buy what we offer. So I doubled down on my marketing and I survived it. It was a struggle, but it wasn't like I was ever worried about writing a paycheck to somebody. We still had the funds to do so. That’s the benefit of being well-capitalized too.”
A knee-jerk reaction in challenging economic times is to cut back on marketing efforts. Understanding the importance of not doing that and taking it further by increasing marketing efforts is important. This can help maintain visibility and attract the smaller remaining pool of potential customers who can still make purchases. It also helps to be well-capitalized, as it provides a cushion during difficult times and allows the business to continue operating without worrying about meeting financial obligations like employee salaries.
We cover many current and relevant topics. A few include:
◈How a franchisee became the president of his brand
◈The importance of believing in yourself
◈Home services franchises weathering economic downturns and a pandemic
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