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“<a href="https://www.youtube.com/watch?v=DfHJDLoGInM&utm_source=1851franchise.com&utm_medium=article&utm_campaign=marketing-strategies-according-to-the-godfather-762" target="_blank" rel="nofollow">Keep your friends close, but your enemies closer</a>.” – Michael Corleone, The Godfather Part II
Along with being one of the most memorable movie quotes of all time, the phrase could be mistaken for a powerful piece of marketing advice.

Before marketing a business or closing a big deal, it is vital to identify the competition, know their strengths and weaknesses and understand how your product or service is superior. By doing so, you are “keeping your competition closer.”

But how do you do this? Here’s a short and simple roadmap to get you started.

As a new business owner (or someone who plans on starting a business), identifying the competition is step number one. Thanks to <a href="https://www.google.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=marketing-strategies-according-to-the-godfather-762" target="_blank" rel="nofollow">Google</a>, this is a painless process. Use a variety of search terms that are key to your industry. If geographic region is important, add the city, state or country that you will be focusing your business.

Make a record of each business. Be sure to include each competitor’s offering(s), value proposition, target market, slogans and anything that they tout as a key differentiator. This information will help you position your business.

After identifying your competitors, label each as a direct or indirect competitor. A direct competitor offers the same product or service to the same market that you do. An indirect competitor offers the same product or service to a different market. During this exercise, you might identify an underserved segment that you will be able to capture.

Second, track your competitors’ movements. Set a <a href="https://www.google.com/alerts?utm_source=1851franchise.com&utm_medium=article&utm_campaign=marketing-strategies-according-to-the-godfather-762" target="_blank" rel="nofollow">Google Alert</a> for each competitor. When news about the competitor is reported, Google will automatically email you. In addition, bookmark the competition’s webpages and follow them on Facebook, Twitter, YouTube, etc. Pay attention to how each brand presents itself on social channels and the type of content posted by their fans.

Third, create your marketing plan using what you have just learned. By identifying your competitors and understanding their strengths and weaknesses, you are better able to differentiate your business through your marketing and social media efforts.

But remember that “keeping your enemies (competitors) closer” is an endless cycle because new competitors will emerge and current competitors will change their offerings.

Putting on the blinders for an extended period will put a chink in your armor, and your competition will gladly use it to take a significant slice of your business.

1851 Franchise

“Keep your friends close, but your enemies closer.” – Michael Corleone, The Godfather Part II
Along with being one of the most memorable movie quotes of all time, the phrase could be mistaken for a powerful piece of marketing advice.

Before marketing a business or closing a big deal, it is vital.....

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How much can franchisees make? It’s a question many prospective owners ask before investing in a franchise. While earnings tend to be driven by variables such as industry, location and general management skills, a proper understanding of the key factors driving profitability can help franchise owners develop expectations that are realistic.&nbsp;Multi-unit franchisee&nbsp;<a href="https://www.linkedin.com/in/mangesh-patel-9368569/">Mangesh Patel</a>, who’s readying the launch of six&nbsp;<a href="https://www.beefobradysfranchise.com/">Beef ‘O’ Brady’s</a> restaurant locations in the Macon, Georgia area, shares insights from his franchising experience.<h2>Understanding Franchise Income</h2>Keeping operational costs in check can have a major impact on overall earnings. Taking a proactive approach to expenses such as food and labor, as well as payroll and scheduling, can help align actual franchise income with general expectations for the business.“I just had a meeting with a couple of people, and they said, ‘You talked about a 25% profit margin, but I’m only doing 12%.’ So, I looked at the figures they sent me,” Patel said. “Their&nbsp;<a href="https://1851franchise.com/calculate-restaurant-franchise-profit-2730476">restaurant</a> food cost was running at 37%, which should be around 30%. The national average is about 32%. If I do things correctly, my average food cost needs to be at or below 30%. And payroll should run around 18%. But many people run 25 to 28%.”So,&nbsp;<a href="https://1851franchise.com/unraveling-franchise-earnings-how-much-can-you-really-make-2723935">how much can franchisees make</a>? Here are five areas to consider.<h2>Practical Tips for Prospective Franchisees</h2><ol><li>Control Costs From Day One:&nbsp;It’s important to monitor payroll, food and supply costs closely. Overstaffing and inefficiencies can quickly reduce profits.</li><li>Plan For The Opening Surge:&nbsp;Traffic within the first few months of opening is likely to be higher. It’s important to adjust staffing and inventory accordingly, and pay close attention to how those levels change as time goes on.</li><li>Invest In Training:&nbsp;Properly trained workers can help reduce waste and improve overall service, which has a direct effect on net income.</li><li>Understand Your Market:&nbsp;Each market is unique and revenue potential will vary depending upon location, demographics and competition.</li><li>Track Metrics Regularly:&nbsp;Food cost percentages, labor ratios and weekly sales data act as key indicators operations may need to be adjusted.</li></ol><h2>What Profitability Really Comes Down To</h2>Patel notes that if franchise owners manage labor and costs properly, it’s not impossible to achieve strong cash flow even in the first year, bucking some franchising trends.So,&nbsp;<a href="https://1851franchise.com/how-much-can-you-make-as-a-franchise-owner-2724761">how much can franchisees make</a>? While results tend to vary, careful planning, disciplined operations and a proactive approach to assessing initial costs are essential. But by grasping and guiding the elements that drive franchise profitability, franchise owners can maximize overall business earnings, scaling a business that’s sustainable financially over the long term.Want to learn more about franchise opportunities on 1851 Franchise? Be sure to visit our&nbsp;<a href="https://1851franchise.com/power-rankings">Power Rankings</a> to read more on brands making moves.

How much can franchisees make? This guide explains what drives franchise earnings and how to manage costs, with expert tips from multi-unit owner Mangesh Patel on maximizing your franchise income.

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Franchise Opportunity Deep Dive: A fast-casual restaurant brand serving made-from-scratch sandwiches, salads, soups and pizzas rooted in Southern hospitality.


Marketing Strategies According to The Godfather

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