Introduction
As the pizza industry continues to increase its profit margins, large franchises, like Papa Murphy, remain viable businesses for entrepreneurs big and small. Statistics from the 2020 National Restaurant Association report show that the pizza industry is expected to grow by 4% over the next 5 years. The challenge for Papa Murphy franchises is to continue to increase sales and profitability.
By following the best strategies, a Papa Murphy franchise could see increased sales and profitability in years to come. This article examines strategies that business owners can use to capitalize on the expected growth of the pizza industry and increase the sales and profitability of their Papa Murphy franchises.
Form strategic partnerships with other companies
Partnerships are one of the most effective ways to increase sales and profitability for a Papa Murphy franchise. By expanding your customer base, opening new markets, and creating strategic alliances with other businesses, your Papa Murphy franchise can be more successful and profitable.
Forming strategic partnerships with other companies has many advantages:
- You will be able to access new markets and customers that you may not have had access to before.
- You will be able to leverage each other’s resources to reach a wider audience.
- You will be able to get better deals on supplies and resources, as well as better prices on services.
Here are some tips to consider when forming strategic partnerships with other businesses:
- Research and find businesses in your area with similar customers and interests.
- Determine what each company can offer the other.
- Agree to a profit sharing and schedule in advance.
- Set up a clear and structured communication system.
Forming strategic partnerships with other businesses can have a huge positive impact on the sales and profitability of your Papa Murphy franchise. For example, if your franchise is able to partner with a nearby coffee shop to offer a discount to customers who buy pizza from your Papa Murphy franchise and a cup of coffee at the coffee shop, you may be able to generate additional revenue for the customers. two companies with the discount.
Let’s look at the following example. Let’s say the price of a pizza from your Papa Murphy’s franchise is , and a cup of coffee from the cafe down the street is . If you offer your customers a rebate for purchasing both items, you can generate in additional revenue for your franchise. This would result in a 17% increase in revenue for both companies.
Forming strategic partnerships is essential for businesses today, and Papa Murphy’s franchises are no exception. By exploring potential partnerships, you can increase your franchise’s sales and profitability and build relationships with other businesses in your area.
Introduce customer loyalty programs
Customer loyalty programs can be a great way to increase sales and profitability for a Papa Murphy franchise. Customers will return often if they are rewarded or offered special offers if they make loyalty to a particular business. A loyalty program can be tailored to the needs of an individual franchise, providing customers with incentives such as discounted meals or early access to new products.
When launching a loyalty program, it’s important to consider all of the potential benefits to customers and to your Papa Murphy’s franchise. Enticing repeat customers by offering discounts can help drive higher sales and loyalty with existing customers, while offering discounts to new customers can attract new customers. It’s important to design a loyalty program that works with your Papa Murphy’s franchise goals and encourages customer and sales growth.
In addition to offering discounts and incentives, loyalty programs often include rewards for customers who refer friends and family to Your Papa Murphy’s franchise. This can provide a great return on investment as it allows you to reach more potential customers with minimal upfront cost. As customers refer friends and family to your restaurant, they will be rewarded with a special discount or other incentive, helping to encourage customer loyalty and engagement.
For example, you can calculate the ROI of a loyalty program by estimating your restaurant’s average monthly sales and average customer retention rate. For example, if your average monthly sales are ,000 and the average customer retention rate is 10%, that means you typically get 200 loyalty customers each month spending around 0 each. By introducing a loyalty program, you can essentially double the customer retention rate. This would mean that every month 400 customers would shop with your restaurant, spending a total of ,000 – dramatically increasing your monthly sales.
Overall, introducing customer loyalty programs can be a great way to increase sales and profitability for a Papa Murphy franchise. Loyalty programs not only entice customers to shop with your restaurant, they also encourage customer engagement and referrals, leading to long-term growth and greater returns.
Create strategies for effective resistance selling
The terminated sale is an important strategy Papa Murphy franchisees can use to increase sales and profits. Rescinded selling involves persuading customers to buy more products or higher priced products than they originally expected. Papa Murphy franchisees should understand the basics of resistance selling so they can effectively increase their sales.
There are several key tips and tricks for successful upside clients:
- Identify Customer Needs : Papa Murphy franchisees should be very aware of the needs and preferences of their customers. By actively listening to their customers and understanding what they are looking for, franchisees can more easily identify opportunities where resistance selling is appropriate.
- Show usefulness : Making customers feel welcome and appreciated is important for customer loyalty. Franchisees should be helpful and friendly when engaging in resistance selling so that customers do not feel taken advantage of.
- Suggesting alternatives : Showing customers other options that can enhance their meal or provide them with additional value is an effective way to sell. Customers often appreciate information and appreciate having more choice.
- Have an incentive : Offering customers a discount or promotion for purchasing an additional item or the more expensive item entices them to choose the product or upgrade.
Creating effective strong selling strategies can have a positive impact on the sales and profits of a Papa Murphy franchise. The increase in sales from selling you can help offset the cost of offering discounts, for example. Additionally, strategic upselling can help Papa Murphy franchisees increase profits by taking advantage of additional revenue opportunities.
For example, if the average price of an item is and a customer is paid for an item priced at instead, this can result in an increase in revenue of per sale. With a sales volume of 10,000 items, Papa Murphy franchisees can generate an additional ,000 in sales.
Overall, creating effective resilient selling strategies is an important part of increasing sales and profits for Papa Murphy franchisees. Using the tips and tricks detailed above, Papa Murphy franchisees can create effective up-selling strategies that will lead to increased profits for their business.
Use modern digital marketing tools
As a Papa Murphy franchise owner, using modern digital marketing tools is one of the most effective ways to increase your sales and profitability. Digital marketing offers a variety of opportunities to reach potential customers through targeted advertising, engaging with customers, and creating sources of positive customer reviews. By developing an effective digital marketing strategy, Papa Murphy franchise owners can further expand their customer base by bringing more traffic to their stores.
Targeted Advertising – Using digital channels such as search engine advertising, social media, and video advertising can help drive further awareness and engagement with customers. Targeted advertising allows Papa Murphy franchise owners to strategically place advertisements in front of desired customer base in a cost effective manner. By targeting the right customer, the chances of sales success are much higher than with traditional advertising methods.
Engage with customers – Digital marketing tools such as social media and email are ideal for engaging directly with customers. Franchise owners can build relationships with customers by sharing helpful content and responding to customer inquiries. This type of engagement encourages customer loyalty and helps create a lasting bond with your store.
Customer Reviews – Positive customer reviews are one of the most effective digital marketing tools available. Having positive reviews will help build trust with potential customers and create a positive reputation for your store. It’s important to actively seek out customer reviews and encourage customers to leave reviews. This will go a long way in building a successful Papa Murphy franchise.
Using modern digital marketing tools will definitely bring increased sales and higher profits to Papa Murphy franchise owners. With the right digital marketing strategy, franchise owners can expand their customer base and bring more traffic to their store. Additionally, appropriate use of digital marketing can help build customer loyalty, build a positive store reputation, and increase Papa Murphy’s reach within the community.
For an example calculation, consider a Papa Murphy franchise that catalyzes a 25% increase in website traffic due to their digital marketing efforts. This increase in traffic would then lead to an increase in total sales of 0 per day, resulting in an additional annual profit of 2,500. Clearly, investing in effective digital marketing tools is a wise investment for any Papa Murphy franchise owner.
Engage customers through social media platforms
Developing successful strategies to increase sales and profits for a Papa Murphey franchise requires the use of a range of approaches. One of the most effective strategies is to engage customers through social media platforms. This can be used to effectively reach potential customers, brand loyalty, as well as increase sales and profitability.
Tips and Tricks: Building an effective social media presence involves several steps. It is recommended to start by creating relevant and interesting content designed to engage customers. This may include posting about new menu items, special offers, upcoming events, etc. Additionally, promoting content through forums, blogs, and other social media platforms is also beneficial. Spreading flyers, word of mouth, and ads on specific platforms can also increase engagement.
Customer engagement through social media platforms can also help provide insight into customer preferences. This information can be used to create targeted content highly relevant to the interests of potential customers. This information can also be leveraged to create customer appreciation programs, customer discounts, and more. All of these strategies can help create a positive customer experience, which in turn can contribute to increased sales and profits.
Example calculation: Assume Papa Murphy’s franchise has average daily sales of ,000 and a social media engagement rate of 5%. This means that customer engagement on social media can earn per day (,000 x5%). Over the course of a month, that’s a total of ,500. Expressed in terms of profitability, this can be over 20%, as the cost of engaging customers on social media is considerably lower than other marketing methods.
Conclusion
Increasing the sales and profitability of a Papa Murphy franchise is a solid business strategy built around the unique strengths and advantages of franchising. By forming strategic alliances with other businesses, introducing customer loyalty programs, creating strategies for efficient effective selling, using modern digital marketing tools, analyzing customer data to tailor content to target audiences and by engaging customers through social media platforms, business owners can increase their Papa Murphy Franchise Sales and profitability.
As one of the largest pizza franchises in the world, a Papa Murphy offers entrepreneurs the opportunity to capitalize on the expected growth of the pizza industry and grow their business. With the right strategies and the help of knowledgeable employees, Papa Murphy franchisees can increase their sales and profitability for years to come.