For event marketers who have successfully built a strong event brand with a growing audience base, the prospect of franchising their event brand may be an avenue to explore.
If you’ve been hosting events which are growing in audience
numbers and have created a brand name for yourself and events, have you ever
thought about ‘franchising’ your event brand to others? Let’s say you created
some unique training method that you are able to protect as your intellectual
property, Franchising (or training others in your method so they can conduct
events using your method could be a way to spread your event brand further.
Imagine extending the reach of your events beyond
geographical boundaries, letting others use your proven methods, and creating a
network of events under your brand umbrella. This concept, often referred to as
franchising in the business world, can be a game-changer for event marketers.
In this article, I’ll delve into some of the considerations, benefits, and
challenges of event brand franchising, like protecting your
intellectual property (IPR), providing effective training, maintaining quality
control, and establishing a fair revenue-sharing model.
Understanding Franchising in the Event Industry
While the term "franchising" may not be commonly
associated with the event industry, the principles behind it align closely with
the concept of licensing or permitting others to use your event brand,
methodologies, and systems. In essence, event brand franchising involves allowing use of your established event brand, marketing
strategies, and unique event management methods to third parties, referred to
as franchisees. Here are some of the things to consider:
Protecting Your Intellectual Property (IPR)
One of the first considerations when venturing into event
brand franchising is the protection of your intellectual property. Your unique
training methods, event formats, and marketing strategies are valuable assets
that contribute to the success of your brand. Before embarking on franchising,
it's crucial to secure the necessary legal protections, such as trademarks,
copyrights, and patents, to safeguard your intellectual property rights (IPR).
Effective Training for Franchisees
For event marketers, maintaining consistency in the
execution of events is paramount to preserving the integrity of the brand. This
necessitates thorough training for franchisees to ensure they understand and
can replicate your unique event methods. Develop comprehensive training
programs that cover event planning, marketing strategies, customer engagement,
and any proprietary tools or technologies you use. Regular updates and ongoing
support will also be essential to keep franchisees aligned with your brand
standards.
Quality Control Measures
Maintaining a consistent and high-quality experience across
all franchised events is essential for preserving the reputation of your event
brand. Implement robust quality control measures to monitor and assess the
performance of franchisees. This may include regular audits, feedback
mechanisms, and adherence to predefined standards. Establishing a feedback loop
where franchisees can share insights and experiences will contribute to
continuous improvement and brand coherence.
Establishing a Fair Revenue-Sharing Model
Revenue-sharing is a pivotal aspect of event brand
franchising. When you allow others to conduct events using your methods, how will you share the revenue from those events? Define a transparent and fair revenue-sharing model that aligns
the interests of both parties. Consider factors such as the initial franchise
fee, ongoing royalties, and any shared marketing expenses. A well-structured
revenue-sharing model ensures that both you and your franchisees benefit from
the success of the overall brand.
Event brand franchising can be a strategic move for event
marketers looking to expand their reach and impact. By carefully navigating the
intricacies of protecting intellectual property, providing effective training,
ensuring quality control, and establishing a fair revenue-sharing model, event
marketers can successfully franchise their brand and create a network of events
that share a common identity and success. In an ever-evolving events landscape,
embracing franchising can be the key to sustained growth and influence in the
industry.
Stay tuned for more insights and tips on event marketing success.
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