Franchise Branding: Trust!

We all know that trust and reputation are important elements of franchise branding. Trust is not simply a nice thing to have, but a critical strategic asset. It makes sense to be specific about how and why it adds value. Many drivers of franchise branding have changed over time.

There are three factors at play that have brought the trust issue to center stage:

1. If we look at company valuations, an increasing portion of a franchise's value resides in intangibles. Those brand intangibles include the franchise trademark, customer goodwill, and the company’s reputation. Others are relative to contracts in place, license agreements, and the company’s customer list. Factors such as software systems, organizational structure, R&D, patents, and customized processes can influence a company’s value.

2. Another major shift in brand trust is the profound convergence of brand and design. Consumers today are trying to bond with brands through design, touch points, and their experiences. For example, brand leaders like Apple and Nike are also design leaders. Trust is a function of brand messaging with the consumer's actual experience with the product or service. Brands need a community of friends to offer suggestions to help a company create new product innovations and refine its offerings. Only trusted franchise companies are likely to have this luxury in a crowded marketplace.

3. Technology has also changed the landscape for many brands in terms of building trust. It's a mistake to keep thinking and talking about technology simply as a platform for people to learn or communicate about brands. This is not altogether surprising, because the amount and sensitivity of personal data that is entrusted to franchise companies through technology today is unprecedented. People understand that the world is becoming more complex and that franchise companies must also understand that innovation is really hard work. Franchise trust and brand leadership is a result of the many quiet decisions a company makes about its own values. Today, trust in your franchise brand is more important than ever — and it can be an important source of strategic advantage.

About MyLoopCard

MyLoopCard is a golf marketing franchise company. Founded in 2007 and started franchising in 2009, MyLoopCard offers a unique way for local businesses to advertise their business with a customized 16-page golf scorecard. MyLoopCard seeks franchise owners that want to be active in their local community, and desire a flexible and family-friendly lifestyle.

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