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Franchise new products

It’s been ten years since US Dollar Store launched his franchise system.

Franchise sales have been terrific, and US Dollar Store invests heavily in his system’s growth through advertising and the use of broker systems to supplement his own sales department. The number of locations has been growing steadily and total system sales and royalty revenue are on the rise.

US Dollar Store's focus on franchise-system growth instead of franchise-unit performance makes him more typical than many in franchising would like to admit.

To sustain success, weo regularly refresh our brand by introducing new products and services. However, for many franchisors in US Dollar Store's situation, new products and services are introduced actively to franchisee demand .

New product launches start with an assessment of:

  • the brand’s overall performance with its existing customer base;
  • who the target audience is, and who the decision maker will be for the new product;
  • the system’s core competencies, so it can leverage its strengths to a new audience or to a new product, service or idea;
  • the impact the new products or services will have on the current business; and,
  • what alternative distribution channels are available, if any.

Market research enables a franchisor to assess market demand before introducing a new product to the franchisees. It helps determine which features and benefits should be included, as well as the impact on the system in terms of additional costs of doing business, initial investment, and staffing and training issues. The most important consideration, of course, is whether the return on investment will be worth the financial and manpower commitment.

Once research is completed, it’s essential to test the new product before introducing it system-wide. At a minimum, testing should provide information on whether:

  • consumers will buy the product at the price needed to make margins and return on investment;
  • franchisees will be comfortable selling the product and have the skills and resources to do so successfully;
  • the new products have unintended consequences on current items being sold;
  • unit efficiency and staffing will be impacted;
  • the supply chain can support the new items initially and for the long term;
  • the marketing message works; and,
  • the new product will positively impact the brand, bringing in new customers and cementing the relationship with current ones.

Even after market research and testing have validated the new product, an assessment is required of what is often the weakest link—your supply chain.

After completing these all procedure US Dollar Store will launch new franchise products for franchisees.

USA Office: 1087, West Orange Blossam Trail, Apopka, Florida-32712, USA | Catalouge
INDIA Office: W-19, Greater Kailash-II, NEW DELHI-110048 INDIA || Copyright © 2014 . All Rights Reserved. || SM
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