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How to Use Facebook to Promote Your Franchise

With franchisees typically having to pay 3 to 7%, and in some cases more of gross revenue to support corporate's national marketing efforts, it often leaves little left in the budget for a franchisee to spend on local marketing. As a result, more and more franchisees are leveraging free social media platforms to spread the message about their franchise. In this post, we focus on the biggest and most powerful platform of all, Facebook. Here are some easy ways to expand your presence (and promote your business) on Facebook, without spending a buck, courtesy of i-netpreneur.

1. Make a Professional-looking Facebook page and DON'T BE ANNOYING:

Don't be one of those people that is constantly updating their status with unnecessary information like what their horoscope says today or the results of the most recent Facebook quiz. Keep it clean and concise. Have your business information on the page, as well as links to your website, Twitter, etc. Provide status updates on things that are actually useful to your target demographic.

2. Engage your fans: 

Sometimes it can be very useful to reward those people who are Facebook fans with free giveaways or special discounts for your product. This will not only make your fans happy but will also give them an incentive to check out your page and encourage their friends to join in.

3. Measure and Track Interactions: 

Just as you check your own personal website, you should be going through your statistics (check out Facebook Insights), and seeing what is driving comments and traffic.

4. Add a Like Button To Your Website: 

Just by adding a like button to your website, you will be able to drive a lot more traffic because your site will start showing up on people's Facebook feeds and getting connected to other sites. This is a great way to get your content to go viral.

5. Enable Facebook Comments: 

If you own a blog, you should take the time to integrate Facebook comments. This way, your visitor need only be signed into their Facebook to make comments, which is way easier than having to remember different passwords or sign up for multiple accounts.

Check out the full article at i-netpreneur.

Quantifying Yelp's Impact on the Restaurant Industry

Luca studied the effects of Yelp ratings on the revenue of restaurants and discovered several interesting findings. Studying the relationships of restaurants' revenues to their Yelp reviews in Seattle over a period from 2003 to 2009, he found a significant relationship between a restaurant’s average rating and revenue. One star’s worth of improvement on Yelp leads, he found, on average to an increase of between 5 and 9 percent in revenue. The average rating is more important than the review, as many Yelp users are overwhelmed by the sheer number of reviews on manyrestaurantpages and find it easier to consult the star rating. Luca also found two features which exacerbate the effect on revenue Yelp has. First, the more reviews a restaurant has, the more impact an increase in its Yelp rating will have on its revenue. Second, the more reviews by Yelp “elite” members, the more impact; “elite” reviews have almost twice as much impact as other reviews.

5 Profitable Franchises for 2015

The point is that he was so blinded by his desire to open one particular franchise, that he had no idea about anything other than the brand name.