The influence of western culture on Indian society is apparent in the clothes that people wear, the food they eat and the lifestyles they lead. One of the foods that Indians have begun to enjoy is pizza. The Pizza business has grown tremendously.
With the arrival of monstrous ventures and positive improvements, the Indian pizza market has seen rapid development. At present, market development is mainly driven by the expanding young population, working women, boisterous schedules, and expanding extra cash of the white-collar class family units. According to the Pizza Power 2015 State of Industry Report, the U.S., Brazil, Russia, India, and China are the four fastest-growing pizza markets on the planet. The Indian pizza market is worth over Rs 1,500 crores and has developed at a customer yearly growth rate of 26% throughout the previous 5 years. A portion of the extraordinary properties of the pizza industry like speedy service, cost advantage, and so on are making it exceptionally prevalent among the masses. Consequently, India offers tremendous open doors for both household and additionally global players.
There are a lot of pizza owners looking for information on how to grow their businesses. This article will give you some tips on how to grow your business.
All right, let’s get started.
How to grow a pizza business?
Scaling your pizza business properly and efficiently is not easy. It requires a coordinated effort and smart planning from multiple departments of your company, including:
- Sales
- Marketing
- Finance
- Legal
During your growing phase, you may need to wear many hats until you can hire expert employees. Growing a pizza business takes time and energy, but here are 5 strategies to help you accelerate growth.
1. Do Your Research
If you want to grow your pizza business, you need to do some market research. Not only will this help you understand your existing customers, but also your potential customers. You need to gain insight into your target market and find out what their needs are. In that way, your business can adapt to changing customer needs and grow accordingly.
It is important to research your competitors as well. Knowing their strengths and weaknesses can help you determine how to appropriately scale your pizza business.
2. Build a Sales Funnel
You can take your business to the next level if you take advantage of your sales funnel. Imagine the sales funnel as the customer’s journey. When they enter your business or visit your website, they are at the top of the funnel. When they buy or subscribe, they are at the bottom of the funnel. The best thing you can do is to move people through the sales funnel to make a sale. You can do this by offering a discount or by getting their contact information and sending them updates on your business.
3. Increase Customer Retention
Pizza businesses must focus on customer retention as well as attracting new customers. When you increase customer retention, you’re building customer loyalty, which helps your business grow.
Focusing on retaining customers will prevent your business from spending money on something that isn’t guaranteed. Getting a new customer costs five times as much as keeping a current one.
You can increase your customer retention by:
Prioritizing customer service: Treating your customers well will make them more likely to support your business. Addressing their concerns and making sure they have an enjoyable experience shows you value them as a customer.
Using a customer relations management (CRM) system: Customers relationship management systems help your business keep track of customer information, identify sales opportunities, and manage relationships with existing and potential customers. The data gets stored in one central location, so you and other employees who need it can access it.
Creating a customer loyalty program: They can help you attract new customers or woo back customers who have left your business. They can reward your existing customers for their support.
Launching an email campaign: Your business can stay top of mind with email campaigns. Email campaigns are also a great way to move potential and existing customers through your sales funnel.
Engaging with customers on social media: Taking the time to respond and engage with your customers on social media shows them you value their thoughts and are listening to their concerns. Customers may reach out to your business with a question or to share feedback, pain points, or complaints.
Keep your promises: It’s never good to feel forgotten. If you tell a customer that you’ll follow up with them or contact them later, follow up as planned. If you don’t, it could give your customers a bad impression of your company.
4. Participate in Networking Events
Attending networking events is a great way to increase your brand visibility and attract new customers. Check local professional organizations and don’t be afraid to attend some events to spread the word about your business.
You can participate in these events by:
- Attending and meeting other business owners
- Putting up a booth to promote your business
- Speaking as an industry expert
5. Consider Franchising Your Pizza Business
An increasing number of Pizza businesses are using business franchising to grow. This means selling your business’ rights to an independent owner who then opens and operates their own franchise. Franchises are offered by a number of well-known companies, such as McDonald’s, Starbucks, and Marriott hotels. When a new franchise opens, it increases the number of locations for your business. This helps you generate more revenue.
Franchises are appropriate for certain types of industries such as fast-food restaurants, so before you agree to sell the rights to your company, you have to determine if your business is franchisable.
We will now discuss how you can franchise your pizza business.
How to franchise your pizza business?
Consider these steps before franchising your pizza business:
Step 1: Perform a sincere self-assessment.
The essence of franchising isn’t about the pizza or royalty collection. In fact, the essence of franchising is nurturing entrepreneurs and providing them with the resources they need to succeed. Franchisors assist their partners by finding sites and negotiating leases on their behalf, providing marketing collateral and counsel, and helping them navigate industry changes.
If you are not committed to cultivating talent and building relationships, franchising might not be for you.
Step 2: Assess the concept’s “franchisability.”
Ask yourself these questions before franchising your pizzeria business:
- Is the current pizzeria capable of achieving success on a large scale, including providing high-quality, desirable products?
- Can the franchisor duplicate the pizzeria’s operations so that it can be cloned effectively?
- Can the franchisor sell franchises and attract entrepreneurs willing to stake their money on the pizzeria’s success?
- Can the franchisor drive the concept forward with the right management team and the capital?
- Is the business priceable at an affordable level so that the franchisor and franchisee will both make money?
Franchising is too often approached from a ‘me, too’ mentality, but you need to approach franchising from the perspective of the franchisee and make a program that will be franchisee-friendly, not one that simply maximizes your dollar. In franchising, both parties must benefit.
In order to assess potential ROI, owners should consider the profitability of each of their existing restaurants after paying a year’s royalties and associated franchise fees. If your franchisees are not making money, then the entire system can collapse.
Step 3: Secure a trademark.
It might be a good idea for prospective franchisors to visit the Indian Patent and Trademark Office to make sure their name and slogan are trademarkable. If not, rebranding might be in order before continuing on the franchising path.
There’s nothing wrong with rebranding, but it’s certainly something you should be aware of before getting too invested in the process.
Step 4: Have the necessary capital in place.
Most aspiring franchisees lack the capital to create a comprehensive, responsive system. Owners must have the cash to produce operating manuals, market the concept to prospective franchisees, and conduct thorough franchise training.
It is impossible to rely on your next sale to pay the bills, so you might be forced to take on clients you would not otherwise bother with.
Franchisors should also not overlook the importance of hiring an attorney who knows the franchising industry and the required legal steps to build, sell, and direct a franchise.
Step 5: Document systems and processes.
Documenting systems and processes is essential to the construction of any successful franchise concept.
A detailed training and operations manual, which can run up to 500 pages, should be specifically written for the franchise concept. By establishing policies and procedures that streamline all aspects of the business, including purchasing and production of food, franchisees will increase the success of their business and foster consistency throughout the organization. It is important to have a sound system that can be replicated repeatedly when franchising.
In Summary
The pizza industry in India is growing steadily and will reach further heights in the coming years. As a business owner, you should consider these ways to grow your pizza business and how to franchise it.
You can franchise your pizza business in India or abroad with Sparkleminds. We will provide you with our expertise to expand it quickly. Get in touch with us today to begin building your franchise.
