Brand Name Plays A Very Important Role In The Success And Growth Of A Franchise: Ritesh Ahuja

India is a land full of opportunities for players in the diagnostic service industry and is witnessing a huge growth. This growth is likely to be driven by improving healthcare facilities, medical diagnostic and pathological laboratories, private-public projects, and the health insurance sector.

Max Lab, a division of Max Healthcare, is one of India’s largest Healthcare providers. Owing to the growth in this industry, Max lab has registered a tremendous growth by opening 70 labs in a year.

In conversation with Franchise India, Ritesh Ahuja, Deputy Manager, Sales & Marketing, Max lab, talks about the importance of Brand Name.

Importance of Brand Name

The name is the first thing that people hears when you tell them about your business. A recognised brand name can be solid competitive advantages for your franchise, as it forms an emotional connect with the customers.

Ahuja, said, “Brand name plays a very important role in the success and growth of a franchise. People trust the name. Max Lab’s USP is the name itself. Everyone is well familiar with Max Hospital and the name works for the success of labs as well. People know that the reports and everything will be accurate. So, the brand visibility and brand value and credibility of the reports that we provide is one of our success factors.”

The factor which differentiates Max lab from its competitors is that they are providing better franchise opportunities and better ROIs than others.

Background Experience

For running a successful franchise, the person opting for the franchise needs to belong from the same or related background.

“Since it is a path lab; we would prefer someone from a medical background. But, if he or she doesn’t belong from a medical background, they should at least be willing to run the franchise by themselves.” commented, Ahuja.

“They should not completely depend on the company for smooth operation of their franchise since the brand can only support and help you with marketing and promotion. They should have the zeal and enthusiasm to run it by them and make it successful.”

Franchise Facts:

Investment

Labs: 50-60 Lakhs

Collection Centres: 2-3 Lakhs

ROI: 30-40%