7 Franchise Marketing Strategies to Attract Franchisees
- 1. Elevate your brand as an authority ...
- 2. Optimize your appeal to franchisees ...
- 3. Build strong communication with your current and potential franchisees ...
- 4. Use existing franchisees as advocates ...
- 5. Curate a strong web presence ...
- 6. Implement franchise marketing strategies for your franchisees ...
- 7. Nobody Buys a Franchise To Get Into Digital Marketing So Hire an agency ...
Full Answer
Why is it important to be top of mind when considering investment opportunities?
How to compete with banks?
About this website
Why are franchises so expensive?
Here’s why: 1. Franchises can be expensive. Generally, the more expensive the franchise, the more earning potential there is for you (simply put, ‘hot’ franchises cost more because they earn more). To get started, you have to pay to obtain the right to use the franchisor’s name and gain its assistance in helping you succeed.
What does Business Partners look at?
We look at the application in exactly the same way as general applications – ensuring (as far as possible) the long-term viability and sustainability of the business, as well as the capabilities, skills and expertise of the entrepreneur. We also do a due diligence on the franshisor.”
Is there an angel investor network in South Africa?
“There is no formal network of angel investors in South Africa. Some financial institutions may consider taking some form of equity in a promising franchise. The other option is to approach friends or relatives for help”
1. Approach recruitment as the beginning of a journey
A franchise is not a product to be sold like a car or a house, it is a business relationship. Smart franchisors approach franchisee recruitment as the start of a business journey that will last on average seven years, in many cases a lot longer.
2. Aim for quality over quantity
Get clear on the type of person who is a good fit for your business. Some companies are now referring to this as their “Franchisee Avatar”. Reach out to these people through targeted digital marketing channels using an appropriate tone and message.
3. Get back to people quickly
There is a direct correlation between the speed at which you reach out to people who have lodged an enquiry, and the likelihood they will ultimately join your network.
4. Encourage referrals from within
While digital marketing attracts the highest quantity of enquiries, the best franchisee candidates come through referrals from existing franchisees. In fact, nearly three times as many franchisees are appointed each year from referrals by existing franchisees than any other marketing channel.
5. Look after your existing franchisees
Our extensive research clearly demonstrates that existing franchisees are far more likely to recommend a franchise if they feel optimistic about their future in the business, are enjoying their work, believe the franchisor team care about their success, feel they are getting a reasonable financial return, have a strong sense of connection to the brand and culture, and are not in conflict with their franchisor..
6. Invest in a dedicated franchise website
Franchisee investors are different from consumers in the sort of information they want from a website. Think about the questions you are frequently asked by candidates and write specific content to answer these.
7. Adopt a coaching mindset
Don’t fall into the trap of adopting a sales or training mindset. Your job is to guide candidates through the process and answer what’s on their mind, not lecture or pressure them. This means understanding their goals, concerns and needs, by asking specific, open-ended questions.
Why is a franchiser attractive?
A franchiser that provides marketing solutions for their partners is much more attractive to prospective franchisees because they know that they will be set up for success if they decide to sign on; when potential franchisees see that your franchise operators are successful, they will be more inclined to join your company.
How to build brand authority?
Making your brand authority in the marketplace goes beyond simple brand awareness. You should strive to leverage your company’s professional knowledge as a resource for others, taking opportunities to join roundtables, webinars, and other presentation outlets as often as possible.
Why is it important to be top of mind when considering investment opportunities?
For this reason, it helps to ensure that your family and family office occupies a clear positioning within the industry or focus area 'you'd like to operate.
How to compete with banks?
To compete with banks, private equity funds and other family offices to attract the best deal flow, your family office needs to ensure that it is actively building and managing its reputation. Be it through ongoing connections to different families, attending the right meetings and events or communicating what moves your family.
Why is it important to be top of mind when considering investment opportunities?
For this reason, it helps to ensure that your family and family office occupies a clear positioning within the industry or focus area 'you'd like to operate.
How to compete with banks?
To compete with banks, private equity funds and other family offices to attract the best deal flow, your family office needs to ensure that it is actively building and managing its reputation. Be it through ongoing connections to different families, attending the right meetings and events or communicating what moves your family.
