What is a franchise marketing plan? A franchise business plan is essential to chart your company’s success pathway. One indispensable aspect of that plan is your marketing strategy.
Thus, adequate time must be devoted to developing and writing a marketing strategy.
A franchise is a business under the authorization to sell or distribute goods or services in a particular area or locality. At the same time, a franchisor relates to a company or individual who grants such legal approval.
How To Write A Franchise Marketing Plan
In writing a franchise marketing plan, franchisees should keep the franchiser abreast of a local franchise development marketing plan as they (the franchisees) are in the best position to identify local marketing franchise opportunities and present them to the franchiser.
A franchise marketing strategy to sell franchises is a determining factor of success as a franchisor. This starts with discovering potential franchisees interested in your concept.
The franchisor can easily research the ideal location where effective franchise advertising will be made and the kind of content marketing which will convince the potential franchisee marketing client you have discovered.
Marketing Strategies That Boost Franchise Sales
A typical franchise real estate or restaurant franchise marketing plan states the steps to generate leads.
This encompasses trade show attendance, internet utilization, social media, print advertising, franchise marketing tools and programs, public relations, direct mail, the involvement of brokers, and other referral sources.
Analytics of metrics monitor the actualization goals, which are the best ways to determine your return on investment consisting of traffic to the website, conversion of generated leads, the effectiveness of social media, and referrals.
You must write a detailed, step-wise chart for franchise lead generation.
A franchisor makes a prospective franchisee see the excitement and the potential of the business, realizing that the company is simple enough to succeed.
In the same vein, the franchisor makes prospective franchisees see complexities in the industry to understand that commencing the business without them is tantamount to failure.
This is an aspect many consumer advertising agencies fail in.
Also, franchise-marketing-hierarchy is essential, which refers to franchisees addressing local marketing while the franchisor focuses on promoting the franchise companies on a national/international level.
A successful franchise marketing plan by the franchisor allocates a significant percentage of their budget from the corporate headquarters to focus on local online marketing.
Furthermore, a franchise marketing plan must involve setting up a budget. The more money you spend on powerful digital franchise marketing techniques, the more franchisees you’ll sell.
Money invested in franchise marketing generates leads. Some of those leads will fill out forms probably online. Some will attend meetings. And some will lead to sales.
Sincerely, it is pretty advanced than that. Sales can be generated from public relations, print media, trade shows, direct mail, the internet, and brokers (who help you get “free” leads but get paid when you sell).
Leads from brokers have the highest costs, with public relations, referral leads, print media, and tradeshow having lower prices in this descending order, respectively.
Tips got through the internet generally have the lowest. Each lead source has its peculiar cost, with fluctuating degrees of effectiveness. For example, the internet offers numerous low-cost leads consistently.
You are advised to choose a mix of such media to sell franchises to some predictable levels. The budget involves balancing goals and available resources.
After you create growth goals, your budget can be compared with relative expenses in the industry.
You can easily calculate your yearly marketing campaign budget by multiplying the projected number of franchises you hope to sell by the projected marketing cost for each franchise.
If, after this is done, you discover such a strategy is a bit excessive or the estimated capital isn’t feasible, there are numerous options:
Limit short-term goals (e.g., selling four franchises first and more as you establish later)
Increase the timeline set for goal achievement
Raise external capital with additional goals to prevent the consequence of equity dilution, referring to a reduction in shareholders’ stock.
You must narrow your market by writing an effective franchise marketing plan outline.
It helps to limit the scope of your franchise prospects, narrows the focus of your message, and targets business sectors less saturated with franchise competitors.
Though instincts can be your starting point, a good marketer supplements it with preliminary research.
Surprisingly in franchising, this research can be simple; this can be done by speaking to franchisees of similar brands.
Most franchisees don’t mind giving privileged information about themselves especially purchase decisions, as they’ve gotten used to answering calls from likely franchisees on similar topics.