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The Essential Elements of a Franchise Marketing Plan

Admin   DIGITAL MARKETING   03-Aug-2018   0 Comments
The Essential Elements of a Franchise Marketing Plan

An effective franchise marketing plan is one that attracts prospects and makes them willing to acquire the franchise being marketed. Very rarely do individuals come through the door and state that they wish to become a franchise. To succeed in franchise marketing, reaching out to the right prospects by using a marketing plan is crucial. So at its core, success in creating franchises is a function of a well executed marketing plan that reaches out to and attracts the right prospects.

 

Tips from a Marketing Agency

Every organization that seeks to acquire franchises to sell its products must differentiate its marketing activities that are devoted to acquiring franchisees from those that sell its core products. Even a franchisor with a powerful skill set in B2C marketing may still lack the skill set required to market to businesses, as is necessary to acquire franchisees. To market successfully to businesses a savvy franchisor should use the services of a 360 Digital Agency. A skilled 360 Digital Agency or marketing and communication agency would at the minimum request that a franchisor use the following tools to attract franchisees

  1. A brief franchisee brochure

  2. A detailed franchisee brochure

  3. A franchisee exhibition stand

  4. A website that provides information to potential franchisees

 

The Importance of Goals and Budgeting  

To create an effective franchisee marketing plan a franchisor has to envision his long term goals and then visualize a business that can meet the set goals. For instance if the goal over a 5 year horizon is to create 100 franchisees each of whom pays 15 lakh INR each year, a balanced short term goal may be to create 12 franchisees in the first year. By creating relatively fewer franchisees in the first year a franchisor can expect to create the first wave of momentum leading to increased brand awareness and subsequently to the creation of a greater number of franchisees in the years ahead.   

The first year’s budget devoted to the creation of franchisees can simply be calculated by multiplying the number of franchisees desired by the expected cost to acquire each franchisee.

 

Focus Wholly On Your Potential Franchisees

Never try to reach out to an entire spectrum of prospective franchisees. To successfully reach out to franchisees a new franchisor ought to create a narrow message that is more likely to click with a specific set of prospective franchisees. This also means creating advertisements in such media that are most likely to reach potential partners and in which fewer competitor franchisors advertise. An experienced digital marketing agency can help guide a franchisor to place ads in the most suitable media.  

 

Use a 360 Digital Agency to Close Leads

A large marketing budget will result in more leads and inquiries from prospects. Put simply sales is a numbers game, the more people one reaches out to, the greater is the number of conversions and hence the number of franchisees. The close rates of the different mediums used to generate leads are ranked below

  1. Public Relations or a 360 Digital Agency has the highest close rates

  2. Print Media will result in the second highest rate of closures

  3. The Internet will lead to the fewest closures

Brokers who’ve been hired by a franchisor will close at a rate higher than a PR or 360 Digital Agency but they will take higher referral fees when the franchisee is sold.  

 

The Financials of Creating Franchisees

There are reliable estimates available that reveal how much advertisement expenditure will result in the creation of a single franchisee. The right expenditure in a targeted medium under the aegis of a skilful marketing agency can lead to success in franchisee marketing. Our digital marketing agency provides customers the essential elements of a nuanced marketing plan to make the search for franchisee easier and more fruitful.   

 

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