Most investors want to stay on the fast track in business, but some of them don’t know how best to do it. For instance, while a Fully Promoted Franchise opportunity allows you to take charge of your destiny, it takes time and effort to market and scale such a business.
So, is there an all-encompassing approach to making a particular brand stand out? No. But, it’s clear that regardless of the marketing strategy you adopt, you’ll need multiple touchpoints to get your message across. Ideally, nailing the nuances of marketing provides hope for success, especially in a competitive space.
To scale your franchise business by reaching out to prospective franchisees, you need to put in the effort to formulate strategic marketing strategies. This denotes investing in marketing efforts that can best woo savvy buyers. Here are some strategies you can implement.
Treat Existing Customers as Prospects
If you already have an established clientele, consider marketing your franchise opportunities to them. Essentially, your customers create a pool of prospective franchise customers that you can tap into. They’re the people who’re conversant with your product or service offering. I presume they love your brand (how else would you explain their motivation for frequenting your store?).
Let them know about the opportunity you have on offer and how it can benefit them. For instance, if you’re running a retail store, you can prominently pin promotional posters in your outlet or hang signage to create awareness. Plus, you can offer branded promotional items such as caps, caps, toys, water and bottles.
Your customers may not buy into your idea, but some may know someone who could be casting around for franchising options. As such, they could provide a point of contact for prospective franchisees.
Know your Budgetary Limits
Effective marketing is a direct function of the budget you have in place. After all, you can’t generate leads without allocating sufficient funds to the process.
All the same, you don’t necessarily need an extensive budget-although this would help- to implement your marketing strategy. With some creative forethought and by adopting the right approach, you can still reach out to your target audience despite your budgetary constraints.
Also, understanding your shortfalls ensures you don’t bite off more than you can chew. For instance, if you have two corporate locations, an ideal strategy would be to spread your wings to a few more locations across your state before venturing to other places. That way, you can keep track of your marketing spending and match your efforts to your financial resources.
Establish A Strong Online Presence
Gone are the days when marketing was a preserve of conventional media. Most marketing takes place online, and businesses need to make the transition or attempt to build an online presence.
A good starting point would be to add your brand to listing sites. If you do it professionally, you can increase awareness of your franchise, raising the odds of finding potential franchisees.
Make Social Media Work for You
While still on the subject of creating an online presence, it might help to spread your brand message through social media. Social media is, at best, only a necessary evil to some people. Having said that, which business would shun the opportunity to access social platforms whose monthly user base exceeds half of the world’s population?
Let’s face it, social media can drive traffic to your business and may help push your brand to your target market. Formulate a clear and well-prepared message to promote your business, and you could have prospective franchisees beating a path to your door.
Leverage Your Connections
Do you know that referrals account for a significant proportion (up to 38%) of franchise sales? Large franchises aren’t oblivious to this fact, which may explain why they tend to push for referrals by aggressively marketing through their expansive networks.
Inform your associates, friends, or relatives about your business’ franchising opportunity. Your inner circle or close connections may be the early adopters of your idea. Who knows, such seemingly casual conversations with your close associates can turn into viable business opportunities.
Seek Brokerage Services
If you’re new to franchising, consider working with knowledgeable franchise brokers. Such professionals can supplement your marketing efforts by generating leads. Besides, brokers keep an ear to the ground and may use their networks to promote your business further.
Generally, a working arrangement with a broker would require you to pay a commission for every lead you convert. In turn, your franchise business gains much-needed traction.
All in all, regardless of the channels you use, remember to curate a consistent voice across each one. In so doing, your marketing message would have a broader reach, allowing your franchise business to generate more leads.