“We need to sell franchises in California, Texas and Georgia!”
Emerging franchises opening in particular markets and established franchises targeting locations left on the map both need regional franchise development plans that capture the unique preferences and the competitive nature of specific geographical areas.
Think about it. A headline that is meant to be bold and clever in New York may come across as snarky in Georgia. Different regions require different approaches when it comes to franchise development. Consider these factors when creating regional plans to find your next franchise owners:
Define Your Target Audience
Many franchises want to target sizable demographics with the hopes of reaching the largest audience possible. It’s important to note that targeting a large audience isn’t always the best strategy. When a campaign comprises males and females ages 18 to 65, the campaign may deliver leads, but not qualified leads. Narrow the audience. Who are your best current franchisees? Do they share common interests or values? Do they need a particular background, or can they be trained? The more information you have about your ideal candidate, the more data can be utilized to get your message in front of the right audience. This targeted approach will save you money by focusing on specific regional candidates.
Tell Your Story
While you are looking for the right candidate, you need to be sure you are revealing what a potential buyer in a particular market wants to know about your company. For franchise development, your unique value proposition (UVP) is one of the most important components of your campaign. Your UVP should clearly describe your business, differentiate your franchise from the competition in the market and inform the buyer of the benefit of your offer. A strong UVP will intrigue your candidate to learn more. Reason to buy should be evident in your campaign. Common reasons are financial opportunities and company culture.
Optimize Your Campaign through Testing
Test and refine. Test and refine. Different markets yield different results. Track the progress of your campaigns in different markets to learn what resonates with your ideal prospects. Make controlled tweaks to strengthen your message. Which platforms are working best? Is different copy or creative capturing better attention? Is one email subject line getting a higher open rate? Be patient; testing takes time. Four- to six-month campaigns are optimal for testing.
Maximize Your Budget
Marketing analyses will reveal exactly where your marketing dollars belong. If your ad budget is $8,000 per month, in four months you’ve spent $32,000 to get several leads in the pipeline but you may be frustrated by the fact that you haven’t yet closed a sale. Make sure you give the campaign time to work. You are still likely to be ahead of the 50 percent to 60 percent of the franchise fee you would be paying a broker. If your franchise fee is $50,000 and the broker takes 60 percent, that’s $30,000.
A smart approach would be to use qualified brokers and also have your own strong digital lead generation franchise program. No one will market your brand like you will.