Having a reliable and robust marketing message is essential. However, it can also be meaningless unless you have an audience which will receive, listen and understand all that you have to say. Now, franchise sales don’t just happen by accident, but most of them are sold when a franchisor executes a strategy that’s designed to get precise results or attract a given prospect. Therefore, some of the crucial things that you need to consider in your local franchise marketing plan include:
• The Budget
The first thing that you will need to do to create an effective strategy is setting the right budget. This, in most cases, involves a balancing your business goals and the available resources. The best method of developing such a plan is by setting long-term goals and then translating these objectives into something that’s hypothetically achievable.
Now, if you somehow feel that your strategy is too aggressive or the capital you need is just not available, here are the choices that are available for you:
- Minimize your short-term goals
- Extend the time you have for achieving the set objectives
- Look for outside investments
- Consider altering your strategic approach so that it incorporates robust tactics
• Narrow Down On Your Market
Another efficient method of improving your franchise marketing strategy is defining your prospect profile. If your main franchise audience is filled with a whole universe of franchise buyers, you will need to use a rather general message to grab their attention. Most importantly, you will be required to advertise in franchise publications where you will be competing with other local franchise businesses.
While it’s normal for franchisors to face each other head to head, as a startup franchise organization, you will have a tough time generating leads. That’s why it’s essential for you to narrow down on the entire focus of your marketing message and advertise in media platforms which have fewer franchise competitors. Remember to rely on your intuition and do extensive primary research.
• Understand the Marketing Funnel
We all know that sales are a numbers game. The more the money you invest in franchise marketing, the more you will sell. So, how does this happen? Well, when franchise marketing generates leads, a considerable percentage of them fill in applications and later, they come in for meetings. Many of these meetings will eventually translate into quick franchise sales. Remember that you should not give franchisees too much power over their web presence or else you will encounter a lot of compliance challenges.
To assist you in understanding the process better, the iFranchise Group created a paradigm known as the Franchise Sales Funnel. With it, you can quickly analyze the efficiency of your current marketing techniques and identify the areas which need improvement.
These are the three basic principles that you will need to come up with a high performing franchise marketing strategy. So, make sure you have the right budget, establish your audience and understand the market flow to get the most efficient results. We have even discovered that timing is crucial to the success of your marketing plan. So, always remember to pick the right moment before initiating your strategy.