updated - October 23, 2018 Tuesday EDT
Although you may have some experience in marketing, implementing a successful franchise marketing strategy is a very different. Many franchisors expect that if they have a solid franchise it will automatically attract franchisees - but that is rarely the case. Considering the fact that you're going to be competing against more established and better-known franchises, it is important that you have a plan to attract potential franchisees.
Set a Budget
The first step that you should take is to figure out what your marketing budget is going to be. While some franchisors prefer to plan their marketing strategy and then adjust their budget accordingly, the fact of the matter is that the amount that you have at your disposal will affect the choices that you make.
If you happen to be a bit flexible when it comes to marketing budget then you could set a rough 'ideal' budget figure and a higher 'maximum'. That way you can make decisions based on the range that you're willing to spend.
Target the Right Crowd
Nowadays there are many ways in which to market a franchise, including trade shows, print media, online marketing, and so on - all of which could potentially generate leads that turn into sales. Of course the cost of marketing through these methods will differ, which is why it helps to know your budget beforehand.
Typically more targeted methods such as advertising in print media involving franchising or booths at trade shows tend to be more effective - but often have a higher cost. On the other hand marketing online is generally cheaper, but less effective overall.
Another popular method of targeting leads is by dealing with brokers, who provide leads in exchange for a percentage of the franchising fee. Because these leads are pre-qualified they tend to have the highest success rate, but you will have to factor in the fact that you're giving up a percentage of the franchising fee.
Plan Your Pitch
Generating lead is just half the battle, and for your franchise marketing to be successful you need to be able to convert those leads into sales. To do that you should focus on your pitch and plan how you intend to convince potential franchisees that your franchise is a viable and profit-making venture.
Suffice to say you will need a complete franchise plan, including all the relevant details. The more thorough the plan the better, but some of the key areas franchisees will look at are the capital expenditure, overheads, brand strength, and sales record.
Keep in mind that you are going to face stiff competition, so anything and everything that you can do to make sure your franchise stands out is crucial. Capture video and turn it into an interesting franchise pitch, establish a strong social media following for your brand, and push your unique selling point strongly - any steps that can help your franchise to look like a more attractive prospect is worth considering as part of your marketing strategy.
TOP 10 FRANCHISES OF 2018