Before you can set a budget you need to be very clear about your franchising vision. It is important to set the desired outcome from the outset and then work backwards.
Who are your potential franchisees? How many franchises do you want to grant and over what period of time? This must the focus for your budget.
Things you must know.
The budget activities must be formulated to deliver the required enquiry level that will translate to the number of interviews that will convert to achieve the desired franchise recruitment objectives.
It’s now time to set the pathway.
We facilitated a panel discussion at the National Franchise Convention which provided the following key messages.
You need to be crystal clear on who your ideal franchise partner profile is, what your unique selling proposition is, and identify the appropriate marketing channels for reaching them.
Latest statistics tell us that the cost to acquire each franchise partner has been estimated by various industry sources at approximately $4.5K per franchise partner.
Also, lead to conversion can be up to 7-9 years, dependent on the offer, so nurturing your leads is really important.
A website franchise landing page dedicated to your franchise offer. (This is separate to your main web site aimed at your customers)
The aim is to provide key information about your franchise opportunity, to engage with your target franchisee profiles and it should have a call to action for them to engage with you.
The content needs to be reflective of your franchise recruitment value proposition and tone of voice is extremely important.
1. Consider engaging a professional copywriter well versed in franchising and SEO.
Tip: Research carefully and select the most aligned provider who understand your goals
2. You may also need photography and video to best showcase your value proposition.
Tip: The investment will be variable between providers, research and get at least 3 quotes before deciding
3. Do you have a data capture form for enquiries and a system for capturing leads?
Tip: Your web developer can help with this. A CRM is beneficial for nurturing leads
4. Does your franchise website have up to date and relevant content to assist your enquirers with their buying decision? Remember that nurturing and providing meaningful information keeps prospects engaged with your offer.
Tip: Copywriters can provide a quotation and a cost per blog. Always check that the quality of their work is of a high standard. Ask for references.
1. Tap into your existing franchisees, they are your business advocates and they can showcase your unique franchise offer really well to your identified profiles.
Budget: Your time, their time and a coffee with your franchisees
2. Explore the appropriate industry associations relevant to the business and meet with like-minded people who understand your product and service.
Budget: Your time for attending, event and membership costs
3. Identify expo’s (in person and online)and other events frequented by your ideal franchisee profile. Raise awareness by guest speaking, sponsorship or exhibiting
Budget: Explore the opportunities and add to the budget
Identify the appropriate social media channels where your ideal franchise profile spends time. You can target by specific demographics, time of posting and frequency.
Budget: Allocate $ to create relevant social media content that aligns with your target profiles.
Evaluate the various business advertising portals available to franchise networks. Contact them for a very tailored solution. These marketing mediums are by no means set and forget channels. Key to these portals being effective and relevant is regular refreshing and updates.
Content is king!
Diarise to refresh and upload blogs, articles and adjust your key statistics and messages regularly.
Budget: Conduct a cost / benefit analysis and insert into your budget.
1. Approach your industries’ print publications for advertising and editorial opportunities.
Budget: Varied costs dependent on size and placement of advertisement
2. Consider advertising and editorials in franchise specific publications where the readers are actively looking for business opportunities.
Budget: Same as above
In summary, ensure that you are digging in the right fields to find the right diamonds, it’s not a one size fits all!
Evaluate the many and varied options and ensure that you set a relevant and well researched budget that is geared to achieve the recruitment objectives. Keep revisiting the targets on a regular basis.
Last tip: Activate the plan and then, tracking, measuring and resetting is key. It is easy to throw away money on initiatives that don’t generate the return on investment.
Next year’s budget is determined by this year’s results!