How much marketing have you allocated to recruiting franchisees?
There is no question that the franchise business model is a better choice for people who do not want to go it alone and would like to follow a tried-and-tested franchise blueprint. Franchise brands that look at revising and adapting all areas of their businesses to prepare for the future and pre-empt any further disruption will thrive and stay on top of their game.
It might not appear so but out of adversity come opportunities and the franchise sector can expect to see new business models emerge that have adapted to the new normal and will thrive. This is both a good thing for entrepreneurs looking to start new franchise concepts and for the many who find themselves out of work and looking for an investment opportunity. Now is the time for franchisors to strengthen their business format and systems and make their concepts relevant– not just for consumers but also for prospective franchise buyers.
This means actively marketing your brand to recruit quality franchisees. FASA’s social media manager gives her take on the importance of marketing your business opportunity to potential franchisees.
“As a franchisor you have a number of target markets. Your marketing agency is actively marketing your primary product/service to the general public but who is marketing your franchise opportunity? What marketing strategies do you have in place to recruit franchisees for your franchise business in the online space?” asks Romany Thresher.
In the early days franchise companies would have their franchise opportunity listing on the FASA website but if you visited their website there would be very little to no information about the franchise opportunity listed on the website. If you are honest, you will agree that you have perhaps not given it much thought and not given it much attention.
One of the companies I can see that markets their franchise business online well is OBC Group. If you go onto LinkedIn you will see they are opening stores everywhere. So what are they doing right that you are missing? Another franchise company selling franchises is Cash Converters.
What both of these businesses have in common is that they are free with the information they supply on their website and throughout various marketing channels. From an online perspective, it shows confidence. It shows that they mean business.
Perhaps like most, you figured that having a franchise button on your website that sends people to a contact form is sufficient because after all you are marketing the main business.
“As an investor, I want to know what I’m getting myself into. I would also like to have information at my disposal that I can peruse and then decide whether it is time to make contact with you or not. Why waste your time and my time? This way I can also prepare myself for having a discussion with you. Don’t place a potential franchisee at a disadvantage by not supplying them with sufficient information. In the information age, withholding important information could work against you.”
Assist potential franchisees to make an informed and educated decision about who they are getting into business with. After all you want your franchisee to succeed. What information in the form of articles, videos, podcasts can you give them to help them on their journey? This can be applied to any business.
To protect, lobby, promote and develop ethical franchising across all sectors in South Africa with specific focus on transformation.
