What is a franchise marketing plan? A franchise business plan is very important as it charts your company's pathway to succeed. One indispensable aspect of that plan is your marketing strategy. Thus, it is very crucial that adequate time is devoted to developing and writing a marketing strategy.
Writing a Sample Marketing Plan For Franchise Business
In writing a franchise marketing plan, franchisees should keep the franchiser abreast with a local franchise development marketing plan as they (the franchisees) are in the best position to identify local marketing franchise opportunities and present them to the franchiser.
A franchise marketing strategy to sell franchises is a determining factor of success as a franchisor. This starts from discovering potential franchisees interested in your concept. This can easily be achieved by the franchisor researching the ideal location where effective franchise advertising will be made and the kind of content marketing which will convince the potential franchisee marketing client you have discovered.
A typical franchise real estate or restaurant franchise marketing plan states the steps to generate leads. This encompasses trade show attendance, internet utilization, social media, print advertising, franchise marketing tools and programs, public relations, direct mail, involvement of brokers and other referral sources.
Analytics of metrics monitor the actualization goals which are the best ways to determine your return on investment consists of traffic to the website, conversion of generated leads, effectiveness of social media and referrals.
In essence, it is important you write a detailed, step-wise chart for franchise lead generation.
A franchisor makes a prospective franchisee see the excitement and the potential of the business realizing importantly that the business is simple enough to succeed. In the same vein, the franchisor makes prospective franchisees see complexities in the business to understand that commencing the business without them is tantamount to failure. This is an aspect many consumer advertising agencies fail in.
In addition, franchise-marketing-hierarchy is important which refers to franchisees addressing local marketing while the franchisor focuses on promoting the franchise companies on a national/international level. A successful franchise marketing plan made by the franchisor allocates a significant percentage of their budget from the corporate headquarters to focus on local online marketing.
Furthermore, it is crucial that a franchise marketing plan involves setting up a budget. The more money you spend on extreme digital franchise marketing techniques; the more franchises you'll sell. Money invested in franchise marketing generates leads. Some of those leads will fill forms probably online. Some will attend meetings. And some will lead to sales.
Sincerely, it is quite advanced than that. Sales can be generated from public relations, print media, trade shows, direct mail, the internet, brokers (who help you get “free” leads but get paid when you sell).
Leads from brokers have the highest costs with public relations, referral leads, print media and tradeshow having lower costs in this descending order respectively. Leads gotten through the internet generally have the lowest. Each source of lead has its peculiar cost, with fluctuating degrees of effectiveness. For example, the internet offers numerous low-cost leads consistently.
You are advised to choose a mix of such media to sell franchises to some predictable levels. Budget involves balancing between goals and available resources. After you create growth goals, your budget can be compared with relative expenses in the industry.
You can easily calculate your yearly marketing campaign budget by multiplying the projected number of franchises you hope to sell by the projected cost of marketing for each franchise. If after this is done, you discover such strategy is a bit exorbitant or the estimated capital isn't feasible, there are numerous options:
Limit short-term goals (e.g., selling four franchises first and more as you establish later)
Increase the timeline set for goal achievement
Raise external capital with additional goals to prevent the consequence of equity dilution; referring to a reduction in shareholders’ stock.
In writing an effective franchise marketing plan outline, it is important you narrow your market. It helps to narrow the scope of your franchise prospects, narrow the focus of your message, and target business sectors less saturated with franchise competitors. Though your instincts can be your starting point, a good marketer supplements it with preliminary research.
Surprisingly in franchising, this research can be simple; this can be done by speaking to franchisees of similar brands. Most franchisees don’t mind giving privileged information about themselves especially purchase decisions, as they've gotten used to answering calls from likely franchisees on similar topics.