For most franchisors finding skilled, dedicated and hard working franchise owners is an essential aspect of building a successful franchise network. Although there are many budding entrepreneurs looking for a franchise to invest in, many franchisors have little to no experience of how to advertise their opportunity to the right target market.
Prior to any advertising campaign it is advisable that a franchisor first completes thorough research into the types of advertising mediums available to them, who their target audience is and what type of marketing their competitors are doing.
There are numerous ways and places where a franchisor can advertise their opportunity. One of the easiest and cheapest is for the franchisor to advertise on their own company website. The franchisor should include details about the opportunity, for example the cost of the investment fee, what the franchise owner will get for their money, what locations they are targeting and about the company in general. It should also include details about how potential franchise owners can get in contact to receive further information. As well as this franchisors should try to mention their opportunity in all PR and promotions they send out.
Those seriously looking to own a franchised business usually conduct their own research into the industry and as a result many potential franchise owners regularly visit specialist franchise websites. Due to this these websites are a great place for franchisors to place an advert that that will be read by people who are seriously looking into becoming a franchise owner.
Often specialist websites will also be linked to a printed publication and by advertising in both franchisors can build up an effective advertising campaign. Like specialist franchise websites, these publications are predominately aimed at those who are genuinely interested in finding a business to invest in.
Some franchisors chose the traditional advertising route of local and national newspapers. Although newspapers usually have a higher circulation than specialist franchise publications, they do not however guarantee that every reader is interested in owning a business and it can be hit or miss whether the advert will reach the target audience. As well as this, most newspapers are read and then thrown away on that day, whereas a glossy magazine or an large directory will be kept for months.
Another place where franchisors find advertising success is by targeting websites and publications within their business sector. For some industries this can be more effective than others and it is up to individual franchisors to conduct thorough research into their effectiveness to ensure they do not waste money on pointless advertising.
Although franchise exhibitions are often perceived as expensive and time consuming, they can prove a great opportunity for franchisors to promote their franchise opportunity and gain quality leads. Often visitors to exhibitions are already serious about becoming franchise owners and are at the event to see what opportunities are available to them. Exhibitions are a great place for franchisors to get leads, which they can follow up at a later date, it is however, not advisable to try and sign up new franchise owners at the actual exhibition.
By advertising through a variety of these mediums a franchisor should start getting quality leads from people who are serious about investing in their business and who will bring the right skills and personality to the franchise network. Once the franchisor has received a lead it is up to them to start building a professional relationship with the potential investor. To ensure that the prospective franchise owner is kept interested it is vital that the franchisor ensures that the lead is responded to promptly and professionally.
It is important that a franchisor continues to monitor and adjust their marketing campaign. After a time period has lapsed a franchisor should be able to judge where they are receiving the best leads from and where their advertising is not working. This will enable them to decide where they should invest more money and time and what mediums they should scale back from using or drop completely.
Reported by Derin Clark