Finding suitable partner investors who are qualified to manage and operate your franchise can be a definite challenge if the right approach is not taken, and if proper processes are not put in place.
When it comes to acquiring new customers, we are all experts, but finding the right franchise partners for your business is a completely different ball game. Finding suitable partner investors who are qualified to manage and operate your franchise can be a definite challenge if the right approach is not taken, and if proper processes are not put in place.
It is difficult to find like-minded people who will represent your company correctly. However, if you follow these simple tips you will be on the right track!
Building your brand expertise in the marketplace goes beyond simple brand awareness. As a brand, you should aim to leverage your company’s industry knowledge as a resource for others, taking opportunities to join roundtables, webinars, and other presentation outlets as often as possible. Additionally, you should ensure that you stand out and provide more value than your competitors. Be honest, clear, and consistent. Doing this will build trust and establish you as an authority in your space. A company that has in-depth knowledge of their industry is more attractive to potential franchisees
While some of us may take it for granted, putting the right scalable systems in place to support and build business for franchisees is often overlooked; franchisees want to partner with companies that will provide support and guide them to success. Treat your franchisees as equal partners, let them be privy to the inner workings of the company, and offer strong support programs and communication to keep partners engaged with the brand beyond mere transactional matters as well.
Leveraging your existing social media networks and other digital communication platforms can help your franchise reach your prospective franchisees by offering all kinds of information as well as building trust. Being present on these communication outlets helps to convert prospective franchisees into new partners, working similarly to a customer lead funnel model. A franchisee prospect may have heard of you, seen ads of your business, and visited your website, yet disregarded or missed your offering. Seeing the support and answers you provide to current and prospective franchisees through social channels and communication outlets can help give interested parties the final conviction that they need to commit to your franchise.
Never underestimate the importance of a good referral. Current franchisees become an invaluable means of bringing in new franchisee prospects. If existing partners are happy, they will be more likely to let others know, get you the attention of other prospects through word of mouth. Additionally, potential franchisees that are searching for a franchisor will have a positive opinion of companies that are dedicated to making their partners happy.
Updating relevant and key information is crucial in finding desirable potential franchisees. This not only refers to simple branding and corporate messaging but also building a strong narrative for your brand’s story over the years, your philosophy, your business ethics, and your long term vision. Most times, franchise partners find themselves looking for a reflection of their personalities in the companies that they wish to do business with. It is a good idea to create a separate website/ webpage to talk about franchises with all business information, numbers, and return on investment statistics, testimonials from existing franchise partners, etc. Additionally, make sure to state clearly what you are looking for in a franchisee and as this will help you to bring in the most qualified/suitable candidates for your business.
Formulating unique marketing strategies for your franchise holders shows them that you are invested in their success, helping to attract the attention of even more potential franchisees. Find marketing strategies that are best suited for your franchise offerings and create packages tailored to your locations and franchisee goals. Additionally, this helps to build good relationships with current franchise holders and elevates your company’s reputation.
While marketing strategies can be beneficial to acquiring new, quality franchisees, developing franchise marketing strategies can be challenging. A strong brand name along with an effective advertising and marketing strategy is the need of the hour. Local SEO, Organic Search Optimization, Video Ads (and production) along with Paid Search Ads (PPC + Facebook Ads) are all avenues to consider in your franchise marketing plan.
This article is written by Sasidhar Nandigam, Chief Strategy Officer, CredR.