In my over 30 years experience in franchise consulting, people frequently ask me, “Why does one franchise marketing program flourish while another franchise marketing program disappoints?”
There are many causes for succeeding or failing in your franchise marketing program. In this blog, I address one element of a successful franchise marketing program.
When creating your franchise marketing program, an important initial step is to define the profile of your target franchisee. By devoting some thought to the type(s) of people most likely to be (1) attracted to and (2) successful in your franchise program, you can adapt your franchise offering to be even more appealing to these people.
You can also refine your franchise marketing program to concentrate on these target franchisees.
What attributes will the people most likely to value your franchise program share?
Franchise Marketing Program Development
When developing your franchise marketing program, many of the following questions may apply:
- Are you trying to attract investor owners or active owner operators? Single unit operators or multiple unit owners?
- What work experience is necessary?
- Who will find this franchise opportunity attractive?
- Will the franchisee be required to have any certifications, degrees or licenses?
- What initial investment is needed? What percentage, if any, of the investment can be financed? What criteria will the franchisee have to meet to qualify for financing? Is the franchisee likely to need additional working capital?
- What type of personality is most likely to succeed in this business?
- What background would disqualify someone from owning this franchise?
- How quickly will this franchise achieve profitability? What annual income will it generate? Who would be content with this income range?
- In what areas should my franchisee be proficient?
- What type of mental and/or emotional benefits does my franchise afford the franchisee?
Again, by determining the shared characteristics of your pool of target franchisees, you can tailor your franchise program to be more appealing to them. You can also develop your franchise marketing program to best reach your most likely franchisees.