A franchise marketing plan is the document that contains the budget, franchisee acquisition goals, strategies, and opportunities for a certain geographic area.
So, what does that mean, exactly?
There are several – many! – components to a Franchise Marketing Plan, that is why it is always a good idea to seek out an expert who understands the intricacies and legalities of franchise marketing. But for those who want to start to build one on their own, here are some things to consider.
A Good Franchise Marketing Plan Begins with a Process
Imagine a sales funnel that starts with a broader target audience at the wide end, or top of the funnel, and then narrows down to more specifically qualified candidates at the bottom. In franchise sales, it’s called a franchise pipeline and captured leads are worked through different stages of this process.
A franchise marketing plan will drive leads down through this funnel by way of seven primary lead sources: They are: publicity (PR), print advertising, trade shows, direct marketing campaigns, internet or digital marketing, brokers, and referrals.
A marketing plan will establish goals for driving leads through the sales funnel, create ways to measure the marketing efforts (costs per lead, costs per meeting, costs per sale), and optimize the mix of lead generation sources within the confines of the franchise budget.
The introduction to the franchise marketing plan concludes with a clear understanding of the overall marketing goals, including how much to spend, conversion rate goals, close time from start to finish, maintenance of positive brand identity and more. Once goals are outlined, the rest of the marketing plan can take shape.
A Marketing plan needs a target Audience
The most important part of any franchise marketing strategy is understanding who the target audience is. By knowing the financial capabilities, professional experience, personal characteristics and business interests of a prospective franchisee, marketing campaign efforts can be customized to achieve optimal results. A marketing plan will factor in each of these specific profile attributes and plan accordingly.
For instance, imagine a medical services franchise who is only looking for licensed medical professionals who are interested in opening more than one franchise location. This is very specific criteria, both in way of experience and financial capabilities, and will create a marketing plan much different than a concept requiring no formal experience, single-unit operation and minimal start-up costs.
See the difference? Imagine the dollars that could be wasted in areas misaligned with these details. All marketing plans are not created equal. Knowing your target is crucial.
Start with a Budget
The core of any marketing plan is the budget itself; it recommends how much money to spend in which of the key lead sources. Start with a budget formulation. Focus on media placements and where they are located. Do some industry research per geographical location to note trends or average advertising costs in those areas.
Decide how many franchises need to be sold in a year to reach overall goals. The average cost per franchise awarded is likely near $10,000, depending on the specificity of the target market. A franchise marketing expert will tell the franchisor whether this is a good benchmark to start with, or if they should adjust it according to their concept.
Timing and Seasonality
With a budget in place, the next thing to consider is how much time will be allowed to spend the money and reach the goals. The time allocation within a marketing plan depends on two factors. First, the readiness of the franchisor. Is there a replicable system in place, along with a support team in operations, marketing, and design, ready to help launch new franchisees?
Next, have the required legal documents been completed? This includes documents like the Franchise Disclosure Document (FDD) and Franchise Agreement that need to be created and reviewed by a reputable franchise attorney.
What seasonality issues are there to consider? A swimming pool installation concept that does 80% of its business in Spring and Summer, must make sure he has the manpower to support up and coming franchisees launching during this critical time period. A marketing plan for this concept would compare the seasonality of the business, with the seasonality that tends to take place within a typical franchise marketing cycle, and make sure the two complement each other.
Bringing the Plan Together
The rest of a good franchise marketing plan breaks down specific dollar amount recommendations to be spent across different marketing channels. An example of this might look like the following
- Marketing Channel
- Publication Marketing
- Internet Portal Advertising
- Franchise Directories
- Direct Marketing
- Search Engines (PPC & SEO)
- Public Relations
- Trade Shows
- Referral Programs
- Social Media
Getting Assistance in your Franchise Marketing Plan
Certainly, you can work with the consumer marketing firm you use to connect with customers, but we’ve found that re-purposing marketing strategies built for consumers, to try to speak to a franchise-buyer audience doesn’t usually work.
Let those strategies do what they do best: bring you more customers. But when it comes to driving leads to your franchise site and nurturing what is often a long sales cycle, you need a professional, experienced franchise marketing firm to do the job.
We have fine-tuned the franchise marketing formula and know what works to generate leads in a crowded marketplace.
We rely heavily on data and analytics to continually assess and tweak our strategy for your brand to ensure continued success.
We’ve worked with franchise brands in industries from fitness to food to education, and many more, and our work gets results. Rather than waiting for franchise prospects to find you haphazardly, it’s time to build a strategy that effectively announces to potential franchisees how rewarding and exciting your franchising opportunity is.
We want to tell your franchise story. We will help you attract people who believe in your brand and want to strengthen it by becoming franchisees. TopFire Media can promote your story and expand your reach to help you:
- Acquire prospective franchisee leads that align with your specific standards
- Create brand awareness of your franchise among qualified potential franchisees
- Generate a buzz around your brand that gets the media and potential franchisees talking
Set your franchise marketing plan into motion
Do you have the resources to implement your franchise development marketing plan?
Every marketing strategy has a lot of moving parts. It’s important to keep everything organized and on track. And that takes time.
Turn to team members who understand your brand to help get the word out. Or bring in an experienced experienced franchising agency to guide your strategy and keep track of all the components of your plan.
An experienced marketing partner knows how to track response rates and look for trends. That gives you the powerful tools you need to understand what tactics work and which ones don’t.
