There are five checklists that need to happen before you can be in a position to evaluate a franchise prospect sitting in the chair across from you. The first four points fall under the franchise marketing and fifth step is of the franchise sales process. For this post, we would talk about the points one, two and three. We will talk about the fourth and fifth point in the subsequent post.
The following points are:
- You must establish in your mind a rough profile of your aspect.
- You must identify where and how to find that candidate.
- You must also make contact with that person
- You must provide that person with information with your franchise.
- You must “qualify” the prospect and persuade him or her to meet you.
First of all, some franchisors begin the marketing process by defining their prospective franchisee in terms or professional qualifications, previous experience and financial resources. By doing so will allow you to have a pretty clear picture of the kind of person you’re looking for.
Secondly, among prime franchise prospects today are displaced corporate personnel, many of whom are victims of layoffs, mergers or bankruptcies. There are change-of-lifers, divorcees and retirees, young singles, couples, minorities, and women. Having more or less established a profile for your prospective franchisees, the next step is to find them in the most economical way possible.
Last but not least, toward that end, every new franchisor should have a Marketing Plan. A proper Marketing Plan designed for the first year of the franchise program should answer questions such as:
- What should be our first year goal in franchise sales?
- How much should we spend to obtain those sales?
- What market shall we move into and how quickly?
- What type of publicity can we generate? Who will do it?
- What advertising media, if any, shall we use: Search engine marketing (Internet), print, broadcast, direct mail, or all of the above?
- If we use the Internet, what search engines should we choose? How do we go about it?
- Should we attend franchise or trade shows? How many and where?
- Will we need a franchising specialist or consultant to help with marketing?
There’s another question that the marketing plan should address: How best can we use our website, or if we don’t have a one, how do we create one? But because that topic fits under the heading of “telling your story” we’ll deal with it in the next blog post.
Finally, take advantages of meeting thousands of potential franchise buyers in the Middle East and having that valuable face time with your prospects. Register for our upcoming franchise exhibition and learn more about franchising success from the industry leaders by clicking the image below.