Franchise Development Strategy: Short-Term Strategies

Franchise Development Strategy: Short-Term Strategies

There is a specific phrase we are hearing right now in the franchise industry, and that is, “We want to double down” on our franchise development efforts. Brands really want to focus on getting more prospects.

First Priority

Many franchise brands are in a rebuilding phase, helping franchisees more than ever as they navigate un-chartered waters. They’ve been through a storm of a lifetime, and their top priority has been helping to steer operational issues and COVID-19-related issues for their franchisees.

Second Priority

Priority No. 2 is franchise development. A lot of people think that business ownership and controlling your own destiny are uppermost in people’s minds. Franchise leadership teams know they have to simultaneously get their franchises open for operations and healthy again while continuing to grow their brands. And they need to do both well.

What can your brand do to help share your franchise opportunity with those who are serious about business ownership? You can double down in the short term.

Five things you can do to create a short-term franchise development plan:

  • Use the leads list you already have and contact every single person on that list. Have a conversation with them – by phone and by email.
  • Schedule more webinars with the leads you already have, inviting them to hear about the opportunity and meet your team. These are people who’ve already shown interest in your brand, so show interest in them by telling them how your brand is doing and what the opportunity is.
  • Define the areas you really want to grow and spend your marketing dollars there. If your brand has been severely hit, and you’re worried about touting growth when certain franchisees are barely surviving, focus on the bottom of the sales funnel and concentrate more on search and remarketing.

    If you brand is doing better and you are comfortable discussing growth, start with a search and remarketing strategy and consider adding in Facebook, Instagram, LinkedIn and Google Display Network. Remember, if your brand recognition is lower or non-existent in an area you want to grow, you’ll need to spend more effort and money ensuring that leads understand not only the story of your brand but also that it’s a franchise opportunity they can invest in.
  • Get your leadership to discuss and agree on your goals and the areas you want to grow in. Don’t let them ignore franchise development. What you do today will affect your sales 24 months from now.
  • Build a comprehensive plan. Don’t just talk about planning to advertise on Facebook or LinkedIn. Create a comprehensive plan to reach the goals you’ve established.

Doubling down in the short term is just that — it’s a short-term strategy. In our next post, we will discuss doubling down for longer term strategies.