As a new franchisor one of the most important components of your business plan is your marketing strategy. Small business is now in an increasingly competitive marketplace. This means that the marketing you do has to be effective and reach the potential customers that your business needs to survive and thrive.
It is sometimes useful to think of “franchise marketing” as being made up of two separate and distinct forms of marketing:
“Wholesale Marketing”: Or marketing and advertising strategy, mediums and collateral materials designed to attract the best qualified candidates to your particular franchise opportunity. The quality of your wholesale marketing will determine the level of enquiry you will receive from potential franchisees.
“Retail Marketing”: Or marketing and advertising strategy, mediums and collateral materials designed to attract customers who will buy and consume your products and services. The quality of your retail marketing will usually impact on a potential franchisee’s decision to join your franchise, as attracting new customers is a prerequisite for growth.
Most emerging franchisors cannot afford to retain experienced, highly qualified franchise marketing specialists on staff at the beginning of their growth cycle. Using an advertising or marketing agency may also be too complex and too expensive for many prospective franchisors. Unfortunately this is exactly the time when a franchisor needs marketing expertise most.