21 October 2009
Measurable Ways To Market For Your Franchise
Posted by freetraficsystem under: Franchise .
There are a variety of methods to look at marketing your franchise. Furthermore, with the rise of the internet, there are cost effective methods to achieve the exposure you need and get hold of those critical franchise leads.
Consider the market carefully and be certain you look at it with return on investment as a factor. Before anything else, its best to consider what is the conversion cost to gain a franchisee? What tracking will you have for marketing your franchise opportunity? Can you track enquiries and from what advertising source they came from?
The revolution of internet marketing has brought about new and innovative ways to monitor performance and track enquiries which can give such accurate information that you can find out your exact cost per prospect lead enquiry and even the cost of a converted franchisee.
Advertising your franchise can be done through many different channels such as:-
National and regional franchise exhibitions
National & Local Press advertising
Specific Franchise magazines and publications
Publications and Magazines targeted specifically at your industry
Online franchise directory & business directory websites
Networking at business investment type events
Releasing company news via media channels
This is not a full list and depending on your business, there will naturally be further routes you could use in addition. The above list can form a good ideas list of a number of avenues to marketing a franchise and covers a wide price range.
Whatever you decide its critical to set a budget that is affordable and ensure you have a way to track what is achieved. Advertising spend with no conversion tracking in place is akin to throwing a bucket of paint at a wall to see what sticks. Theres no way to see what is working and being effective in providing an outcome without some kind of conversion tracking in place. Take time to consider what each advertising campaign is designed to achieve and remember to keep that purpose in mind.
For any new franchise business, the first priority will be prospect leads that will result in franchisees. Allocate your advertising spend prudently and track carefully the source of where your lead enquiries come from, right the way through to them becoming a franchisee. The reason this is important is that marketing through one channel may be effective for one franchise system and not for another.
For instance, a franchise in the gardening industry may find that his advert in a gardening magazine does than advertising through franchise directory websites. An important factor to consider not the volume of leads but the wider picture of conversion cost in hard cash. One medium may provide many lead enquiries but conversion may be poor while another source may produce few leads but alot more of those leads become trading franchisees. Calculate the cost of your marketing in each case and divide this by the leads generated from each campaign. This will give you a physical cost per franchisee aquired and show you where your budget is most effective. If you are needing help on the best ways to effectively manage your marketing spend there are various franchise media houses or franchise experts to assist you to manage this critical task effectively.
Ensuring that you are tracking each lead in this way, you will have peace of mind that you are using your advertising spend in the places which will provide you the best return on investment and gain some valuable insight as an added bonus into which advertising media works best for your franchise offering and which do not deliver a good return.
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