Franchise Recruitment Budget planning
Franchise Recruitment Budget planning
This is the most ideal time to start planning for the year ahead to take advantage of the peaks of the franchise industry. Below, I will briefly look at the main aspects of creating a campaign that maximises budget, measures return on investment and can create the most benefit. In the next few issues of the Select Your Franchise newsletter, I will go into more detail on each aspect.
Planning, planning and more planning
We can’t state enough how important it is to plan your campaigns in advance. Web advertisers such as Select Your Franchise offer effective and measurable return on investment via the net. Publicity can be achieved via highly visible search engine promotional material. A variety of quality copy including franchisee testimonials works well to attract franchise buyer enquiries.
It is a well known fact that advertising is best done over a sustained period of time whether this is on or off line. It builds your brand in the public domain and exposes your key messages to your target audience who will find it increasingly hard to ignore you when they have seen you for the 10th time!
In the franchise industry we also have magazines which are most effective if used for consecutive months. Yet be realistic about this: whether you have £2k or £10k to spend over the year on magazine advertising, spread it out across several issues to gain regular exposure and always discuss editorial opportunities to get the most bang for your bucks!
We feel that it is better to have an increased number of slightly smaller adverts with negotiated free editorial space booked in advance, than fewer larger adverts booked at late notice.
Measure your return on investment
A simple spreadsheet is better than nothing when measuring the return on your investment. For example, to calculate the worth of free editorial space achieved over any period it is best to look at the space that you have achieved and work out how much that same space would have cost you if it were paid for advertising space.
To measure return on investment of communication channels which convert prospects into franchisees we recommend speaking to 5 existing franchisees, 5 that went to interview stage and 5 that were just spoken to on the phone and received information. Ask them all where they looked for information about franchising, how they found your franchise and most importantly ALL the places that they found your franchise that influenced them. They may have finally enquired through your own website and therefore be labelled a ‘website enquiry’ but what you should be interested in is how they found your website. Did they read an article in a magazine? Did they visit an exhibition and collect some literature? Did they read about you online?
If you can continually refine the combination of marketing and communication channels that are used for your franchise recruitment campaign then you will become more and more successful ensuring a higher return on investment.
Don’t forget…
• Plan your annual franchise recruitment cycle in advance
• Book any advertising in advance to make the most of early space and series discounts
• Offer good quality case studies which are current and interesting
• Track the return on your investment using a simple spreadsheet or system that you are comfortable with (something is better than nothing)
• Always, always ask prospects how they found out about you
Franchise Recruitment Budget planning - To learn more about this author, visit Nick Strong's Website.
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You don’t have to allocate an enormous budget to get good results and recruit franchisees. But you do have to be clever and plan ahead.
This is the most ideal time to start planning for the year ahead to take advantage of the peaks of the franchise industry. Below, I will briefly look at the main aspects of creating a campaign that maximises budget, measures return on investment and can create the most benefit. In the next few issues of the Select Your Franchise newsletter, I will go into more detail on each aspect.
Planning, planning and more planning
We can’t state enough how important it is to plan your campaigns in advance. Web advertisers such as Select Your Franchise offer effective and measurable return on investment via the net. Publicity can be achieved via highly visible search engine promotional material. A variety of quality copy including franchisee testimonials works well to attract franchise buyer enquiries.
It is a well known fact that advertising is best done over a sustained period of time whether this is on or off line. It builds your brand in the public domain and exposes your key messages to your target audience who will find it increasingly hard to ignore you when they have seen you for the 10th time!
In the franchise industry we also have magazines which are most effective if used for consecutive months. Yet be realistic about this: whether you have £2k or £10k to spend over the year on magazine advertising, spread it out across several issues to gain regular exposure and always discuss editorial opportunities to get the most bang for your bucks!
We feel that it is better to have an increased number of slightly smaller adverts with negotiated free editorial space booked in advance, than fewer larger adverts booked at late notice.
Measure your return on investment
A simple spreadsheet is better than nothing when measuring the return on your investment. For example, to calculate the worth of free editorial space achieved over any period it is best to look at the space that you have achieved and work out how much that same space would have cost you if it were paid for advertising space.
To measure return on investment of communication channels which convert prospects into franchisees we recommend speaking to 5 existing franchisees, 5 that went to interview stage and 5 that were just spoken to on the phone and received information. Ask them all where they looked for information about franchising, how they found your franchise and most importantly ALL the places that they found your franchise that influenced them. They may have finally enquired through your own website and therefore be labelled a ‘website enquiry’ but what you should be interested in is how they found your website. Did they read an article in a magazine? Did they visit an exhibition and collect some literature? Did they read about you online?
If you can continually refine the combination of marketing and communication channels that are used for your franchise recruitment campaign then you will become more and more successful ensuring a higher return on investment.
Don’t forget…
• Plan your annual franchise recruitment cycle in advance
• Book any advertising in advance to make the most of early space and series discounts
• Offer good quality case studies which are current and interesting
• Track the return on your investment using a simple spreadsheet or system that you are comfortable with (something is better than nothing)
• Always, always ask prospects how they found out about you
Franchise Recruitment Budget planning - To learn more about this author, visit Nick Strong's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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