Joel Libava(In Part 4 of this 7-Part series, I wrote that today’s franchise buyer’s expects you to provide the technology tools
they’ll need to not only succeed in their businesses, but to dominate
their local area. Having access to new technology is
increasingly important. It’s a win-win.)
Let’s jump into something that is a huge reason that folks end up choosing the business model of franchising vs. investing their money and effort into a pure start-up. They want something from you. Something substantial. They want some beef.
The beef they expect to get from you is your brand.
Here’s what Roposo Roach, (from Small Business Branding.com) says about a brand;
“Branding is all about what the customers perceive of your company. Your brand is the promise that you intend to make to the customers. The ultimate goal is to spark an emotional connection in order to create a positive feeling resulting of loyalty to a specific product from the customers.”
So, it’s about your customer’s perception, huh?
He continues;
“Most customers hold true to products they enjoy. It is very common for a customer to be impressed with a brand and continue to buy a product based on that brand. You want to create these feelings of loyalty to bring the customers back for more.”
Finally, he says;
“This is the ultimate goal. You don’t want customers buying on price but on love.“
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Love. Interesting thought. The real challenge for you as a franchisor, is to transfer all that brand love over to your prospective franchise buyer.
Here’s 3 examples of some brand love;
Do customers love McDonald’s? Read
(Or do they love the problem that’s solved by going to McDonald’s?)
Do customers of the over 2,700 salons love Great Clips? Read
(Or, do they love what going to a Great Clips salon can do for them?)
When I was in Las Vegas for Blogworld, I stayed at The Hilton. The brand name was certainly a plus and an incentive for me to be their guest. (A paying guest!)
(Do I love The Hilton? Or, did I have some expectations of how my experience would be by staying there?)
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Those franchise brands are big ones. It took years of hard work to get where they’ve gotten. It’s probably a little easier for them to attract and ultimately sell franchises. Franchise buyers looking into those 3 franchise concepts certainly have some expectations, and some pretty big ones, at that.
But, what if your franchise concept is not really branded? (Yet) How can you convince franchise buyers to take a serious look at your concept. Here’s a few ways;
- Energy. Your energy.
You have to be totally energized about your concept. Hopefully, you’re already living and breathing your own brand, so this won’t be too much of a stretch. Transfer your positive energy to prospective franchise buyers. (Make sure your employees can, too)
- The potential
You’ll have to find a way to show your prospective franchisees the possibilities. After all, isn’t that kind what their buying? Can you show them the market potential? Can you give them specific examples of how well you were able to penetrate a market with your business, before you turned it into a franchise?
- Your territory
Put yourself into the mind of a prospective franchise owner. Imagine how they’ll feel when they find out that since you’re a new franchisor, they can pretty much open wherever they want. Make sure they know that you have “prime territory availability.” You do!
- Ground Floor
You have a ground floor opportunity for the right person. Some franchise buyers want to buy an established brand. They feel that it’s a lower-risk proposition. It doesn’t really matter if it is, or if it isn’t. It’s their perception that matters. Find some ways to show them that investing in a young franchise concept like yours really is a ground floor opportunity, and that it’s a great time to get in. (Specific ways)
Do you have some examples of how people have come to love your franchise brand?
(Here’s Part 6)
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