Franchise Sales in an Election Year
By: Bailey Hewitt, Vice President of Sales and Strategy at All Points Public Relations
Navigating franchise sales during an election year brings its own set of challenges and opportunities. The heightened political climate can create a unique backdrop that affects franchise investment decisions. To successfully manage this period as a franchisor, it’s crucial to adopt a strategic approach that takes into account the shifting market dynamics. Key strategies include setting realistic expectations, maintaining momentum, adjusting marketing budgets consciously, and nurturing existing leads.
1. Set Realistic Goals
Election years can make people cautious about big investments, including franchising. The constant surge of news can make potential franchisees more hesitant about how they choose to invest their money, especially when it comes to business investments.
Typically, this hesitation is driven by the prospects of policy changes that could impact financing and cost structures. With that in mind, tailoring your lead generation strategies to ensure you are speaking properly to hesitant investors is key. Your franchisee targets may be different than they were a year ago. And, your metrics for inquiries, leads and conversions should shift with the uncertainty as well. Consider a 20 to 25 percent adjustment. Yet, your efforts can’t dissolve. There are opportunistic investors and there is an audience to stay consistent with because post-election the surge will be coming. But, have realistic expectations and continue to follow through with any potential lead candidates persistently. Focus on what is within your control.
2. Don’t Take Your Foot off the Pedal
As mentioned, adjusting your goals doesn’t mean you should slow down. In this active market, it’s crucial to maintain robust marketing efforts and recruitment strategies. Scaling back could mean losing ground to competitors who are just as eager to attract potential franchisees.
To do this, you must remain proactive and engaged in your approach. This includes advertising efforts with digital marketing and amplifying public relations efforts. By focusing your scope, you can better utilize your energy and resources, ensuring sustained impact and lead flow. This is especially important at a time when budget adjustments are inevitable.
3. Focus on How Your Money is Being Spent
Strategically allocating your marketing budget is always important, but during an election year it takes extra thoughtfulness. It’s not too late to make adjustments. Take into consideration the increased noise, distraction and competitive advertising spends of political campaigns. Plus, sensationalized political news creates uncertainty from an investment standpoint.
Focusing your energy on your target audience through investment in specific platforms and ad formats, rather than casting a wide net, is a helpful strategy. For example, a franchise looking for restaurant operators should concentrate its advertising efforts on restaurant news channels and industry-specific platforms. This targeted approach ensures your message reaches the most relevant and interested candidates.
In addition to advertising, public relations can be a strategic tactic during this time. At a moment when national news may be hard to secure, local and trade press can be effectively leveraged to build your pipeline. Another important element to consider is the communication strategy to nurture both new and existing leads in your CRM with relevant content and a clear call to action.
4. Have a Robust Nurture Process for Leads
Staying connected with potential franchisees is essential and a detailed lead nurturing strategy is a great way to do so. By keeping the lines of communication open and showing patience, you can ensure that potential franchisees remain interested and informed, even if they are not ready to make an immediate investment.
It’s also important to remember that just because lead candidates are not moving on decisions today it doesn’t mean they won’t in the future. Maintaining a positive and supportive relationship as they navigate their uncertainties can pay off once the political climate stabilizes, and they feel more comfortable making major financial commitments.
As franchisors are focused on continuing to grow their brands amidst the backdrop of an election year, one thing remains clear: adaptability and strategic foresight are essential. Ensure you have a realistic plan, a fully engaged marketing strategy, a wisely allocated budget, and a robust nurture program in place.
Bailey Hewitt is the Vice President of Sales and Strategy of All Points Public Relations, a franchise-focused integrated PR agency based on the Chicagoland area, www.allpointspr.com.