What is a franchise lead? A franchise lead is a prospective franchisee for your brand. Generating and collecting these leads is a bit of a science. When it comes to lead generation, quality rules over quantity. A poorly planned digital franchise marketing plan can bring in more leads than you could ever want, and chances are few of them will convert.
Personas: An Important Part of Franchise Lead Generation Strategy
A persona is an idea, or sketch, of who your ideal franchisee might be. You don’t necessarily have to create and write down specific personas for your brand, but it is very important to have a clear idea of what kind of person you are looking for to join your franchise network. There is a reason you award a franchise. They must be as good of a fit for you and your system, as you are for them and their career.
They must be financially qualified with a predetermined amount of liquid assets, they should have the hard and soft skills you require, and they should be a good fit, culturally. At first look, it appears like that is very specific, and perhaps too difficult of a description of a person to find. On the contrary, knowing those particularly specific attributes will help determine where to catch the right candidate.
Budget: Be Smart with Your Franchise Lead Generation Spend
Cost per lead is dependent upon many different factors. Your franchise sales lead generation strategy should include a handful of targeting strategies, with varying budgets. For example, you can generate many leads from a PPC campaign on a tight budget. Targeted PPC campaigns are budget-friendly, just make sure you are casting a narrow enough net to get quality leads.
Broker leads are different, and much more expensive. This is because a broker has already taken the time to learn about the candidate, find out what concepts would be a good fit for them and their interests/skills, and has already financially qualified them and run a background check. By the time that lead reaches your desk, they are nearly a sure thing.
Cost per lead varies between pennies per click and thousands of dollars in commissions, and plenty of other options in between. Finding the right mix takes trial and error, which can mean wasted dollars and time. That’s why there are franchise lead generation companies who can take the task on for you.
Where Franchise Lead Quality and Budget Work Together
Not to belabor the point, but it is important to clearly understand the connection between quantity and quality of leads generated and the amount spent. It’s a misconception that cheaper leads, or leads with a lower cost per lead, will deliver poor-quality leads. It all comes down to strategy.
Take Facebook ads for example. It is true that if you spend pennies per click on very generalized ads thrown out to a wide net of prospects, you are going to get a LOT of leads for minimal spend. The quality of those leads may likely be poor. However, that doesn’t mean you shouldn’t use PPC ads on Facebook. Instead, spend pennies per click on very specifically targeted ads to cast a much narrower net. Aha! Quality leads for minimal spend.
Finding a Good Franchise Lead Generation Agency
Creating an effective franchise lead generation campaign is no joke. Don’t beat yourself up if you try it on your own without success. Even the digitally savvy can find the process of lead generation challenging. Look for a franchise lead generation agency who will listen to you and gain a solid understanding of who your ideal franchisee is. The last thing you want to do is pay a professional to cast too wide of a net. Also understand that consumer lead generation and franchise lead generation are two different animals. You want a franchise lead generation company who specializes in franchise marketing. With the right onboarding process you can build layer by layer to get it into the full scope of your franchise sales process with more acute targeting. One misused word in an ad can make it legally noncompliant.
Try and Enjoy the Process
Franchise lead generation forces you to truly understand the kind of people you want to become business owners of your franchise. You may have professional relationships with these people for years, even decades. Take the time to understand who you want beside you on your franchise journey. The right fit within your company is priceless.