know your franchise recruitment audience · through social media. millennials recruit &...
TRANSCRIPT
Know Your Franchise
Recruitment AudienceBrooke Hess Director of Paid Media
WHAT WE KNOW
Current Franchisees
Male54%
Female31%
Equal Male/Female
15%
GENDER
Minority Owned
32%
Equal Minority/Non-
Minority1%
Non-Minority
67%
MINORITY STATUS
Source: PwC, Franchised Business Ownership by Minority and Gender Groups: An Update for the IFA Foundation
Source: PwC, Franchised Business Ownership by Minority and Gender Groups: An Update for the IFA Foundation
Current Franchisees
57.2
48.952.3
2520.5
30.6
17.1
24.4
14.8
2002 2007 2012
Male Owned
Female Owned
Equal Male/Female Owned
+10.1%
Current Franchisees51
50
50
43
39
36
CHILD SERVICES TRAVEL HOSPITALITY RETAIL FITNESS SPORTS & RECREATION
VERTICALS WITH HIGHEST PERCENTAGE OF WOMEN OWNERS
Source: Franchise Business Review
Source: PwC, Franchised Business Ownership by Minority and Gender Groups: An Update for the IFA Foundation
Current Franchisees
8.9
10.4
11.8
4.44.9
8
0.80.5
0.80.2 0.3 0.20.5
4.4
2002 2007 2012
+3.1%Asian-Owned
Black-Owned
American Indian-Owned
Pacific Islander-Owned
Other Minority-Owned
THE FUTURE FRANCHISEES
Millennials
Source: The Franchise Voice, Millennials in Franchising, 2018
Desire personal connection to brands
Value authenticity
Crave & seek mentorship
Individualistic yet well-connected through social media
MillennialsRecruit & Motivate
Provide connection to your brand’s values &
vision
Emphasize importance of their role & how they are
making a difference
Set goals & provide ongoing feedback
Facilitate collaboration, creativity, and a culture of
validation
Source: The Franchise Voice, Millennials in Franchising, 2018
MillennialsPotential Franchisees
Source: The Franchise Voice, Millennials in Franchising, 2018
Most entrepreneurial generation
Need to be mentored, validated, and supported fits with the franchisor-franchisee relationship
Resourceful, tapping into government programs, family & friends for funding – may disrupt current approach to household income
targeting
Business ownership inexperience requires regular support and feedback
Prospective Franchisees Motivations
What is the primary
reason you are
considering franchising?
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Couldn't Get Financing for OwnIndependent Business
Expand Current BusinessVentures
To Make Supplemental Income
Be Own Boss Without OwnBusiness Idea
Source: Franchise Direct, Prospective Franchisee Survey Results 2016
VIDEOS
SUCCESS STORIES
TESTIMONIALS FROM CURRENTFRANCHISEES OF THAT FRANCHISE
FRANCHISE BUSINESS'BACKGROUND INFORMATION
INVESTMENT OVERVIEW
Prospective FranchiseesResearch
Source: Franchise Direct, Prospective Franchisee Survey Results 2016
What’s important
when doing
research?
1 2 3 4 5
LEAST IMPORTANT MOST IMPORTANT
Average Response
42%
38%
16%
21%
6%
Prospective FranchiseesResearch
Source: Franchise Direct, Prospective Franchisee Survey Results 2016
More clearly defined information on
locations available for franchises
What demographics the franchise is best
suited for
Information about franchise accreditation and Better Business
Bureau status
More about the actual day-to-day
experiences of those running franchise units
Want to See More:
ACTION PLAN
Differentiate Your Franchise
Tell your story: what makes
your franchise unique?
Highlight what prospective
franchisees are interested in
Make it clear and easy to get
more information
Reach Potential Franchisees
Segment audiences
Create messaging that resonates with each segment
Message AMessage B
Message C
Reach Potential Franchisees
• Digital offers cost efficiency and unique advanced targeting opportunities
Understand each
segment’s media usage
• Prioritize geotargeting to areas without locations
• Identify demographic and behavioral traits that align with your franchise
Select targeting tactics
Go Beyond Audience Targeting
Action Plan
Analyze the data you have
Test and learn from targeting
Action Plan
Use your own franchise owner data
• Do you notice trends or similarities among franchisees?
• Are you seeing female & minority growth?
• Ask them how they found out about your franchise and what appealed to them
Identify traits of successful franchisees
• Go beyond demographics to understand who you should target moving forward
• Are they passionate about specific topics?
• Do they attend similar events?
Action Plan
Leverage franchise site data
• Who is visiting your franchise development site?
• Where are they spending the most time?
• Where are they exiting the site?
• What differentiates users who become a franchise lead versus others who visit without acting?
Test targeting tactics beyond the norm
• What happens if you remove household income targeting?
• Are there other interests you can target beyond entrepreneurial interests?
THANK YOU!