If things are starting to feel a bit deja-vu in the world of franchise recruitment, you’re not alone. We’re sitting in the thick of uncertainty once again. But this time, we have the added pain of a cost-of-living crisis to contend with. For some, the thought of launching a new business is about as far from their minds as it’s possible to be – making the process of attracting and bringing new franchisees into your network slower and more difficult. But it’s not all doom and gloom. Far from it.
The key here is that for some people, this is undoubtedly the case. But not for all. Many investors and entrepreneurs will continue to look for the opportunities in every situation. Some will be calculating how gains can be made in a shifting marketplace, while others will simply weigh up the pros and cons of remaining where they are versus making a move towards something positive – and choose change. And of course, for some, cost-of-living isn’t really a consideration and life moves on relatively unaffected.
Can you reach these audiences? Yes. Can you compel them to engage with you? Yes. How? By adopting the exact same principles that successful franchisors applied in 2020 and beyond.
However, here’s what a lot of brands are going to do:
- Turn off what they deem to be ‘unnecessary’ spend
- Bury their heads in the sand until the worst ‘blows over’
- Become noticeable by their absence in the media
- Lose profile and presence with their target audiences
- Decrease their share of voice and market share through inactivity.
If we can be so bold as to offer one piece of advice relating to your business profile and position in the market it would be this: don’t be an ostrich. It’s tempting, we know. But if you give an inch now then you can guarantee your competitors will take a mile.
There’s still a great deal to talk about, much to celebrate and plenty to contribute that your potential franchisees will appreciate.
Back to business unusual?
Once again, your top priority should be to add value, educate and inform your audiences through insightful thought leadership and guidance. Share a little IP, celebrate the innovations and contributions of those within your network and spread a little joy along the way. Think about what your customers and your prospects need and want to hear right now. What problem can you help to solve, what quick wins can you help them to make in their personal lives or on their current professional journey? Time to start talking to each other as human beings again, in case you’ve drifted away from that in the last year or so.
Above all, be the brand that remains consistent. This will inspire confidence – both within your own business and externally. It will also give you a huge competitive advantage as the general hubbub within both the franchise and business media begins to lessen. You may remember we talked about this very concept in our growth in challenging times article.
To quote… er, ourselves actually… ‘think of it like this: there is soon to be much less ‘noise’ out there than there was before. It’s the perfect opportunity to be heard – there’s a space for you to fill. If you’re still actively working on your PR and marketing, great; keep doing it. If you’ve been waiting for the perfect opportunity to start – this is it.’
TeamRev is always here to support you and, as ever, we know how valuable a friendly face and some objective advice can be. If you want to chat to us about your activity, feel free to drop us a line. Email email@example.com or give us a call on 07921 572554.