I strongly feel the days of promoting franchise opportunities through expensive trade shows and cost-prohibitive print advertising are rapidly becoming things of the past. Sure, franchising has experienced a great run and will most likely remain the backbone of small business. However, the current state of the economy has created a necessity to explore more cost-effective methods and processes in marketing franchise concepts as franchise growth objectives continue to be on the forefront of franchisors’ minds in the United States and abroad.
Besides being cost-effective, today’s franchise sales and development efforts must be technologically advanced to attract a more sophisticated, educated (and cautious) franchise candidate than the franchise industry has ever seen before. A trend that is sure to evolve as an increasing number of transitioning, highly-skilled and educated business professionals and corporate executives explore franchising as a career alternative while already successful street-smart entrepreneurs investigate franchising, perhaps for the first time, as part of their diversification and expansion strategies. All have embraced new technologies as a way of networking, sharing information, communicating ideas and exploring opportunities…including today and tomorrow’s franchise opportunities!
What are your thoughts about the future of trade shows? print advertising including brochures? new technologies that can be utilized in franchise development efforts? franchise brokers? in-house sales and marketing teams?
Acceler8Success Cafe 
The downturn in the economy, I think, has been a well-needed wake-up call for everybody in business. The the profits are overflowing and people have bottomless budgets, it isn’t always a conducive environment for creativity.
I believe we are experiencing and will experience much more creative ways – definately incorporating the internet much more and social platforms – to market and promote ALL goods and services, not just franchises.
At least our business sector, because bartering booms in a recession, is spiking right now, our challenge is less one of marketing but of manpower, which we are taking in our stride and benefitting from the mass layoffs of calibre candidates. It’s a good time for us, but we are not being complacent, and are staying ahead with our pro-active marketing and promotional strategies, which actually never has needed to use trade shows.
Keeping abreast of uptodate news and information, like you share on this blog is vital to success this year and as the economy continues to change.
Anthony Donnelly
Majority Licensee, Merchants Barter
I get the same sense you do about expensive promotional focus as far as the print media and trade shows go. In part the print media is rapidly dying and with this economy trade shows are going to be that much more expensive to travel too. I think what we may find is that “word of mouth” promotion is really going to become a strong force as more people turn to the social media for everything from shopping to business info to play. I certainly think that more and more people are going to be looking for opportunities in regard to being part of an established business, so franchise brokers will likely still play a big role.
Of course, I’m admittedly biased when it comes to social platforms like twitter. But I really do believe in their ability to connect with people across the nation and globe on a personal basis. It takes time and commitment, but I think the long term benefit is quite good when people are out and about and discussing things with others. It’s in those situations where they go, “Hey, I know this guy on Twitter – or facebook,linkedin, etc – that deals with that.” They feel they own a part of you really and so want to share that. And I think franchises can capitalize upon that by first connecting with their customers in their immediate area. And then it’s just a matter of time before it becomes a solid 6 degrees of separation.