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FPG University - Defining Buyer Personas

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Who are you targeting with your franchise recruitment efforts? Here are the 10 most common types of franchise buyers, what they want, and how you can reach them. By identifying which of these personas are likely to be attracted to your brand, you can improve your marketing and content strategy and increase the growth of your brand.

The companion commentary for this presentation includes more details as well as conversation about messaging tactics for different personas.

Watch: https://www.youtube.com/watch?v=2ku_e7n0DLg
Listen: https://soundcloud.com/franchiseperformancegroup/fpg-university-franchise-buyer-personas-and-what-they-value

Published in: Business
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FPG University - Defining Buyer Personas

  1. 1. Defining Buyer Personas for Your Franchise Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  2. 2. Franchise buyers fall into 10 main personas Understand which personas are attracted to your brand. Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  3. 3. Questions to ask yourself Who are the top-performers in my system? What attracted them to the business? Why were they looking? (Pain points) What are their goals? Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  4. 4. Recruit people who value what you deliver You’ll have better recruitment results if you focus marketing efforts on the right groups. More importantly, you’ll have happier franchisees. Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  5. 5. Empire builder • Traditional corporate leader (MBA) • Uses numbers-driven analysis using traditional business metrics (ROI/risk, ramp-up, time to break-even) • Looking for high scalability; often wants multi-unit or regional development Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  6. 6. Serial entrepreneur • Trend-spotter • Aggressive risk taker (looking for home runs) • Rule-breaker • Values flexibility and having a voice in brand strategy • Wants a highly scalable business • Compared to the Empire Builder, their evaluation of businesses relies more on “street smarts” than “book smarts” Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  7. 7. Immigrant entrepreneur • English as a second language can make community marketing harder; look for strong marketing programs to drive business to the counter • Typically well capitalized • Often looking for multi-unit opportunities to involve family in growth of business • Tend to prefer large brands and resale opportunities (for immediate cash flow) Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  8. 8. Young guns • Could have gone for an MBA, but eager to get started in business • Tried and hated corporate life • Prefers not to have many employees; wants to start as owner/operator and expand • Looking for guidance; often has a mentor • Hustles. Appreciates support to understand and hit KPIs • Attracted to lower startup costs Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  9. 9. Planning for retirement • About 5 years from retirement • Looking to spend 15-20 hours/wk managing growth of business • Seeking retirement income • Looking to build equity; sell in about 10 years • Looking to “manage the manager” • Prefers close-to-home businesses that add value to the community Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  10. 10. Back to work • Often a stay-at-home mom ready to re-enter workforce • Looking to income for retirement and/or kids’ college tuition bills • Spouse’s income provides stability; often value long-term equity above immediate cash flow • After years away from workforce, very interested in training and support • Wants work-life balance Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  11. 11. First-time owner • Shifting from a previous career • Often has lower- to mid-level management or sales experience • May be their household’s primary earner, so they want a quick ramp-up • Want to know what they need to do to accelerate growth and get out of the gate fast • Veterans generally fall into this category Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  12. 12. Passion player • Looking to make money while making a difference • Often a customer with keen interest in the business’ products or services • Sometimes a hobbyist looking to turn hobby into a career • Often gravitates toward: education, senior care, pets, sports, fitness, food/hospitality Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  13. 13. Family business • Usually husband-wife or parent-child • Wants the business to be safe (Clientele and neighborhood matter) • Prefer neighborhood businesses • Stability of demand is a primary concern • One spouse often keeps current job as business ramps up • Parents often mentoring children • Purchase is a family decision Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  14. 14. Social entrepreneur • Tired of being asked to compromise integrity while working for others • Values/service of organization are as important as the financial return • Very interested in brand’s culture and leadership • They are often customers and admirers of the brand’s products and services. Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  15. 15. Upcoming topics • Brand storytelling. • Digital marketing tools for lead generation • Planning and using lead nurturing content • Measuring and optimizing your efforts Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  16. 16. The FPG difference We design full-funnel recruitment processes from the bottom of the funnel up, based on a deep understanding of franchise buyer behavior. Have helped over 120 brands 4,000+ deals done Helping Franchise Brands Become Iconic franchiseperformancegroup.com
  17. 17. Stay in touch. Stay informed. LinkedIn FPG moderates a Franchising Thought Leaders, a Group where franchising pros discuss challenges and solutions. Subscribe to our email list http://eepurl.com/dgoLdj Future of Franchising Get a PDF copy of Joe Mathews latest book, predicting an industry shakeout and what will determine who wins. Helping Franchise Brands Become Iconic franchiseperformancegroup.com

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