Millennial Franchise Buyers Have Changed . . . Have You?
Millennial Franchise Buyers Have Changed . . . Have You?
By Evan Hackel
More and more of your potential franchise buyers today are millennials. Do you know who they are? Do you understand them? Are you sure you are selling to them in the most effective ways possible?
Just to review, millennials (who are also known as Generation Y) were born in the 1980s and 1990s and are roughly between the ages 30 and 40 today.
If you think back on the people who have been talking to you about buying your franchise, you will realize that a growing number of them belong to this group.
But are you talking to them in the right way?
What Has Changed?
A great shift has taken place. Millennials shop for franchises and make their buying decision in a much different way than member of older generations did. Here is the most important thing that has changed . . .
- Millennials do a much larger percentage of their buying research online. They prefer this method. They are likely to know a lot about you before they even talk to you.
- Members of older generations will review online but will still prefer to learn about you by having conversations with real, living people.
Potential millennial franchisees will usually know a lot more about your franchise before they contact you. Then they will often tell you, “I have read everything on your website, and I need you to tell me more.”
The other difference is that millennials will give you low marks if you’re not providing enough information. In fact they may not ever make the call, if you haven’t satisfied their need or if you have presented yourself poorly.
How can you do a much better job recruiting those Gen Y buyers?
Provide a Deeper Level of Information Online
On your website and your social media channels too, be sure to provide:
- Testimonials from your current franchisees. Make them videos, and have them really tell a story
- Deeper information about who you are, what you sell, how your systems work, and more.
- Information about the unique technology you use, because technology “speaks” to millennials.
- In-depth information about the training you offer, because when potential franchisees understand that you offer exceptional training, they feel more confident that they will know how to succeed if they become franchisees. Let them test out some of your eLearning, by letting proactive franchisees take a few courses.
- Still more information about your annual franchise conventions, the systems you use to communicate with franchisees, and more. The more information they know, the more confident they will feel about coming on board.
One Last Thought . . .
The more information you provide before the conversation starts, the more serious your prospects will be when the conversation starts. You will have fewer tire kickers.
A dynamic, innovative, thoughtful and inspiring leader with 30 years of experience in franchising, distributed networks and cooperatives. Successful history of: (i) turning around a $700 million distressed franchise system into a $2.0 billion revenue business in four years, (ii) reviving and re-energizing a $3.5 billion revenue franchisor and (iii) founding three franchise systems. Experienced corporate board member.
Currently, a consultant to some of the largest franchise systems in North America. A franchise industry leader, widely published, keynote speaker, member of the New England Franchise Association Board, and Co-chair of the International Franchise Associations Knowledge Share Task Force.|A dynamic, innovative, thoughtful and inspiring leader with 30 years of experience in franchising, distributed networks and cooperatives. Successful history of: (i) turning around a $700 million distressed franchise system into a $2.0 billion revenue business in four years, (ii) reviving and re-energizing a $3.5 billion revenue franchisor and (iii) founding three franchise systems. Experienced corporate board member.
Currently, a consultant to some of the largest franchise systems in North America. A franchise industry leader, widely published, keynote speaker, member of the New England Franchise Association Board, and Co-chair of the International Franchise Associations Knowledge Share Task Force.|A dynamic, innovative, thoughtful and inspiring leader with 30 years of experience in franchising, distributed networks and cooperatives. Successful history of: (i) turning around a $700 million distressed franchise system into a $2.0 billion revenue business in four years, (ii) reviving and re-energizing a $3.5 billion revenue franchisor and (iii) founding three franchise systems. Experienced corporate board member.
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