Before assuming you know that social media is where every franchise needs to be, let’s take a look at some numbers:
Those numbers make it pretty clear that customers expect companies (both B2B and B2C) to have a presence on social. They also indicate that social media use does, indeed, translate into purchases, in addition to being one of the most valuable resources for delivering superior customer service.
While it is evident that social media can deliver results…what’s the investment that is required, and what kind of return can truly be expected. Bottom line…what’s the ROI?
This is not an easy question to answer because there are so many variables at play: levels and types of online industry engagement, preferred social platforms, algorithms that influence exposure, and more.
Even so, let’s try to break it down.
First, what is the investment required to run a successful social media campaign? It requires a combination of time and resources, and it is not a quick fix. Think of it as a long-term investment in a solid future.
In a franchise, almost always, it is most advantageous to combine resources between franchisor and franchisees in order to implement and manage an effective social media campaign.
When proper investments of time and resources are made consistently (especially as part of a franchise-wide program), the ROI of social media is so much more than clients. Take a look:
Let’s take it one step further and look at some potential numbers…
How many new clients could your franchise convert with results like those above?
(Remember, of course, that every social media campaign is different and will generate different results; these are simply real examples of what can be done.)
It does take time. Social media doesn’t build overnight sensations. It builds long-standing relationships and results. So, when you consider the entire ROI of social media… is it worth it? Most definitely.
Frances Leary, President Wired Flare
Wired Flare, Inc., is a Canadian online marketing firm that develops and implements Internet marketing campaigns for franchises and organizations worldwide. She is also a published author and professional speaker, whose MA in folklore led to the development of a unique marketing approach that serves as the foundation of Wired Flare’s methodology.
New York Times investigation into the use of questionable practices by one its Franchise Development Agents that culminated in the agent acquiring two of a franchisees Subway stores.
Multi-unit franchising grows in popularity, in the Quick Serve Restaurant sector, this model continues to expand into other franchise sectors in popularity.
Detailed studies on emerging franchise success rates, errors in Item 20 disclosure and sector performance, Franchise Grade’s reports help you.
New franchise growth is the top priority for emerging franchise brands. Many of these franchises have an obstacle on the road to more franchise locations.