What is it about the Millennial Generation? They just can’t seem to stay out of the news cycle. We’ve heard the good, we’ve heard the bad and we also understand that the truth lies somewhere in between. But there is one inescapable fact for any franchise brands willing to investigate—they’re a perfect match for franchising. During this week’s blog edition, we’re going to explore the many reasons why along with statistical facts which back up the claim.
Without a doubt, the Millennial Generation—generally those between the ages of 17-37—grew up in households where the majority of parents worked for Corporate America. Throughout the 80s and 90s, what exactly was their impression of a steady job? Well, they were introduced to a new word, “downsizing”, which was, in fact, a euphemism for being fired. Seemingly, no matter how much or how hard their parents worked, it turns out they were expendable in relation to profitability. Early life lessons such as this left many to wonder whether or not they wanted to follow in these footsteps or simply work for themselves. Can you blame them?
Of the estimated 80 million Millennials currently in the U.S., there is a consensus that the franchising industry hasn’t developed a methodology for approaching them. Here’s a pro-tip. Millennials, of their own admission, are not looking for a job, they’re looking for a lifestyle. These children of the go-go Yuppie Generation don’t share the same ambitious drive for monetary gain. Rather, they seek a stronger work-life balance, leaving them prime targets for the franchising lifestyle. And according to Forbes, almost three-quarters of them want to be their own boss.
If Millennials are extraordinarily receptive to the franchise lifestyle, how can they be reached as a target market? Well, for openers, how is your franchise brand’s social media outreach strategy going? We already know that there are more eyeballs on mobile screens than desktops, so that would be a natural place to start. Millennials have a deep desire to “make a difference” in the world. Messaging geared to this concept could go a long way towards sparking interest in an underperforming target market. These candidates are on Facebook—multiple times a day. They’re on LinkedIn. They’re on Snapchat. Make the pitch directly. Keep it short, choppy and simple. After all, their attention spans are self-admittedly lacking.
You have to show them how franchising appeals directly to their convictions. About becoming your own boss and controlling your own destiny. About what true work-life balance looks like. Above all, your pitch to Millennials must be a meaningful exercise in appealing to their core values. They care about things and they’re passionate in their stances.
Here’s another idea. Online webinars and seminars are a staple of franchising outreach. Do you have any topical editions directed to the Millennial Generation? If not, why not? Are you assuming that only the Baby Boomers have enough money in the bank to finance? We all know that of the 3,000 different franchise concepts on the market today, hundreds are priced to attract a low buy-in proposition. Millennials are known for devising crafty and clever solutions when it comes to fundraising. Kickstarter, GoFundMe, and other outlets have become as prominent as weather updates in some social feed circles.
Do a little bit of old-fashioned Internet research and you’ll find several examples from prominent franchise brands looking to recruit the next generation of business owners. This market isn’t going away. In fact, their quest to change the world one meaningful step at a time might just be tailor made to your convincing arguments of financial freedom and lifestyle change.
Find a Millennial and head down to your closest coffee shop. Engage in an open conversation about what makes them tick. We’re certain you’ll enjoy the session and come away with a multitude of ideas on how best to recruit the next Greatest Generation.
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As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes a predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.