The Token Man

Why Marketing to Women is

Critical for Your Business

For many years, the franchising world has been centered around men. But that is changing and changing quickly. Smart franchisors are now marketing and selling to women. And that is a very good thing! by Bob Griffin, Entrepreneur

Women are buying into franchises at a rapid pace. In fact, 30% of new licenses are awarded to female investors. That number is growing, too. Are franchisors ready to make changes that reflect a female franchise base? Do they understand how being on the frontline in business creates new challenges? If not, they are missing out. As a male looking at a changing landscape, I see many parts of a franchise industry where female owners bring a new level of focus that male-run franchises haven’t. Interviewing female leaders in franchising has been eye-opening for me and reinforced the knowledge that there are always more things to learn and apply in business.

Research has shown that women outpace men in several categories that are conducive to business ownership. Here are a few of the categories in which women top men in leadership:

• Taking initiative • Self-development • Integrity and honesty • Driving results • Developing others • Inspiring and motivating others • Building relationships

• Between 2011 and 2017, female franchise ownership jumped 83 percent while male ownership only grew by 13 percent. • 40 percent of businesses are now owned by women and together, they generate $3.1 trillion in revenue. • Women-owned businesses are growing two-and-a-half times faster than the national average. Men need to ditch the idea of “we’ve always done it that way” or “they have to fit into our business model,” and begin to think, “how can we reach and market to this powerful and driven demographic?“ Women are a powerful force in franchising.

“Research has shown that women outpace men in several categories that are conducive to business ownership.”

So, how can franchises be more accepting of women and a new way of looking at the franchise model? First, recognize that there are actually many different ways that a female view of a franchise makes it more valuable. Women are great at creative problem solving, multi-tasking and communicating. Those are qualities every business needs. Second, reach out to women in your marketing, promotion and sales funnel – even if you are in a male-dominated industry – there are women out there with every kind of skill. Don’t miss out on the opportunity to capture their business. Third, understand that with trillions of dollars of revenue, women have power in the market. If you don’t take advantage of that, someone else will.

The toughest challenge is re-training the old guard that does not value women in business. Breaking through the stereotype that women are weaker, less smart, less capable is key. If you do not see these men who stereotype women, invite me to your office and I’ll point out the knuckleheads that are keeping your franchise from growing. It doesn’t take long.

The best thing you can do in your franchise is to analyze how many women comprise your franchisee list and try to improve that number. You also need to analyze how much of your marketing efforts are spent focusing on attracting women, and chances are, you need to increase that number as well. Franchisors who have not focused on women need to get up to speed quickly. The current 30% of franchises that are female-owned will become 40% and 50% before you know it. Where is your brand on female franchisees?

Bob Griffin is the founder of Business Bulldog, a think tank for small business and franchise owners, and RestoreJobs, a job board for home improvement and restoration business owners and the “Let’s Break Franchising!” Podcast. He has worked with franchisees for over 25 years and is an advocate for franchisee rights. Business Bulldog, the core of his businesses, works with franchisees to lower costs, improve sales, and make being an owner enjoyable. Learn more at www.businessbulldog.com.