Franchise Sales
The franchise sales process is not just about closing the deal. It’s about finding the right fit for both candidate and brand. Learn how to move your franchise prospects and candidates through your sales process to determine if there’s a match. To achieve this, you’ll need the right team. Find out how to evaluate your franchise sales and development team, and best practices for pay, incentives, and commissions to attract and retain top sales talent and meet your development goals.
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The good news for franchise recruitment is there are key lead generation sources that will work to various degrees of success.
- Steve Olson
- 4,879 Reads 121 Shares
The rapid increase in social media channels has provided new opportunities to build relationships with promising franchisee prospects, but it also has brought new levels of confusion, uncertainty, and a feeling of overload.
- Franchise Update
- 6,831 Reads 154 Shares
Unit-level economics. This single key is the greatest predictor of a franchisor's future success!
- Joe Mathews
- 4,419 Reads 1,023 Shares
Core values are today's "X factor" in franchise development. To succeed in this business, franchisors must effectively position their concept in the marketplace, offering compelling benefits to both customers and potential franchise buyers. By creating a dynamic culture you'll add a powerful dimension to your brand, which can catapult your organization beyond the competition.
- Steve Olson
- 2,952 Reads 15 Shares
Distinguish your franchise by knowing what creates steadfast customer loyalty to your brand. Franchisees profit from this consumer connection, which drives repeat business. At American Advertising Distributors I capitalized on our point of differentiation by arming our retail clients with marketing intelligence that was superior to any other service at the time, producing more successful campaigns for their businesses. I bragged to prospective franchisees about our powerful corporate research and development, which was instrumental in our 82 percent customer retention rate. Our retail market craved expertise for building their businesses, and our system delivered the goods beyond their expectations. We had raving customers who championed our brand because we provided them what they wanted.
- Steve Olson
- 2,648 Reads 1,023 Shares
Ever notice how closely the words intimate and intimidate are in their spelling? Probably not, but that's okay. It dawned on me while writing this, the third article in my series on Socially Engaged Lead Management. It is clear that to succeed brands today must become much more intimate with their customers and prospects.
- Tom Hochstatter
- 2,796 Reads 28 Shares
Franchisee validation can make or break your franchise sales. Pow! Just like that and a once-supercharged prospect can deflate to nothing in 24 hours, bailing out of your process instantly. Validation is the most influential stage in the selling process. What franchise owners say means far more than what corporate sales execs tell them. Franchise operators are "doing it," and it's their experiences that count foremost to cautious buyers.
- Steve Olson
- 4,219 Reads 110 Shares
I certainly enjoyed successful broker relationships over the past 20 years. Discovering qualified franchise owners through the professional efforts of franchise and business brokers contributed to the growth of several franchise companies I represented. Based on my personal experience and the insights from hundreds of franchisors who have sold broker-referred prospects, here's how to increase your popularity and closing rates with broker networks.
- Steve Olson
- 5,554 Reads 324 Shares
Have you been there? Where, you ask? On a ladder, climbing upward to obtain something, complete a task, or simply attempting to overcome an obstacle... like a wall.
- Larry Carnell
- 3,336 Reads 213 Shares
In last month's Franchise Update Sales Report, I provided an introduction to working with brokers to increase your franchise sales, and highlighted some of the advantages of using brokers as part of your development strategy. This month I examine some of the risks and downsides, as well as how sign up with a broker that works for you.
- Steve Olson
- 4,166 Reads 245 Shares
Online behavior is maturing more rapidly than ever before. Social networking advancements from all the market leaders have, and will forever, change how we collaborate, communicate, share, and engage with any relationship online--whether it's the closeness of a family member or a first encounter with a franchise sales representative. Trust and transparency are the new operating rules, and engagement is determined by the initiator.
- Tom Hochstatter
- 3,480 Reads 10 Shares
Many years ago (I won't say exactly how many) as a small boy, I would fish off a wooden pier on the banks of Mobile Bay near the Gulf Coast. To this day, my younger brother talks about the "Monster Fish."
- Larry Carnell
- 3,938 Reads 1,023 Shares
Truly great franchise sales and development teams are hard to find... and can be even harder to create. For franchise sales executives, attracting the right mix of people, passion, and experience, along with creating a positive culture and providing the right mix of recognition and reward, it's a delicate balance. Achieving that balance means the difference between a marginal brand and a great one
- Kerry Pipes
- 3,667 Reads 68 Shares
Happy New Year to all! The parties and holidays are all now behind us and it's time to get back to assisting people who are searching for the business of their dreams. We all know making a decision to start a business during uncertain times takes a special individual who possesses a vision and drive for success. Over the years some of the strongest and most successful businesses have started, and even thrived, during all sorts of economic conditions.
- Marc Kiekenapp
- 2,198 Reads 1 Shares
The incredible surge in outsourcing prospect generation to franchise brokers has reshaped the sales programs of many franchise systems. Once tarred by the horror stories of the 1980s, today's brokers are reborn and repackaged as the "franchise sales consultants" of the 21st century. This isn't surprising. Networks of professional consultants with years of franchising experience have swooped onto the franchise sales scene with extraordinary success. Today they deliver an estimated 3,000-plus new franchise owners annually to appreciative franchise companies. Franchise Update Media Group's Annual Franchise Development Report revealed that 57 percent of the 126 franchisors surveyed used brokers, with 67 percent closing deals.
- Steve Olson
- 6,221 Reads
Are you conveying the correct message about your brand? Are you taking advantage of your opening programs to get new franchise owners to monthly breakeven more quickly? How long does it take your prospect to understand the long- and short-term financial opportunities of your franchise concept?
- Marc Kiekenapp
- 2,655 Reads 31 Shares
Each year, for more than a decade, Franchise Update Media Group has surveyed hundreds of franchisors about their sales and development practices and compiled the results in its Annual Franchise Development Report (AFDR).
- Eddy Goldberg
- 2,967 Reads 15 Shares
When your candidates arrive at Discovery Day, naturally you'll start with a warm welcome. Explain the purpose, process, and activities for the day to ensure everyone is "aligned" in the right direction. This provides further clarity for your Discovery Day guests and eliminates any potential confusion that may occur during the event.
- Steve Olson
- 5,922 Reads 6 Shares
Each year, for more than a decade, Franchise Update Media Group has surveyed hundreds of franchisors about their sales and development practices and compiled the results in the Annual Franchise Development Report (AFDR).
- Eddy Goldberg
- 3,212 Reads 10 Shares
Sales intelligence gives you the competitive edge. Growth companies know that if you're not guarding your front and backside, you'll fall behind in the race. They keep smart and savvy by gathering data, insights, and profiling information from their franchisees, sales people, and competitors. Periodic feedback sets you atop of and in tune with the highly competitive recruitment environment. You can reap the rewards and gain the inside track on building a better, more attractive franchise program for franchisees.
- Steve Olson
- 3,407 Reads 7 Shares
Franchisors that provide a strong support program to help struggling franchisees should seriously consider using this as a selling point to help make new franchise sales in uncertain times.
- Eddy Goldberg
- 3,366 Reads 12 Shares
So what do you do with franchisees that "aren't making it happen?" The ones who don't fit your formula and, realistically, will never turn things around? How do you make the best of a bad situation? The solution is logical.
- Steve Olson
- 3,537 Reads
Referrals are vital to franchise system growth. As noted in the May FUSR, studies validate the power of referral sales. Close rates for direct referrals are typically three times higher than for other leads. According to Franchise Update Media Group's Annual Franchise Development Report, referrals continue to be a top franchise sales producer every year.
- Steve Olson
- 6,272 Reads 4 Shares
As we all hope for the best in 2010 and realize we have weathered the biggest part of the economic storm, we need to look at the franchise development world differently--in this case, under partly cloudy skies.
- Marc Kiekenapp
- 3,854 Reads 5 Shares
Nontraditional locations, typically seen as a vehicle for spreading a franchise brand into new places to reach a captive audience, also can serve as an additional lead generation tool, part of your overall development strategy. Let's consider a few instructional examples.
- Eddy Goldberg
- 3,386 Reads 25 Shares
Franchise shows have experienced an exciting rebirth during the past few years. The annual International Franchise Expo in Washington, D.C., as well as regional shows in the U.S. and international expos, have provided a valuable recruiting venue for generating qualified buyers. But not everybody is jumping aboard. Some franchisors confess they aren't interested in trying this successful, revitalized lead source.
- Steve Olson
- 4,228 Reads 1 Shares
Many of us in the franchise sales business have watched franchise brokerage companies (aka consultant groups, referral networks, etc.) grow in both presence and stature and become a commonly used source of franchise leads and sales. Although there are no reports that can tell us exactly how many deals are being produced through these groups, we can do some deductive reasoning to understand how and where these organizations fit into franchising today.
- Marc Kiekenapp
- 3,683 Reads 15 Shares
This month I complete the discussion of Selling Skill #3. These three skills, essential for making new franchise sales, are part of my book, "Grow to Greatness: How to build a world-class franchise system faster" - and are appropriate for both new and emerging franchisors, as well as experienced sales pros seeking to brush up on their skills and/or improve the performance of their sales staff.
- Steve Olson
- 3,284 Reads 49 Shares
Why would both a franchise capital finance company and the CEO of a retail franchise brand sign on as franchisees of a new concept? That's what Siegel Financial Group and Gabriel Bottazzi, CEO and founder of Bijoux Terner, have done. They are among the six franchisees who have signed on with RetroTax. Part of the reason, both say, is that it's a great concept. RetroTax, as the name implies, finds tax credits for both franchisors and franchisees--and gets paid as a percentage of what they find.
- Eddy Goldberg
- 3,516 Reads 15 Shares
On a recent monthly Webinar for the Franchise CEO Network, I was honored to interview Rhoda Olsen, president and COO of Great Clips, Inc. Quickly, the conversation turned to what it is like to lead more than 2,800 Great Clips franchisees, and the challenges that must be overcome to communicate effectively.
- Linda Burzynski
- 3,021 Reads 29 Shares
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