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Feature Story:

2015 AFDR Highlights: Mobile Prospects Continue To Expand »

By Eddy Goldberg

This newsletter is presenting an ongoing series of highlights from the 2015 Annual Franchise Development Report (AFDR). The 2015 AFDR is based on responses from 139 franchisors representing 36,313 units (32,693 franchised and 3,620 company-owned). This week: The Growth of Mobile Prospects Has Exploded.

The percentage of prospects making contact using their phones almost doubled from August 2013 to August 2014 (23 percent to 42 percent), according to research conducted by Landmark Interactive. Contact made using desktop computers fell from two-thirds (65 percent) in August 2013 to less than half (46 percent), mirroring the ongoing shift to the use of smartphones in everyday life. Tablet use held steady at 1 in 10 (12 percent). In August 2012, those numbers were 10 percent for phones, 8 percent for tablets, and 83 percent for desktops...

Feature Story:

5 'Best Ways' To Build Your Sales Team »

By Steve Olson

If you are a young franchise company or in the midst of a turnaround effort, you have choices for developing a high-performance franchise sales program. I don’t promote one avenue over the other, because there simply is no single “best way” for all concepts. The type of business, franchise program, corporate resources, leadership philosophies, and other extenuating circumstances will influence which road to take. Here are your choices:

1) Do it yourself. This is still the most popular approach, but it requires the ability to free yourself from old thinking that may no longer work in the current market. For start-up companies, I strongly recommend that the founder is a) coached by a franchise sales consultant, and b) personally involved in the initial franchise sales process...

Feature Story:

2015 AFDR Highlights: How MUFs Find New Brands »

By Eddy Goldberg

This newsletter will present an ongoing series of highlights from the 2015 Annual Franchise Development Report (AFDR). The report is based on responses from 139 franchisors representing 36,313 units (32,693 franchised and 3,620 company-owned). This week: How multi-unit franchisees find new brands.

It's no secret that for most franchisors, experienced multi-unit operators are the gold standard. Their track record of success, along with their solid organization and infrastructure, makes them a safe bet - and a good one. Where these savvy operators go to look for new brands to expand their portfolio should be of utmost importance to expansion-minded franchisors seeking to connect.

Nearly two-thirds (62%) said they attend trade shows to find new opportunities...

Feature Story:

Top 10 Franchise Lead Generation Trends For 2015 »

By Thomas Scott and Joe Mathews

A blog from the Franchise Performance Group examines 10 trends in franchise lead generation for 2015. What follows are edited highlights. For the complete version, which explains each trend in further detail, click here.

Smart franchisors have seen these "game-changing" new trends in how franchise buyers research opportunity, how search engines affect website traffic and results, leading a reinvention of how they recruit franchisees. Here are our Top 10 trends for franchise lead generation in 2015 and beyond:

Trend No. 12015 spells the end of VPs of Marketing controlling the franchise development advertising budget. Marketing to franchise candidates is totally different than marketing to just about anyone else. For decades, franchise salespeople have been held captive by the marketing department, forced to use pretty but otherwise ineffective marketing materials...

Feature Story:

2015 AFDR Highlights: Recruitment Budgets & Spending »

By Eddy Goldberg

2015 AFDR Highlights: Top Franchise Sales Producers

In the following months, FUSR will present highlights from the 2015 Annual Franchise Development Report (AFDR). The report is based on responses from 139 franchisors representing 36,313 units (32,693 franchised and 3,620 company-owned). This week: Top Sales Producers and Top Internet Sales Producers.

Feature Story:

Why Your Franchise Sales Process Is A Disaster, Part 5 »

By Joe Mathews

Editor's note: This is the fifth and final part of a serialized version of a recent e-book from Franchise Performance Group called Why Your Franchise Sales Process Is a Disaster: What a breakthrough franchise sales process looks like. Click here for part 1, here for part 2, here for part 3, and here for part 4.

Deal pacing and managing emotional engagement
Franchise sales is a marathon, not a sprint. Highly successful franchise sales people understand the art of deal pacing and know how to leave the franchise buyer in the right mental state for each phase of the franchise buying process.

Franchise sales masters pace the buyer along the following model:

In Phase 1, the franchisor uses a specific content strategy through articles, blogs, and their franchise opportunity research to manage the franchise buyer's understanding of the franchise business model and its long-term sustainability in the marketplace...

Feature Story:

Recruiting New Franchisees: 3 Key Selling Skills, Part 3 »

By Steve Olson

Key #3: Effective Closing Skills
In the two previous newsletters, I discussed Selling Skill #1 ("Follow a successful sales process") and Selling Skill #2 ("Strong relationship-building skills").

This time I go into the third key selling skill: Effective closing skills. 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.

Effective closing skills
In working with a quality candidate, your franchise recruitment builds to a crescendo signaling the final step in the process -- when the buyer must make the life-changing move, cash out bank accounts, and leap into your franchise world placing total faith and trust in your hands...

Feature Story:

Recruiting New Franchisees: 3 Key Selling Skills, Part 2 »

By Steve Olson

Last issue we discussed the first of the three key selling skills involved in effectively selling new franchises--and how they apply in good economies and bad:

Feature Story:

The Six Steps To Selling Success: Summary »

By Steve Olson

In previous issues of this newsletter, we've covered many components and aspects of The Six Steps to Selling Success from Steve Olson's best-selling book "Grow to Greatness," a guide to building and sustaining a successful franchise brand. Amidst the daily grind and necessary tasks involved in franchise sales and development, it's easy to lose touch with the big picture. That's why this week we present a summary overview of those steps. Pin a copy to your wall, keep one in your wallet, make it your home screen. However you do it, remember it's always wise to take a step back to broaden your perspective, and that there's always room to fine-tune your franchise sales process and improve the skills of your team.

The Six Steps to Selling Success

Feature Story:

The Six Steps To Selling Success: Step 6, Awarding The Franchise, Part 2 »

By Steve Olson

Objective: Grant the franchise to qualified buyers on Discovery Day or soon after
Length of meeting: 30 minutes to 2 hours

Overcoming buyers' cold feet

Feeling butterflies in personally uncomfortable situations is a human condition. We all know and have experienced this. It means we care and really want to do something right - whether it's our first step on stage in a community performance, preparing for the city league tennis championship, addressing an audience of 500 people, moving to a new city, taking on a new job... or getting Discovery Day approval to buy a franchise business!

Why am I bringing this up now? Because when closing time starts "closing in," reality hits some buyers like a sledgehammer...

Feature Story:

The Six Steps To Selling Success: Step 6, Awarding The Franchise »

By Steve Olson

Objective: Grant the franchise to qualified buyers on Discovery Day or soon after
Length of meeting: 30 minutes to 2 hours

Executive review committees typically are composed of senior franchise executives who review a candidate's qualifications before granting them a franchise. If you are a founder just starting up your franchise, employ a close business associate, franchise consultant, or other trusted advisor to be a part of your review committee. They can help in your decision-making process and provide greater credence to your professionalism.

At the conclusion of Discovery Day, it's the committee's decision on whether to extend a franchise offer or to disqualify a candidate. Successful franchisors prominently position this venue as the final qualifier in granting new franchises to prospective buyers...

Feature Story:

The Six Steps To Selling Success: Step 5, Discovery Day: Guidelines For Success »

By Steve Olson

Objective: Attend Discovery Day at your headquarters for executive approval of the franchise

This is part of an ongoing series about making the most of your Discovery Day presentations. Previous articles on Discovery Day, as well as other excerpts from my book on building a world-class franchise system, are available online in past issues of this newsletter.

This week I offer some guidelines for cross-checking your Discovery Day program. In the next issue I'll provide additional tips.

1) Get financing pre-approved
Before investing time and money in a home office visit, Discovery Day attendees should get their funding in order through a third party or direct financing program. Clearing this obstacle paves the way for a more productive Discovery Day...

Feature Story:

The Six Steps To Selling Success: Step 5 - Discovery Day, Part 1 »

By Steve Olsen

Objective: Attend Discovery Day at your headquarters for executive approval of the franchise

Discovery Day is show time! Whether you have one franchise or a thousand, this special event propels your sales process to a crescendo. It's "Confirmation Day," where serious buyers come to you ready to join your franchise with the blessing of your approval committee. It's always my favorite stage of the process, when everything becomes real for your candidate and you. The journey of rigorous courtship has led both candidate and franchisor to your altar of consummation.

To ensure success, your Discovery Day must always meet or exceed the buyer's expectations. Anything less, and you must clean up your act quickly. Invest whatever it takes to make this event work...

Feature Story:

Maximizing Technology To Find And Track Franchise Prospects »

By Kerry Pipes

We asked James R. Walker, Chief Development Officer at The Johnny Rockets Group, how his company is using technology to identify, reach, and track prospects. Here's what he had to say.

At Johnny Rockets we use technology not only to drive leads for prospective franchise candidates, but also to ensure that we are spending our franchise recruitment dollars in the most efficacious way possible.

We have found that online franchise lead portals are one of our most effective methods for securing new candidates. We also like the traceability these sites provide us. We use as many as six different online lead portals to drive leads to our sales management system, which immediately segments the lead by a number of qualifiers including liquid capital available, as well as the candidate's targeted geography...

Feature Story:

The Six Steps To Selling Success: Step 4 - Franchisee Validation »

By Steve Olson

Objective: Candidate gains insights and understanding of the opportunity from owners

1) Review the results of your candidate's conversations.

"Tell me about the owners you spoke with. What did you learn from them? Any surprises? Who did you identify with? Who did you feel most comfortable speaking with? Why? Were franchisees satisfied with our support services? What were some of the benefits they were enjoying as owners? Can you see yourself achieving your goals in our business?"

2) Know how to respond with assurance and conviction when a prospect dwells on a particular franchisee who is facing problems, unhappy, and falling short of financial expectations.

"As discussed, we have star performers as well as a few struggling...

Feature Story:

Diversity, Community Are Crucial In Growth Plans At Toppers Pizza »

By Chris Cheek

franchise sales, franchise development, diversity, local marketing, franchise recruitment, community marketing, toppers pizza, chris cheek

Diversity, Community Are Crucial in Growth Plans at Toppers Pizza

By Chris Cheek

We asked Chris Cheek, chief development officer at Toppers Pizza, what role diversity plays in his brand's recruitment and development process. Here's what he had to say.

Feature Story:

2014 Multi-Unit Franchising Conference: A Gold Mine For Deal-Making »

By Franchise Update Media

If you're a franchisor looking for experienced, successful multi-unit franchisees, consider attending Franchise Update Media's 2014 Multi-Unit Franchising Conference (MUFC) next month, April 23-25 at Caesars Palace in Las Vegas. The conference is dedicated to meeting the needs of multi-unit operators - including discovering new concepts and deal-making. That's why so many franchisors sign up as sponsors and exhibitors (see the current list of franchisor sponsors here.)

But don't take our word for it. Here are some thoughts from past franchisors about why they continue to attend, sponsor, and exhibit at this annual event:

"Our sponsorship resulted in two new deals last year."
Greg Vojnovic, Chief Development Officer, Popeyes Louisiana Kitchen; 2014 Co-Platinum Sponsor

"Jersey Mike's Subs has been coming to Franchise Update Media's Multi-Unit Franchising Conference since 2008...

Feature Story:

Denny's Chief Brand Officer & EVP Discusses Her Role In Development »

By Kerry Pipes

Frances Allen, executive vice president and chief brand officer for Denny's since July 2010, is no stranger to big brands. Over the past 25 years, she's logged successful stints as a senior marketing executive at Dunkin' Donuts, Sony Ericsson, PepsiCo, and Frito-Lay. During that time she spearheaded brand repositioning initiatives, led new product introduction strategies, and launched expansion into international markets. At Denny's, Allen is responsible for the overall direction of the brand's marketing strategies and initiatives, positioning, advertising campaigns, menu development, and restaurant image.?We asked her about her role and its relationship to franchise development and recruitment.

Describe your role as EVP and CBO...

Feature Story:

The Six Steps To Selling Success: Step 3 - Disclosure Review »

By Steve Olson

Objective: Determine franchisability of candidate and pre-sell Discovery Day

Begin by asking the candidate what they thought of the FDD, and whether the information it contains was helpful. Review the material, answering the candidate's specific questions. It is important that you provide accurate answers. When in doubt, get the right facts to your candidate later rather than winging an answer. The legal consequences are too risky to play it by ear. Wrap up this discussion with, "Now that you understand what our FDD is all about, do you feel comfortable with how our franchise program works?"

Franchising isn't right for everyone, so make sure your prospect understands and buys into the franchise way of doing business...

Feature Story:

Use Brand Storytelling To Boost Leads »

By Joe Mathews and Thomas Scott

Stories are the basis of human communication and decision-making. We use stories to relate to one another and make sense of the world around us. At the root of the massive changes to Google's search algorithms in the past three years has been a push to help people find the stories they are searching for when they type in a search query.

When prospects begin to do online research, they type in questions or key phrases to get at the stories that help them understand the franchise brand and how the model works. They want to understand the history of the company, how the brand came to be, where the brand is going and who is leading the charge. They want to hear stories about who the customer is, and why customers choose this brand...

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Franchise Update Magazine »

Issue I, 2015

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